A technology that has been taking the digital fraternities by storm is that of the blockchain. A futuristic technology that has been deemed to take major strides in various fields, it has certainly captivated the interests of many. Andhra Pradesh too has tried to accept the technology with open arms and has plans of establishing Visakhapatnam as a major blockchain hub in the country. Working towards the same, the state government has signed a Memorandum of Understanding (MoU) with the Ram Yalamanchili family office-management Covalent Fund so as to set up a blockchain varsity in Andhra Pradesh.
It has been learned that the partnership will be focussed on the creation of manpower, access to capital and creation of an India-focused Velugu Blockchain stack under Fintech Valley Vizag, the flagship initiative of the state.
Commenting on the same, the IT minister for the state of Andhra Pradesh, Nara Lokesh said, “Our Government is keen to establish Andhra Pradesh as the Blockchain capital of the world. Another step has been taken in that direction with Covalent Fund inking an MOU with the AP Government to kickstart a blockchain ecosystem in India. We are bullish on blockchain as a technology platform and are very keen to adopt it to make way for transparent governance.”
“Learning from the success of the India stack, which is a unique digital infrastructure with open APIs, we believe that an India Blockchain stack will revolutionize the way the economy would function in the near future. Our collaboration with Covalent Fund is focused on the creation of a world-class sustainable blockchain ecosystem in the state that will ease ways for innovative startups to work with a start-up state like ours,” the minister added.
Speaking in this regard, Ram Yalamanchilli, a partner at Covalent Fund said, “It is predicted that 10% of the global GDP would be tracked or otherwise regulated by blockchain by 2027. Blockchain offers a completely new paradigm for applications built on expressive protocols with nascent market penetration and a massive interest from early-stage venture capital.”
He further added, “Blockchain opportunities are naturally aligned with large democratic systems like India and it is an opportune time for the State of Andhra Pradesh to become a leading destination. But we are most excited to build the largest, open and cryptographically secure ledger of information (Velugu Core) on a blockchain protocol designed in compliance with the Indian regulatory framework.”
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