Vizag the first Blockchain city of India
A lot of articles had been written by us on Blockchain and its benefits. We are not going to discuss it again here. If you have any doubt then please go through our previous articles or comment us in the comment section. Today we are going to discuss the first Blockchain City of India, Visakhapatnam or Vizag.
The chief minister of Andhra Pradesh Mr. N. Chandrababu Naidu is the face of the state for transforming Cities into Technical Hub. After assuming power in 2014 Mr. Naidu firstly transforms Hyderabad and then he looked at the financial capital and largest city of the state i.e. Vishakhapatnam or Vizag.
Why Blockchain in Vizag?
Blockchain technology is spreading like a beam of light in all direction. There are various reasons for that. The biggest and most influential reason is its transparency. Blockchain technology is need of the time especially in a country like India where almost 80% people are working in the informal economy. These people always depend on interpersonal trusts. Sometimes they were cheated as well. India has very high bribery rate and also topped the most corrupt nation of Asia list in 2017. Every year billions of money were wasted in frauds. Due to these, there is urgency in using a technology which keeps the market and trade clear and clean. Blockchain promises about that hence it is embraced by the “City of Destiny”.
Vizag: “The City of Destiny”
In 2016 the government of state announces “Fintech Valley Vizag” initiative to build Vizag into the technical hub. This initiative was to provide a platform for Entrepreneurs, Investors, and Corporates to work and bloom together in the City. In 2017, Vizag had attracted more than $900 and created more than 5500 jobs though the aim was 100 times of it in 2020.
Where is Blockchain used?
The Vizag is the first city in India which is using Blockchain technology. It is currently being used for managing land records and Vehicle registration. In a country like India where more than 65% of total cases in courts are running on land frauds than it is assumed that Blockchain may be the firm solution for it. It not only prevents fraud but also keeps things clear and transparent between the two parties.
Future Plans of Blockchain in Vizag
Transport, Finance and Digital securities are some other areas where the government of Andhra Pradesh is looking forward. These areas are very sensitive. Blockchain provides transparency, and transparency always leads to trust. Moreover, the government has recently signed MoU with Malaysia based Cryptocurrency player Belfries Global to boost the Blockchain technology.
Union government of India always stressed on “Digital India “concept since 2014. There are various schemes that were launched under the “Digital India” program and Blockchain is one of them. Even Prime Minister Mr. Narendra Modi is also happy about the growth of Blockchain in Vizag. This is just a start and there is a long way to go. Vizag is embracing Blockchain and in coming years are very crucial for the growth and development of the technology.