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FinTech Valley, Vizag ties up with Covalent Fund To Develop The ‘Largest Blockchain Stack’

March 06, 2018 12:20
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Vizag is primed to be the hottest blockchain ecosystem in India. Recently Vizag, had signed up with FinTech Valley- the Official outreach platform for the Fintech ecosystem under the government of Andhra Pradesh- and signed an MoU with government-led blockchain initiative, Covalent Fund.

On that occasion, State’s IT Minister Nara Lokesh had said, “The Government of Andhra Pradesh envisages to become blockchain enabled via its digital assets by 2019. We are bullish on blockchain as a technology platform and are very keen to adopt it to make way for transparent governance.”

Now, it has come to light that, FinTech Valley in collaboration with Covalent Fund has started work to develop Velugu Core which is an India-based blockchain stack. Through this, the government will aim to make their data accessible through APIs. Apart from that, one of the big four, KPMG, will also play an important role to develop a solution for recurring problems in sectors such as banking, financial services and insurance (BFSI) through blockchain solutions.

On the development Ram Yalamanchili, Partner at Covalent Fund said, “It is predicted that 10% of the global GDP would be tracked or otherwise regulated by blockchain by 2027. Blockchain offers a completely new paradigm for applications built on expressive protocols with nascent market penetration and a massive interest from early-stage venture capital.”

The top echelon of the Indian government is a fan of the technology. Last month, Prime Minister Narendra Modi mentioned the benefits of blockchain at an inaugural speech at Nasscom. On the occasion, he had said, “Disruptive technologies such as Block-chain and the Internet of Things, will have a profound impact in the way we live and work. They will require rapid adaptation in our workplaces.” Finance Minister Arun Jaitley, has also on occasion, talked about the benefits of blockchain technology.

In 2017, Andhra Pradesh had tied up with companies such as Zebi and ChromaWay to find a solution to problems such as land and vehicle registrations. It was estimated that around $700 million was paid in bribes across land registers in India.

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