The usage of blockchain technology has been on the rise due to multiple organizations running to adopt it. This sentiment has also reached the shores of India where there is a ban on cryptocurrencies.
New reports now state that mainstream Indian companies were taking their interest in blockchain technology to the next level. Tech Mahindra announced that they will be partnering with the Telangana government to launch their own blockchain accelerator.
Tech Mahindra stated that the T-Block Accelerator will be a first of its kind innovation to boost growth in the state of Telangana, India. The launch was conducted in association with the Telangana Blockchain District, the state government and IBC Media.
The Telangana government informed people about the positives of the launch and claimed that the development would enable it to become the “blockchain capital of the world”. Rajesh Dhuddu, the Global Practice Leader of Blockchain at Tech Mahindra said:
“As part of our TechMNxt charter, we at Tech Mahindra have been bullish in our efforts to expand blockchain adoption in India and globally. Our partnership with the state government for the Telangana Blockchain District stems from our desire to build a world-class support infrastructure for blockchain startups and make Hyderabad a destination of choice among several new-age entrepreneurs and blockchain evangelists.”
To carry forward the idea of a “blockchain capital”, the Government of Telangana and Tech Mahindra had signed an MoU back in 2018. According to the MoU, the private company could take steps and measures to propagate blockchain use across the country. Companies interest in being a part of the Accelerator could register for it since February 3. Selected companies will then be subject to a one-week boot camp followed by a four-week long intensive training program.
The advancements made at the state level are expected to carry forward and create a more holistic central structure. The accelerator program plans to provide substantial concessions and benefits, tax relief as well as state-sponsored cloud storage subsidies.
The interest to bring blockchain to the state has been ingrained into the state’s laws. Just recently, changes were made in the district policy that provided for the creation of a regulatory sandbox. Along with this, the government also plans to establish educational initiatives and a Research and Development Institute.