State plans centre of excellence for blockchain startups in Gurugram

HT Image
HT Image
Published on Oct 09, 2019 09:39 PM IST
Copy Link
By, Gurugram

To provide mentorship and facilities for research and innovation to early-stage block-chain startups in Gurugram and beyond, a centre of excellence (CoE) has been planned at the Electronic City in Udyog Vihar.

The CoE, the first of its kind in the state, has been funded by the state government and would be managed by the Software Technology Parks of India (STPI), under the Ministry of Electronics and Information Technology. The centre aims to incubate close to a 100 startups in the next five years, according to officials involved with the project.

Blockchain is a distributed ledger technology that stores information across multiple systems securely, which means the data cannot be tampered with. Startups working with this technology are in various industries such as finance, governance and supply chain. Gurugram houses around 1,544 startups out of around 7,000 startups in the national capital region (NCR), shows a recent report by TiE Delhi-NCR. It is also home to around a 100 blockchain startups and companies, according to the district industries department.

Based out of Gurugram, the centre will aim to put blockchain startups at a strategically advantageous position, officials said. “The CoE wants to use Gurugram’s startup ecosystem to mentor, fund and provide an environment for startups to grow. Many blockchain startups die early due to lack of investments and exchange of knowledge and practices,” STPI additional director Amit Bansal said.

Startups that would be nurtured by the centre are expected to be finalised in the first quarter of 2020 through a detailed process, involving hackathons and other open challenges, officials said.

Bansal pointed out that globally, large investment volumes are being directed towards blockchain technology. In the first half of 2019, global investment in blockchain was $2 billion, as per Incrypt, a network of blockchain practitioners. However, investment in India during the same period was only $5.3 million, shows the same report.

The centre, as per officials, would target global investments in the growing blockchain technology market in India.

Close Story

Less time to read?

Try Quickreads

  • Following the female patient’s complaint, an inquiry committee was constituted and it was found that no female ward attendant was present during the ECG test, as per protocol. (Getty Images/iStockphoto)

    Chandigarh: Ward attendant at govt hospital suspended for sexually harassing female patient

    The UT health department has suspended a male ward attendant for sexually harassing a female patient during an ECG exam at the Manimajra civil hospital. Dr Sector 16, medical superintendent, GMSH, VK Nagpal, who issued the suspension orders, said on May 23, a young woman, who had arrived at Manimajra civil hospital's emergency wing, complained that Yadav touched her inappropriately and passed some irrelevant remarks during the ECG exam.

  • Councillors participating in the MC House meeting at the Municipal Corporation Office in Sector 17, Chandigarh, on Friday. (Keshav Singh/HT)

    Uproar in Chandigarh MC House over remarks against former BJP mayor

    Sparks flew during the MC General House meeting here on Friday after an AAP councillor used the word “cartoon” for a former BJP mayor. Opposing the words used by aAP councillor Jasbir Singh, the BJP councillors demanded an unconditional apology from him. Also raising objections against Jasbir's language, SAD councillor Hardeep Singh said such derogatory words should not be used in the House against a former mayor. Congress councillors also supported their BJP counterparts and demanded an investigation.

  • Jagtar Singh was rescued from the debris by villagers and taken to the Dera Bassi civil hospital, where he is stated to be stable. (HT File Photo/For representation only)

    Man injured in roof collapse at Dera Bassi village

    An auto-rickshaw driver was injured after the roof of An injured Jagtar Singh's kutcha house collapsed at Pandawala village in Dera Bassi on Friday. An injured Jagtar Singh was rescued from the debris by villagers and taken to the Dera Bassi civil hospital, where he is stated to be stable. His wife was in the kitchen and three children were away at school when the roof gave way around 8 am, said police.

  • Two of the accused in the custody of Panchkula police. (HT Photo)

    Panchkula cop among three held for running extortion ring

    Police have unearthed an extortion racket being run by an assistant sub-inspector (ASI) and three businessmen in and around Panchkula. Three of the four gang members – ASI Gurmez Singh, in-charge of Sector-2 Police Post, Panchkula; a resident of Sector 2, Anil Bhalla, and Narendra Khillan of Sector 10 – have been arrested. However, the ASI managed to escape from police custody on Friday.

  • As the law student had fled the scene after hitting the victim, Balbir Singh Rana, who was riding a scooter, police have added Section 304 (culpable homicide not amounting murder) of the Indian Penal Code in the FIR registered against him. (HT Photo)

    Law student was driving Thar that killed newspaper delivery man: Chandigarh Police

    A 21-year-old law student was behind the wheel of the Mahindra Thar that claimed the life of a 50-year-old newspaper delivery man at the Sector 17/18 traffic lights on early Thursday morning, police said. The accused, a resident of Sector 33, 21, Apram Singh Khara, was arrested from a bus stop near his house on Friday. He is a fourth-year law student at BML Munjal University, Gurgaon.

Story Saved
Saved Articles
My Reads
Sign out
New Delhi 0C
Saturday, May 28, 2022