Vizag will become global hub for blockchain technology, says Naidu

VISAKHAPATNAM: Chief Minister N Chandrababu on Monday reiterated the government’s resolve to make Vizag a global centre of excellence in blockchain technology, machine learning and artificial intelligence, which he said were key technologies of the future.  Speaking to reporters after the inauguration of the Blockchain Business Conference here, Naidu called for hackathons on various subjects to be organised in the city every month to create an ideal eco-system for research, sharing of ideas and innovation in Fintech. He exuded confidence that the hackathon devoted to agriculture here next month in which Microsoft founder Bill Gates will take part, would be a success.

Dubbing the present era the fourth industrial revolution, he said the focus would now be on cyber security. 
“We are adopting Internet of Things (IoT) for real-time monitoring of all aspects of administration in the state. We have developed e-Pragathi, so that even soil testing will be done using technology with the help of drones and Microsoft,” said Naidu. 

“Our goal is very clear. In the IT sector, we have to create 1 lakh jobs and secure $ 2 billion investment. In electronics, we have set a target of 2 lakh jobs and an investment of $ 5 billion. To achieve these goals, we have made our own policies such as AP IT Policy 2014-2020, Electronic Policy 2014-20, Cyber Security Policy 17-20 and Global Inhouse Policy 2017-20,” he said. The government has already set up 14 SEZs and four more are in the pipeline, he pointed out. Referring to the Fintech Valley in Vizag, Naidu said within a year of the MoU for setting up the facility being signed, nine companies had begun functioning at Rushikonda and 16 more would join soon.

What is blockchain?
Blockchain technology deals with the creation of linked and secured transaction database using cryptography resistant to data modification. It can serve as an open, distributed ledger that can record transactions between two parties in a verifiable and permanent way. Blockchains are managed by peer-to-peer networks.

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