The IT department of the Telangana state government on Friday signed a Memorandum of Understanding (MoU) with Tech Mahindra, a publicly listed firm with headquarters in India, that will see the two teaming up to build what they claim will be the country’s first “blockchain district.”
Economic Times reported that the blockchain district will occupy an area inside Hyderabad – the state’s capital city – with physical buildings to house and incubate blockchain startups from India as part of the government’s push to advance the tech’s development.
According to business news outlet Inc24, the state government will be primarily responsible for building the infrastructure of the new district and providing policy and regulatory support for blockchain startups.
Tech Mahindra, on the other hand, will offer expertise focused on blockchain ecosystem and technological skills. According to an announcement on Friday, Tech Mahindra is also working on developing a blockchain platform tailor-made for startups in the country, called Eleven01 protocol.
The IT giant has also been working with overseas blockchain startups to bring solutions to the Indian market.
Telangana’s neighboring state of Andhra Pradesh previously signed an agreement with a fund to start development of a blockchain ecosystem as part of the state’s Fintech Valley Vizag initiative.