Indian city of Vizag being developed as fintech center based on blockchain technology

A port city in India, nicknamed “the city of destiny” and still relatively unknown on the world stage, is emerging as the country’s blockchain hub.

Forbes reports that the city of Visakhapatnam, or Vizag is being developed by the southeastern state of Andhra Pradesh as a world-class fintech ecosystem bringing together government, academia, corporates, investors and entrepreneurs. Dubbed “FinTech Valley Vizag,” the initiative’s chief architect is Andhra Pradesh Chief Minister Chandrababu Naidu who has been credited with transforming Hyderabad — host of the Indian headquarters for both Google and Facebook — into a premier tech hub.

India has been bullish on blockchain and FinTech Valley Vizag “plans to build the largest repository of blockchain use cases in other key areas such as transport, finance and digital security,” reports Sharanya Haridas, a digital media expert who works with leading U.S. and Indian companies and brands, in the Forbes article.

It has partnered with Covalent Fund to create Velugu Core, a pioneering India-focused blockchain stack. This would make government data freely and digitally available through open APIs (Application Programming Interfaces), which could then be used by developers to build apps. For example, an individual looking to purchase a particular property could hypothetically access government data through an app built using this stack and get public information on all previous ownership and transaction details. Vizag has also partnered with KPMG to launch a BFSI use case repository program to identify blockchain and other tech solutions to common problems in the banking, financial services and insurance sectors.

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