Visakhapatnam emerging as a Blockchain hub

Vizag is fast emerging as a major hub for Blockchain technology. The city’s prestigious Fintech valley is attracting whopping investments in the disruptive field from across the globe. An initiative that was flagged off with an intention of transforming Vizag into a world-class technological hub has, so far, managed to draw in investments worth about $900 million and create about 5500 jobs, reported Forbes. The report has also said that Andhra Pradesh has become the first state in India to adopt blockchain in governance. The state is also leading the way in the country with the pioneering use of blockchain in the fields of management of records, vehicular registrations, and others, with the fields of transport, finance and digital security set to be revolutionized in the coming days.

The World Economic Forum too has recently come out hailing Andhra Pradesh and Vizag for the smart and disruptive utilization of blockchain. In a video, WEF says the state’s largest city, Visakhapatnam, is becoming a centre for Fintech.

Experts have lauded the city’s efforts in adopting this booming technology and a few have even hailed the state’s methods as a role model for other places in the country.

“Vizag is ready to embrace the wave of technology, and become a valley to reckon with along the lines of Silicon Valley. The positioning will mark the city as a promising global Fintech destination.To achieve this, competitions are being run across places like London, Singapore, New York, Tel Aviv. The shortlisted companies will come in September for a demonstration, which will be part of the flagship programme. Winners will be granted one million USD. This event will garner global visibility for the city and it will become a destination for the next generation of start-ups and technologies. The start of real-time governance, which hasn’t happened anywhere else and the beginning of Google’s development center are other promising developments.” Dr. J A Chowdary, Co-founder, Fintech Valley, Visakhapatnam and Advisor IT & Special Chief Secretary to Chief Minister Chandrababu Naidu, Andhra Pradesh, said in an interview with Yo! Vizag.