With an aim to drive the economy of the country to a new frontier, the construction of a new Blockchain Quarter has kick-started in Hyderabad, the capital of Telangana, with a joint effort of India and China. The IT minister Rama Rao calls it India’s global step towards world leadership in the digital era.
The project will run under a public-private relationship. Moreover, the Telangana authorities will be in charge of the infrastructural, economic and regulatory development of the project. Also, Indian company Tech Mahindra will overlook the technological development of the project from time to time.
On this note, Sandip Singh, Blockchain consultant from New Delhi, has put forward his valuable thoughts on the same. He told that the project intends to give facility for the interaction of local businesses with the global players. Henceforth, this will act in uniting a special blockchain platform based on Eleven01 Protocol. powered by DLT Technology.
Though, both India and China have been opposing the use of cryptocurrencies strongly, the duo are always concerned about the development of new technologies in their countries. As both countries fill a larger proportion of the continent, the growth will be a strong triggering factor for other Asian countries. Industry experts are of the opinion that major issues like poverty, unemployment and many more, can be reduced through effective utilization of the technology.