Tech Mahindra, the IT subsidiary of Indian conglomerate Mahindra Group, is launching a blockchain accelerator together with the government of the southern state of Telangana.
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On February 19, it has been reported by the Economic Times that the parties hope the accelerator will become a “torch-bearer” for future accelerators nationwide.
However, the new “T-Block Accelerator” is aimed at fostering blockchain startups that have identified a strong real-world use case for the technology, and to boost industry growth overall.
It has been analyzed that IBC Media, the innovation management firm, will run the accelerator program, which developed following a Memorandum of Understanding (MoU) that was signed between the government of Telangana and Tech Mahindra back in 2018.
The MoU pledges to make the state the “blockchain capital of the world,” with a particular focus on Hyderabad, the largest city of Telangana, and the development of a specialized Telangana Blockchain District there.
Rajesh Dhuddu, the Global Practice Leader of Tech Mahindra’s blockchain unit, told reporters:
“We at Tech Mahindra have been bullish in our efforts to expand blockchain adoption in India and globally. Our partnership with the state government for the Telangana Blockchain District stems from our desire to build a world-class support infrastructure for blockchain startups and to make Hyderabad a destination of choice among several new-age entrepreneurs and blockchain evangelists.”
Likewise, registration for the accelerator has been open since early February. It will involve a one-week boot camp, followed by a four-week-long intensive training program, comprising workshops, presentations, and practice-oriented assignments.
The parties involved have said they hope that advancements made at a state level can contribute to further states’ proactive investment in the technology.
As per the report, the Telangana Blockchain District was established to foster a local ecosystem for blockchain startups and research institutes working across a diverse range of applications.
The main strategy behind the district is the offer of substantial concessions and benefits, including tax relief, state-sponsored cloud storage subsidies and financial grants.
However, a specialized district policy also provided for the creation of a regulatory sandbox, educational initiatives and an R&D institute in Telangana, as well as paving the way for the newly-launched incubator.
Thus, prior to this, Telangana had earlier signed several MoUs with blockchain firms with the view of implementing the technology in-state applications.