Monday, Nov 28 2022 | Time 18:14 Hrs(IST)
Business Economy

Telangana govt aims to make state as 'Blockchain Capital' of country : Offical

Hyderabad, Jul 19 (UNI) Ms Rama Devi Lanka, Director - Emerging Technologies, Officer on Special Duty (OSD), ITE and Communication Department, Government of Telangana, on Friday said the state government aims to make Telangana as ‘Blockchain capital’ of the country by creating a blockchain district.

In a keynote address at the Blockchain Summit on Demystifying the Opportunities & Applications of Blockchain’ being organized by Confederation of Indian Industry (CII), Telangana, here, Ms Rama Devi said the blockchain district would provide skilled talent, infrastructure, R & D support and vibrant communities.

The state Government has been studying relevant use case study for the adoption of Blockchain Technology, she added.

In his welcome address, CII (Telangana ) Chairman and Kirby Building Systems & Structures India Private Limited Managing Director and CEO, D Raju, said that Blockchain technology has gone far beyond its beginnings in banking and cryptocurrency.

In 2019, businesses are expected to spend $2.9B on the technology, up almost 90 per cent from 2018, as per IDC, he said the global Blockchain technology revenues is expected to climb to over 23.3 billion U.S. dollars in size in the next 4-5 years.

Speaking on the occasion, National Payments Corporation of India (NPCI) Innovation Council Chairman and TalentSprint Managing Director, Dr Santanu Paul, in his special address shared applications of blockchain technology in Trade finance, International remittance, Payment Clearance and Settlements.

He said that Blockchain has immense potential as it promises automation of high trust and transactions at low cost.

STPI (Hyderabad) Director, CVD Ramprasad, in his special address shared his views on how Blockchain and other emerging technologies can be leveraged to skill the graduates and create new jobs.

He was of the opinion that it is very important that such technologies should reach common people.

Eleven01 CTO and President , Rama Iyer, in his special address spoke about the potential use of Blockchain Technology in Supply Chain and Manufacturing Sector.

He stressed on the importance of regulatory framework, as it will give confidence to companies in Blockchain Technology space.

CII (Telangana) Digital Transformation Member and Hexagon Capability Center India Private Limited Director (Technical) Rajendra Prasad was also present.

The conference brought together the Industry, Academia, Startups and Blockchain Professionals in different panels to discuss their viewpoints on how to leverage Blockchain technology.

The conference which was attended by about 150 participants, aimed at briefing industry on the applications of blockchain technology and how Indian Industry can leverage this technology.
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