Tech Mahindra, the IT subsidiary of Indian conglomerate Mahindra Group, is launching a blockchain accelerator together with the government of the southern state of Telangana.
The parties hope the accelerator will become a "Torch-bearer" for future accelerators nationwide, the Economic Times reported on Feb. 19.
The new "T-Block Accelerator" is aimed at fostering blockchain startups that have identified a strong real-world use case for the technology, and to boost industry growth overall.
Innovation management firm IBC Media will run the accelerator program, which developed following a Memorandum of Understanding that was signed between the government of Telangana and Tech Mahindra back in 2018.Tech Mahindra bullish on blockchain's futureThe MoU pledges to make the state the "Blockchain capital of the world," with a particular focus on Telangana's largest city, Hyderabad and the development of a specialized Telangana Blockchain District there.
"We at Tech Mahindra have been bullish in our efforts to expand blockchain adoption in India and globally. Our partnership with the state government for the Telangana Blockchain District stems from our desire to build a world-class support infrastructure for blockchain startups and to make Hyderabad a destination of choice among several new-age entrepreneurs and blockchain evangelists."
Registration for the accelerator has been open since early February.
Blockchain and cryptocurrencies in India: a sharp divideAs reported, the Telangana Blockchain District was established to foster a local ecosystem for blockchain startups and research institutes working across a diverse range of applications.
A specialized district policy also provided for the creation of a regulatory sandbox, educational initiatives and an R&D institute in Telangana, as well as paving the way for the newly-launched incubator.
Prior to this, Telangana had earlier signed several MoUs with blockchain firms with the view of implementing the technology in state applications.
Beyond blockchain, the status and future of decentralized private cryptocurrencies in India remains uncertain.
Indian IT Giant Tech Mahindra and Local Gov't Launch Blockchain Accelerator
Published on Feb 19, 2020
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.