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Indian government wants to launch blockchain ecosystem

Andhra Pradesh, an Indian state known for its efforts in exploring applications related to blockchain, is promoting that goal with a new agreement with a local fund firm.

22.Jan.18 12:14 AM
By Daria Zaytseva


Indian government wants to launch blockchain ecosystem

According to a Tweet by the state’s government, Andhra Pradesh government has signed a Memorandum of Understanding with Covalent Fund to create an ecosystem of blockchain within the souther state's Fintech Valley Vizag initiative.

According to the post, the partnership will also soon begin to create a blockchain university with an initial investment of $10 million.

According to the release of business news Inc42, Covalent Fund will help the state provide blockchain startups greater access to capital and other resources, and to the development of a stack of blockchain.

The state hopes to integrate blockchain platforms into official enterprises by next year, IT minister of Andhra Pradesh Nara Lokesh said. Part of the goal is to develop transparent control through blockchain.

The announcement marks the last step of the seventh-largest Indian state in promoting the use of blockchain technology. Last year, the state announced a partnership with blockchain startup ChromaWay to pilot a land registry ledger and a separate partnership with WISeKey on cybersecurity to protect private data on a blockchain.

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