Andhra Pradesh, India, a joint local fund to create a blockchain ecosystem

nRunaway Commentary: Andhra Pradesh, India, to implement blockchain ecology in partnership with local funds by implementing the Fintech Valley Vizag project, including the establishment of a blockchain university, the development of a blockchain stack, Velugu Core, The local innovation into a block chain innovation as the core innovation. Indian Prime Minister Modi’s support for blockchain technology has given the country a long-term technological development environment that is just as disagreeing as the attitude of cryptocurrencies. However, this project is in line with the Indian legal framework.n
nTranslation: Annie_Xun
Andhra Pradesh, India, best known for exploring blockchain applications, will reach a new agreement with local fund companies to further this end.n
Andhra Pradesh, a government agency of Andhra Pradesh, announced that it has signed a memorandum with Covalent Fund to create a blockchain ecosystem for the local Fintech Valley Vizag project.n
The cooperation will soon set up a blockchain University, the first batch of 10 million US dollars.n
Inc42 news coverage, Covalent Fund will help the local blockchain start-ups to provide more funding and resources as part of the Fintech Valley Vizag project as part of the fund will be the local development of the blockchain stack Velugu Core, as a local governance network Blockchain version of India Stack.n
Ram Yalamanchili, Partner, Covalent Fund Description Velugu is “the largest, open-ended information book of cryptography-based, blockchain-compliant, regulatory frameworks in India”n
n”Blockchain offers a whole new paradigm of applications where its expressive protocols have a huge market penetration and attention to early-stage venture capital.”n
nAccording to Inc42, IT Minister Nara Lokesh said Andhra Pradesh hopes to integrate the blockchain platform into government business by next year. Part of the goal is to create transparent governance through the blockchain.n
n”Our focus with Covalent Fund is to create a world-class blockchain ecosystem in this state that allows innovative start-up companies to collaborate with such innovative regions as the state.”n
nThe statement marks the seventh largest state in India to promote technology development blockchain latest move. Last year, the state announced a trial of a land registry account with ChromaWay, a blockchain startup, and the use of blockchains to secure private data with Internet security company WISeKey.n
In fact, from the beginning of India’s Prime Minister Narendra Modi welcomed the technology, the process of blockchain in India has begun to accelerate, but there are still differences on the attitude of cryptocurrencies.n
Over the years, there have been many related projects in Indian states, but not large in scale. For the first time, Velugu has involved a large number of government agencies in blockchain projects.n
So Nara Lokesh said:n
n”The Andhra Pradesh government expects to become a blockbuster state-powered state through its digital assets by 2019. We are optimistic about the blockchain technology platform and are actively using it to make government governance transparent.”n

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