Demystifying blockchain in India begins at Fintech Valley, Vizag

India isn't the first name that comes to mind when it comes to adoption of the latest technologies. But Andhra Pradesh Chief Minister N Chandrababu Naidu continues to defy norms.

In what is turning out to be an annual event, the two-day conference on blockchain is putting Fintech Valley, Visakhapatnam, in AP on the map for the world to know that India isn't far behind on adopting the latest technologies.

The Blockchain Business Conference 2017 kick-started on Monday, with delegates, startups and attendees from all over the world.

International Business Times, India, attended the first day of the blockchain conference in Vishakapatnam (Vizag), where over 50 startups from across the world, blockchain experts and several high-profile attendees, including the chief minister himself, with state IT minister Nara Lokesh and NASSCOM President Rentala Chandrasekhar.

With the government and industry experts joining hands to provide a platform that gives global exposure to startups, blockchain gets a significant boost in India.

"Today, as part of the Fintech Valley Vizag initiative, we have nine companies that have already set up and 16 companies yet to establish their bases in Vizag. Within the last one year, we have been able to attract Rs 600 crore in investment. Progress is only possible through adoption of technology. Our aim is for Vizag to be the technology and education hub not only in Andhra Pradesh but for the entire country," Naidu said during his address at the conference on Monday.

Blockchain in India has been merely a concept, but the AP government is showing how it can be applied in practical cases.

Andhra Pradesh has already become the first Indian state to pilot blockchain in road transport and land registry. The state also has the largest number of use-case respositories, with more than 100 cases.

"We are very excited to be the first state in the country to use Blockchain pilots and we are the first to create a repository. Today, we are moving from Internet of Things to Internet of Everything. As India transitions towards being a dynamic ecosystem responding well to fintech opportunities, the establishment of IIDT aims to educate the next generation of Blockchain technology users," said IT minister Nara Lokesh in a statement.

"The government of Andhra Pradesh has kept aside Rs 100 crore incentivise corporates to set up in Vizag. In addition, we are speaking to several private equity firms to help us raise some more funds to promote Vizag as the fintech hub," added Lokesh, the chief minister's son.

Naidu also mentioned during his speech that Microsoft founder Bill Gates is going to be visiting the state this year to show how the government and the software giant uses IT applications in the field of agriculture.

The Blockchain Business Conference 2017, where we will be spending some time with startups to discuss unique applications, cyber security and more, will conclude on Tuesday.