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Although India is not known for the ease with which it uses cryptography, it is making progress when it comes to the 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) has declared it to collaborate with the Elevon01 Foundation, which is a local native supplier blockchain protocols.
Eleven01 is a blockchain protocol that has been designed from the ground up to be agnostic case-use, blockchain-mastro topology-agnostic. Its basic software can be used to implement a public chain, offering a cryptocurrency to which anyone can join and negotiate. It can also be configured as a private authorization blockchain that can be used to create consortia. The goal is to provide a basis that can be built and adapted to each application.
Ramachandran Iyer, president and head of the foundation's main product, said:
"We see that India is a hub of blockchain and the support from the state here brings us closer to achieving this goal.Together, we will contribute to the development of the best pool of talent ready for blockchain and innovations in the state".
J A Chowdary, IT advisor and special chief secretary of the Prime Minister of the Andhra Pradesh government, had similar views and added:
"We really appreciate what the Eleven01 team is trying to do and we are happy to partner with them to bring advanced development and innovation to the blockchain kingdom in the state."
Andhra Pradesh Leading Indian FinTech
Visakhapatnam, the state capital, has been developed as a hub for Fintech companies in the last year. They aim to create a global Fintech ecosystem in collaboration with multiple stakeholders such as companies, universities, financial institutions, technology service providers, startups and accelerators.
Under the leadership of its prime minister, Fintech Valley Vizag has become a global brand in a short space of time and has gathered interest from various countries seeking access to the market in India, in the Fintech sectors that cut the vertical information security, machine learning / artificial intelligence, analysis and blockchain.
They also created the largest Fintech case repository in India with its top 20 BFSI business partners such as IDFC Bank, Aditya Birla, TATA financial services, Kotak bank etc. With 100 identified use cases. This repository aims to open market access opportunities for startups around the world to test concepts and implement the project with our partners.
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