AP CM inaugurated International Blockchain Business Conference

Vishakapatnam, Oct 9: The Andhra Pradesh Chief Minister N Chandrababu Naidu has inaugurated a two-day International Blockchain Business Conference at Visakhapatnam here on Monday.

Programmed to record not just financial transactions but virtually everything of value, Blockchain is an incorruptible digital ledger of economic transactions and is the latest technology in the field of cyberspace.

He said nine companies had already arrived in the Fintech Valley, Vizag, and several more were keen on setting up centers here. The State was building up the largest repository of use cases in the field and it would be of immense help to those working in the field.

He said his Government was organizing several events and it had instituted several awards and prizes to stimulate research in the field. "We have also set up a fund with Rs. 100 crore for innovation," he added.

He said Bill Gates of Microsoft would be visiting the State later this year and his Government was working with the company on IT applications in the field of agriculture.

N Lokesh, IT Minister, said new business models would have to be created to make the best use of emerging technologies like blockchain technology.

The conference will have sessions on Blockchain in banking, insurance, and capital markets. The Blockchain technologies will be explored by the Regional and international experts along with the startups, corporates, FSI executives, entrepreneurs, regulators, and policy-makers to witness the impact it will have on the financial services industry.