Blockchain Institute To Be Set Up In Visakhapatnam

The Andhra Pradesh government is getting into a collaboration with various leading technology and Blockchain startups in Singapore and University of California, Los Angeles (UCLA). The plan is to establish a Blockchain technology institute in Visakhapatnam.

IT advisor of the AP government, JA Chowdary, said that the officials have completed preliminary discussions with UCLA. The advisors and researchers of the state government will design the institute based on the agreement between them and UCLA. Upon its completion the institute will assist government agencies, financial firms and corporations with their Blockchain needs.

Blockchain technology will soon be integrated into existing government systems. Doing so will protect the government’s sensitive data from security breaches and hackers. The establishment of such an institute in the state will allow the state to lead in the Indian Blockchain market and the Asian FinTech industry.

The Visakhapatnam based Blockchain institute will train individuals to meet the surging demand for developers on this platform. Chowdary stated that the state government wants to brand Vizag as the financial and technology capital of India. Recently, John McAfee (developer of McAfee antivirus) tweeted –

Wikipedia states that Blockchain is a distributed database that maintains a continuously growing list of records called blocks. Each block consists of a timestamp and a link to the previous block. Conceptualised by a person who goes under the pseudonym Satoshi Nakamoto, the technology was first used by him for the creation of Bitcoin – a cryptocurrency payment system which eliminates the need for paper currency. Blockchain is an open source development and the possibilities for its application are endless. According to research conducted by Harvard Business Review, Blockchain can be used to move, store and host ‘money, titles, deeds, music, art, scientific discoveries, intellectual property, and even votes’.