The state of Telangana is launching a new program called the India Blockchain Accelerator, the program will help early-stage Web2 and Web3 businesses and blockchain developers come up with solutions to real-world problems.
The program will be launched with the help of CoinSwitch Kuber, a unicorn crypto exchange, and Lumos Labs, a company that helps businesses with new technology.
In an interview, Rama Devi Lanka, Director of Emerging Technology and Officer on Special Duty (OSD), ITE&C Department, Government of Telangana, said that the state wants to use blockchain projects in many different ways.“Some of the interesting use cases that the state has already piloted in Blockchain include – T-Chits (Chit funds in Blockchain), Supply Chain (Seed Traceability), E-voting (Digital Voting platform built using Blockchain and AI) and more.”
A statement from the state government says that its four-month blockchain accelerator initiative will be open to early-stage Web2 and Web3 startups as well as people who work with blockchain.
The program seeks to promote blockchain growth
The goal of the program is to find blockchain-based solutions to real-world problems in a wide range of business fields, including fintech, entertainment, sustainability, infrastructure and tooling, agritech, logistics, and healthcare:
“The Telangana Government will help provide the required regulatory framework to enable and promote blockchain growth.”
Lanka also said that the government is working to figure out how to use nonfungible tokens (NFT), decentralized finance (DeFi) and other crypto initiatives in the real world. Acknowledging that there is a lot of excitement about the new blockchain technology, she said:
“The government of Telangana is also focusing on developing and supporting a large scale of the Indian Blockchain talent pool, hopefully, of around 100K in the next 3-4 quarters. ”
Kaavya Prasad, the co-founder of Lumos Labs, said the same thing when she talked about the state government’s willingness to try new blockchain projects. She said that people should pay more attention to pilots and applications that can be used in the real world:
“A collaborative effort from various State Governments will further accelerate the growth of this space and we would be able to have more streamlined progress.”
Ashish Singhal, the founder and CEO of CoinSwitch Kuber, also said that the best global startups of the future would run on Web3 blockchain infrastructure, focusing on India’s ability to become a net exporter of tech.
“As part of the Indian Crypto industry, we shall endeavor to collaborate with the state government to work towards the vision of making Telangana the blockchain capital of the country. ”
In the past, a report said that the Indian government won’t completely ban the use of cryptocurrencies. According to Indian news outlet NDTV, a note from a meeting of the Cabinet about the crypto bill hinted at new rules.
According to the report, a local reporter named Sunil Prabhu said that the note had ideas for how to regulate cryptocurrencies as crypto assets, with the Securities and Exchange Board of India (SEBI) in charge of regulating local crypto exchanges in India.