With the crypto boom, the underlying technology on which the entire industry is built, blockchain technology, has gained widespread acceptance. Blockchain technology has scaled up with new innovations and better use cases outside the crypto world.
India has never shied away from crypto adoption and ranks second in global crypto adoption. The same goes for the adoption of blockchain-powered technologies. Many businesses in India are exploring the technology, and the banking, financial services, education, and insurance industries have shown the most interest in blockchain technologies.
In the light of these developments, the Kerala state government has announced that it will be hosting a blockchain summit during the third edition of Huddle International, a digital international expertise convention. The summit’s goal is to coach and encourage a wide range of stakeholders.
The summit is organized by Kerala’s IT Parks and the Kerala Startup Mission (KSUM). They will be holding a “Blockchain Innovation Challenge” to identify promising blockchain startup concepts as part of the summit.
According to John M Thomas, CEO of Kerala’s IT Parks and KSUM, the summit will be attended by international business leaders, technical specialists, startups, and policymakers. He further noted that “the event is free and open to all blockchain enthusiasts”.
What’s in it for Startups?
The Blockchain Innovation Challenge is being conducted with the following goals, which will benefit startups:
- To help identify promising blockchain startup concepts and offer a concept grant of Rs 2 lakh,
- To assist blockchain startups in developing their concepts into working prototypes,
- To spread awareness about blockchain developments, technical issues, and business applications.
KSUM will identify potential startups and invite them to pitch their ideas during the summit. In other words, the summit is set to be the blockchain version of Shark Tank.
Amid the new 30% crypto tax doing the rounds and stirring up discussions across crypto investors, cryptocurrency and its underlying blockchain technology has become mainstream.
The blockchain summit in Kerala apart, some other states and even educational institutions have also warmed up to the use of blockchain technology.
The Telangana Blockchain District (TBC), in collaboration with CoinSwitch, announced the launch of the India Blockchain Accelerator (IBA) in December 2021. The accelerator program aims to empower India’s thriving blockchain startup ecosystem and sustain its commitment to foster the creation of “Blockchain Ecosystem of the future” in India. Participating startups stand to win over $7,00,000 (approx Rs 5.3 crore), funded by investment partners Lightspeed and WoodstockFund.
Maharashtra was reportedly the first state in the country to roll out blockchain-powered educational documents in July 2021. Each student will receive a digital file containing their original PDF diploma certificate and its corresponding blockchain proof file. It can be verified within 10 seconds from anywhere across the globe without human intervention.
The Maharashtra government has also partnered with blockchain technology startup Print2Block to issue Covid-19 test certificates.
During the 54th convocation ceremony of the Indian Institute of Technology (IIT) Kanpur, Prime Minister Narendra Modi launched a blockchain-based digital degree.
Students of IIT Kanpur will be issued digital degrees through a blockchain-driven technology developed within the institute under the National Blockchain Project. These digital degrees can be verified globally and are unforgeable.
While cryptocurrency is the most popular use case of blockchain, governments around the world are moving fast to leverage this technology, and India too has joined the race. With the full potential of blockchain technology yet to be realized, it will be interesting to see how the government in India will integrate this underlying technology into governance and administration.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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