Visakhapatnam poised to become centre for blockchain technology

In a major turn of events, blockchain technology is set to find its feet in our city. On Thursday, GITAM University organised a conference on ‘Skill India-the way forward: Challenges and imperatives’. Addressing here, the IT Adviser to Chief Minister, J.A Chowdary said that the government wanted to develop Vizag into a centre for blockchain technology. He said that this would help in overcoming the challenges of reverse globalisation and disruptive technologies.

What is blockchain technology?

The blockchain is a way to store and record transactions. It’s similar to the database technology but here, the blocks are linked together cryptographically so as to make them fraud-proof. Here, blockchain consists of several blocks. The block, in turn, is a computer code consisting some piece of information. Each block in the chain is connected to the other through a digital signature. If an unauthorised change is made to a code in some block, everyone else connected to the block can see where the change has happened and make sure if the change is authenticated or not.

This is a kind of a distributed ledger where the middle men are eliminated. This ledger can be tracked by anyone on the chain and the changes that happen will be seen by all those.

While nothing is safe from cyber attacks, hacking the blockchain is extremely difficult. This provides us with a faster and safer means to transmit information.

In our city

The AP Electronics and IT Agency (APEITA) has tied up with the GITAM University and Broadridge of the US. This will help in introducing courses in blockchain technology. These courses, Mr.Chowdary said will help in creating better job opportunities for the youth.

The J.C Bose Institute of Cryptology will be setting up a centre in Visakhapatnam to initiate the courses. Also, the government is planning to organise a $1 billion blockchain challenge contest in the city. This event is planned to be held in October and is aimed at making the blockchain technology companies participate and eventually set up their centres here.

This move was appreciated by Capgemini India’s CEO, Mr Srinivas Kandula. He felt that this is a bold initiative by the government and would help in promoting newer technologies.

Eminent personalities of GITAM University were also present at the event.

Information credits- The HINDU and GO-science