Even though India is not known for their ease of using crypto, it is making progress when it comes to implementation of blockchain technologies. The southern state of Andhra Pradesh now wants to use blockchain along with other new age technologies.
The Andhra Pradesh Innovation Society (APIS) have said that they are partnering with Elevon01 Foundation which is a local provider of native blockchain protocols.
Eleven01 is a blockchain protocol that is designed from the ground up to be use-case agnostic, topology-agnostic blockchain ledger. Its core software can be used to implement a public chain, offering a cryptocurrency that anyone can join and transact with. It can also be configured as a private, permission blockchain that can be used to build consortiums. The goal is to provide a foundation that can be built upon and tailored to each application.
The foundation’s president & chief product officer, Ramachandran Iyer, said:
“We visualize India to be a blockchain-hub and the support from the state here brings us a step closer to achieving that. Together, we will contribute towards the development of the best blockchain-ready talent pool and innovations in the state.”
J A Chowdary, IT Advisor and Special Chief Secretary to the Chief Minister of the Government of Andhra Pradesh, had similar views and added:
“We truly appreciate what the Eleven01 team is trying to do and we are happy to associate with them to bring advanced development and innovations with regard to the blockchain realm in the state.”
Andhra Pradesh Leading Indian FinTech
In the past one year, Visakhapatnam, the state’s capital, has been developed as a hub for Fintech companies. They aim to create a global Fintech ecosystem in collaboration with multiple stakeholders such as corporates, universities, financial institutions, technology service providers, startups and accelerators.
Under the able leadership of their Chief Minister, Fintech Valley Vizag has become a global brand in a short span of time and has been garnering interest from various countries looking for market access in India, in the domains of Fintech cutting across the verticals of cybersecurity, machine learning/artificial intelligence, analytics, and blockchain.
They have also created India’s largest Fintech use case repository with its 20 leading BFSI corporate partners such as IDFC Bank, Aditya Birla, TATA financial services, Kotak bank etc. with 100 use cases identified. This repository aims to open market access opportunity for startups from across the world to run a proof of concepts as well as project implementation with our partners.