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Current Affairs

Hyderabad: India's first blockchain district

Date: 29 May 2019 Tags: Fourth Industrial Revolution

Telangana government will set up the country’s first ‘Blockchain district’ in its capital city Hyderabad to create an ecosystem for all the start-ups and institutes working in Blockchain technology. It was announced as part of state government’s recently released draft Blockchain policy.

Blockchain District

  • It will house all major blockchain technology companies and will have huge incubator and world-class facility for promoting research, innovation and industry collaboration.
  • It will focus on R&D in block chain technology in the field of banking, financial services and insurance, pharma and healthcare, logistics and supply chain and government sectors.
  • It will be based around four main pillars: Developing talent pool, supporting infrastructure, promoting research and innovation and enabling collaboration and building community.
  • It will provide academic institutions and industry platform to come together to promote research and innovation.

Blockchain

  • It is a distributed ledger or decentralized digital ledger technology for storing data across peer-to-peer network.
  • It decentralizes information without it being copied. Thus, it is kind of self-auditing ecosystem of digital value.
  • Information is held on blockchain through shared database can be accessed on real-time basis.  It is transparent and incorruptible.
  • It promises secured transactions as it disallows changes to ‘blocks’ of recorded information. It automatically checks every transaction that happens in it.