The government of Telangana in the Indian State of Telangana launched an exclusive India Blockchain Accelerator programme. It aims to help startups based in Web2 and Web3, which are in the early stages of development. The program also supports blockchain developers, whose efforts are focused on solving new challenges.
The India Blockchain Accelerator is being built with help from CoinSwitch and Lumos Labs. Lumos Labs is a company that focuses on technology.
Rama Devi Lanka, Director of New Technologies and Special Responsibilities Officer, spoke to the Cointelegraph about the intentions of the government to utilize the project on various levels:
Some blockchain-related applications that states have piloted include the T-Chits (Chit funds on the blockchain) supply chains, e-voting and many more.
In an official statement, an initiative by the government that focuses on the acceleration of blockchain technology is open to all novice web2 or Web3 entrepreneurs and blockchain developers. The program aims to provide blockchain-based solutions to actual problems within different business industries, and this applies to various markets like entertainment, fintech and infrastructure, sustainability, logistics and healthcare.
The Telangana government will provide the necessary regulatory framework needed to facilitate and encourage the growth of blockchain technology.
Lanka also discussed the government’s ongoing efforts to develop many use cases for NFT tokens, decentralized finance (DeFi), and other cryptocurrency-related activities. Recognizing her desire to profit from emerging blockchain developments, she stated:
We also focus on fostering and assisting the large scale Indian Blockchain talent. We hope to draw approximately 100,000 people over the next 3-4 quarters.
The CEO and founder of CoinSwitch Kuber Ashish Singhal also talked about the entire project. The CEO announced that the most successful startups in the world would use the blockchain infrastructure of web3, focusing on India’s potential to become a global exporter in this field.