The state aims to use blockchain technology to address cyber security issues
Andhra Pradesh has become the first state in the country to pilot blockchain technology in two departments and plans to deploy it across the administration, said Chief Minister N. Chandrababu Naidu on Monday.
Addressing Blockchain Business Conference here, he said the state had also created the largest repository of used cases for global start-ups to test their solutions.
Naidu said since the state was leading in e-governance, it was using blockchain technology to address cyber security issues.
The state launched pilot projects for land records and transport. State Information Technology Minister Nara Lokesh said the technology was required to prevent tampering of land records, which had already been digitised and placed online. Similarly, the technology is used in Transport Department to streamline titles of the vehicles.
Stating that Andhra accounts for 60% of Aadhaar-based transactions and extensively uses technology for delivery of services, Lokesh said the state required blockchain to protect the IT assets.
The two-day conference organised by Fintech Valley Vizag is being attended by regional and international experts, startups, corporates, leading FSI executives, regulators, entrepreneurs, policy makers and academics to explore blockchain technologies, its applications and how it will impact the financial services industry.
Naidu said the state was positioning itself to take advantage of the niche technologies to create business and investment opportunities.
The inaugural session saw launch of two accelerators by ICICI and Mahindra Finance in Fintech Valley Vizag, which was established last year. The two companies will bring 30 startup companies each here, mentor and finance them to solve the problems.
The activity covers new technologies like blockchain, big data analytics, Internet of Things (IoT), cyber security and artificial intelligence.
The state government's Advisor, Information Technology, J. A. Chowdary said that the Monetary Authority of Singapore, Tata Capital, State Bank of India, HDFC, Bajaj Fin Service and others plan to set up accelerators.
Partnering with 40 banks and financial institutions, Fintech Valley has already created biggest repository of used cases. The start-ups will work on problems to come out with solutions and this will become intellectual property of Fintech Valley, he added.
The inaugural session of the conference also saw launch of India Fintech Forum, India Blockchain Forum, Blockchain Report Aby Wipro and Blockchain Hiring Portal.
NASSCOM President R. Chandrasekhar announced that as part of its 10,000 startup programme, it will set up a 70-seat facility in Vizag to help incubate startups, mentorship and provide world class products.
Naidu said nine companies were already set up in Fintech Valley while 16 companies would start their commercial operations soon, exuding confidence that Vizag would become blockchain capital of not just India but of the world.
Naidu said the government encouraged global fintech companies such as BroadRidge Financials, HSBC and Thomson Routers to setup Fintech academies, announced USD 1 Million global Fintech Challenge Award.
"We are also in the process of establishing INR 500 crore Fintech Fund for startup companies operating in the domain and housed at FinTech Valley," he added.