Blockchain technology has potential to create wonders: CM Naidu

Blockchain technology is the real future for the safety of any transaction, said Andhra Pradesh Chief Minister Nara Chandrababu Naidu while addressing the International Blockchain Business Conference in Visakhapatnam on Monday.

The Chief Minister inaugurated a two-day international Blockchain Business Conference starting today by lighting the lamp in Visakhapatnam. FinTech Valley, an initiative of the state government in Visakhapatnam, is hosting a two-day business conference on Blockchain technology with the support from Ministry of Electronic and IT, Government of India.

Regional and international Blockchain experts, startups, leading FSI executives, corporates, entrepreneurs, policy makers and academics from over 20 countries are attending to explore Blockchain technologies and its applications.

While addressing the gathering, Naidu said that security and safety are very important today and Blockchain technology is the real future to secure any transaction.

"Blockchain technology will become more profitable and has the potential to create wonders in the near future," he added.

He also said, "We are going for technologies like data analytics, machine learning, biometrics, Internet of Things and data visualisation in a big way. Ultimately, I want to provide happiness to all people, eradicate poverty and give better living standards for the people. It is possible only through adoption of technology. If we are adopting technology, safety is possible only through Blockchain technology."

He also said that Blockchain and Fintech will assume more importance in the future.

"World has become a global village- Thanks to Information technology and the internet. We are heading towards fourth industrial revolution and the order of the day is that anything can be done real-time," he added.

He also talked about real time governance initiatives being taken up in Andhra Pradesh.

He presented Chief Minister's CORE dashboard to the gathering and told that technologies like sensors, biometrics, cloud management, internet of things are being used to monitor welfare schemes and other government services in real-time in the state.

The Chief Minister said that the future is only for a knowledge economy and Andhra Pradesh aims to create 100,000 employment and attract USD 2 billion investments in Information Technology in the state.

He also said that the state aspires to create 200,000 employment and attract USD 5 billion investments in the field of electronics.

While speaking on the occasion, Minister for IT, Government of Andhra Pradesh Nara Lokesh said that Blockchain technology has its applications across verticals and can tackle cyber-attacks.

"AP is at the forefront in adoption of technology. As a state, we had set-up a 100 crore fund to create competitions and award startup companies as equity investments. We are also organising hackathons in order to create employment opportunities for the students. Andhra Pradesh is building use case repository of the technology aiming to become Blockchain capital for the world," he added.

The Chief Minister launched Broadridge Centre of Excellence for Blockchain technology, a first such centre in the country. He also launched Thomson Reuters Center of Excellence which will be set-up in partnership with Government of AP at Gitam University in Visakhapatnam.

He held one-to-one meetings and a roundtable conference with the entrepreneurs from the Fintech industry in Visakhapatnam today. Over 50 startups from across the globe are exhibiting their products and services during the two-day event.