Hyderabad: With an idea to make Hyderabad as the top 10 blockchain cities in the world, the government of Telangana has released its draft Blockchain policy. The draft highlights the frameworks being set up for the blockchain ecosystem along with conceptualising of India’s first blockchain district.
“Taking a giant leap, the Government of Telangana has conceptualised India’s first Blockchain District which will be a physical area within Hyderabad and will aim to create the world’s best blockchain technology ecosystem,” said the draft policy released by the IT, Electronics & Communications Department of the Telangana government.
According to the draft framework, the Blockchain District will house all major blockchain technology companies; will have a huge incubator and a world-class facility for promoting research, innovation and industry collaboration. This one-of-its-kind initiative aims to put all blockchain companies based out of Hyderabad at a strategically advantageous position globally.
The major highlights of the draft policy include the development of talent pool by collaborating with industries; creation of shared infrastructure facilities that can be used by startups, industry, academia and communities; promotion of research and innovation and enable collaboration and focus on community building.
Other than these, the policy also looks at providing incentives and subsidies to enterprises, startups and other entities. While for enterprises, 25 per cent subsidy on lease rentals and 50 per cent subsidy on exhibition rentals will be provided, startups will get 100 per cent reimbursement of State GST, R&D grant of up to 10 per cent, one time grant of Rs 10 lakh to 10 blockchain startups per year for three years and patent filing assistance. In addition, sponsorship will be given for entities looking to organise blockchain-related events.
As per industry estimates, blockchain in 2030 could generate $3 trillion per year in business and will power 10-20 per cent of our global economic infrastructure. WEF anticipates 10 per cent of global GDP will be stored on the blockchain by 2025.