AP govt signs MoU with Belfrics to set up Blockchain academy with GITAM in Visakhapatnam

In another thrust towards making Visakhapatnam a technology hub, the Andhra Pradesh government has inked a pact with Belfrics, a fast-growing blockchain development firm, to set up a blockchain academy in the city in association with GITAM University. The university is expected to promote the disruptive technology in Visakhapatnam and use its applications in several government operations.

Special Chief Secretary and IT Advisor to Chief Minister of Andhra Pradesh, JA Chowdary, while welcoming Belfrics to Visakhapatnam, said, “The government is also looking to provide the Proof of Concept (POC) for implementing blockchain technology in supply chain logistics, tender issuance and bidding”.

Praveenkumar Vijayakumar, founder of Belfrics Global said the company was expecting a 300% growth in its vertical in 2018. He further informed that the company was signing MoUs with the governments of other states as well to offer similar services.

“We are looking at penetrating the Indian market by developing innovative blockchain based solutions across Industries. We believe this will help us reach our revenue targets of Rs 100 crore by 2020. We will also be looking at hiring 100 blockchain developers in India as well as in Malaysia,” Jabeer K.M., chief operating officer, Belfrics Group, was quoted as saying.

Earlier, the Andhra Pradesh government also signed a pact with New York-based ConsenSys to promote the blockchain ecosystem in the state. It was also reported that the state and ConsenSys will work together to set up the first Indian cohort of ConsenSys Education.