The IT arm of Mahindra Group and the Telangana government have closed a partnership and aims to launch a blockchain accelerator that will be a model for future accelerators in India.
The T-Block accelerator will foster blockchain startups that know how to use the technology in the real world and contribute to the growth of the industry. It will be run by the innovation management company IBC Media, which is the same firm that developed the Memorandum of Understanding (MoU) signed by Tech Mahindra and the Telangana government in 2018.
The MoU to Make India the World’s Blockchain Capital
The MoU aims to make Telangana the world’s blockchain capital. The state’s capital, Hyderabad, is supposed to be the center of all blockchain activities and to have everything running through the Telangana Blockchain District. The accelerator has registration open ever since the beginning of February. It’s supposed to involve a boot camp lasting 1 week and 4-week intensive training.
The Telangana Blockchain District Fosters Industry Players
The Telangana Blockchain District seems the ideal ecosystem for research institutes and blockchain startups, since it offers substantial benefits and concessions such as financial grants, cloud storage subsidies sponsored by the state and even tax relief. It also has a specialized policy for the creation of educational initiatives, a regulatory sandbox and an R&D institute. Besides, the newly launched accelerator’s way seems to be paved here. Telangana signed other MoUs with blockchain companies so that the blockchain technology is implemented in state applications.
India’s Crypto Industry Waiting on Supreme Court Hearings
Meanwhile, decentralized private cryptocurrencies have an uncertain future in India, as the local industry is waiting on hearings from the Supreme Court. The case involves the Reserve Bank of India (RBI) imposing a ban on banks that deal with crypto firms, ban that has been in effect since July 2018.