Vijayakumar Konda, co-founder of Blocktrust, one of the companies which started operations at FinTech (financial technology) Tower in the city, is confident of Visakhapatnam finding a place on the world IT map in three to five years.
In an email interview, he has told The Hindu that the city has the potential to become the next generation digital technology hub with the State government’s decision to develop it into a FinTech Valley.
Blocktrust specialises in Blockchain, a new technology considered an improved format of Bitcoin as it typifies proof of all the transactions on the network. It facilitates recording of all or some recent transactions and once completed puts it into Blockchain as a permanent database.
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What Vizag needs to have a comprehensive ecosystem as per your assessment?
I believe that Vizag is the most happening place now with a strong focus on innovations in FinTech and digital technologies, strongly supported by visionary Chief Minister N. Chandrababu Naidu. Vizag also has the right foundational ingredients today to build a comprehensive ecosystem for advanced IT hub. Further support from the government in providing high-speed reliable Internet connectivity, 24/7 power, good transportation, housing and international standards of schools will certainly boost the pace of Vizag becoming the next generation digital technology hub.
How many years Vizag you think needs to become a prominent IT hub?
I firmly believe that Vizag will be on the world map of IT and digital technology innovation hubs in three to five years with full government support and enthusiastic participation from the private sector.
What brought you to Vizag’s FinTech Tower? When did you start your unit and what are the main objectives? How many jobs it will create?
We have been observing and analysing the Bitcoin and Blockchain technologies for the last few years and started the framework for Blocktrust about a year ago. The vast potential of Blockchain as a technology in many areas outside crypto currencies, including government, has been the key driver for us. Our main objectives are to enable trusted Blockchain solutions in many areas and also to help build the unique capabilities and skills required to successfully implement Blockchain technologies. We will be starting operations in the FinTech Valley, Vizag, with about 25 people and expect to scale to several hundred over the next few years. We also aim at helping train thousands of executives and technology experts in Blockchain implementation knowledge and skills.
How do you want to contribute to Blockchain technologies? How it will be useful in promoting digital technologies?
We want to be at the forefront of Blockchain revolution, one of the leading technology and thought leaders. Leveraging our extensive experience in financial services industry and our expertise in Blockchain technology, we would like to bring innovation to FinTech sector in many areas, including financial transactions, trading, and on-boarding. We also have set out ambitious plans to build capabilities and implement Blockchain-based trusted collaborative solutions in any areas related to the government and citizens. In addition to product development and solution implementation, skills development in Blockchain technologies is one of our core objectives.
