[2016-11-08] ToI: AP govt plans blockchain tech institute in port city

AP govt plans blockchain tech institute in port city

http://timesofindia.indiatimes.com/city/visakhapatnam/AP-govt-plans-blockchain-tech-institute-in-port-city/articleshow/55298937.cms

If everything falls into place following discussions with the University of California, Berkeley, in the coming days, the state government will set up the Blockchain Institute of Technology in the Port City. According to government officials, the institute will be the first-of-its-kind in the country and set up as part of the government's plans to usher in next generation technology and make Vizag the financial technology capital of the state.

"Blockchain is a technology for a new generation of transactional applications that establishes trust, accountability and transparency while streamlining business processes. It is a design pattern made famous by bitcoin, but its uses go far beyond. With it, we can re-imagine the world's most fundamental business interactions and open the door to invent new styles of digital interactions. It has the potential to vastly reduce the cost and complexity of cross-enterprise business process," stated an explanation on global IT giant IBM's website. It further said, "The application of this emerging technology is showing great promise across a broad range of business applications."