Vizag to become futuristic destination for blockchain tech Cos: Andhra CM Naidu

Visakhapatnam (Andhra Pradesh): Visakhapatnam will emerge as futuristic destination for blockchain technology companies, said Chandrababu Naidu">Andhra Pradesh Chief Minister N. Chandrababu Naidu on Monday.

He was speaking after inaugurating the two-day blockchain business conference here.

Blockchain is a distributed digital ledger that maintains a continuously-growing list of data blocks, each containing batches of transactions that are secure from tampering and revision.

Naidu termed blockchain technology as a futuristic technology with great potential and also important for cybersecurity.

"The blockchain technology is futuristic technology with great potential and also important for cybersecurity. Several pilot projects have been taken up in the state using the blockchain technology in areas such as land registration." Naidu said.

The Chief Minister said that Andhra Pradesh will become technology and knowledge hub in the country.

"We want to work with world class technologies including blockchain technology and Andhra Pradesh will become technology and knowledge hub in the country in future. The blockchain technology is best for safety and security aspects and state government is going with blockchain technology," Naidu said.

The Chief Minister further added that Andhra Pradesh had been adopting latest technologies for real governance and transparent administration for the benefit of the people of the state.

"The state government is using technologies that will help to eradicate poverty and provide clean administration. The government has been using latest technologies and best practices for the welfare schemes like distribution of ration, pensions, pattadar pass books and scholarship," Naidu said.

The Chief Minister said that the Fintech Valley in Visakhapatnam was established in October last year and nine financial companies have already been working in the fintech valley and 16 companies are in pipeline.

The Chief Minister said that Andhra Pradesh government's aim is to create one lakh information technology (IT) jobs and attract 100 IT companies in a year.

State Information and Technology Minister Nara Lokesh said, "The blockchain technology is considered as new technology and the state is in forefront in using various best technologies."

He said Andhra Pradesh will be the pilot state in block chain technology in the country and Visakhapatnam will become block chain capital for India.

Fintech Valley Vizag, an initiative of Government of Andhra Pradesh in Visakhapatnam, is hosting International Blockchain Business Conference on October 9-10 with the support from Ministry of Electronic and IT and will connect government bodies, startups and corporate companies working on blockchain technologies to create more business and investment opportunities.