The Andhra Pradesh government on Wednesday announced the signing of a memorandum of understanding (MoU) with Malaysia-based crypto currency player Belfrics Global to set up an academy in Vizag with Gitam University and for application of blockchain in several government operations.
Earlier this month, the state government also signed an MoU with New York-based ConsenSys on similar lines.
J.A. Chowdary, special chief secretary and information technology advisor to the Andhra Pradesh chief minister said, “The government is also looking to provide the Proof of Concept (POC) for implementing blockchain technology in supply chain logistics, tender issuance and bidding”.
He added that the state will work in association with Belfrics in creating the critical manpower required for the blockchain technology industry.
Anticipating big demand for blockchain technology in India, Praveenkumar Vijayakumar, founder of Belfrics Global said, “We are expecting a 300% growth in our Blockchain vertical in the year 2018, thanks to this MoU. In fact, we are signing similar MoUs with other state governments, banking organisations and educational institutes for developing similar solutions for them”.
The startup will be working closely with the government for identity management, supply chain management, education, payment solutions and business automation.
“We are looking at penetrating the Indian market by developing innovative blockchain based solutions across Industries. We believe this will help us reach our revenue targets of Rs 100 crore by 2020. We will also be looking at hiring 100 blockchain developers in India as well as in Malaysia,” said Jabeer K.M., chief operating officer, Belfrics Group.