Indian government launched a blockchain accelerator named T-Block in partnership with IT services firm Tech Mahindra and IBC Media, an innovation management company.
T-Block will help startups that have products and services in the blockchain industry. The startups should provide services with a strong use-case.
T-block is like any other accelerator in the startup ecosystem. They help small companies in the growth levels, which causes the overall growth of their industries.
Telangana state government had designed a region named Telangana Blockchain District and aims to make Hyderabad a leading blockchain city in the world.
Launching an accelerator with the help of local companies could be a significant step toward that goal. Jayesh Ranjan, Principal Secretary, ITE&C Department, Telangana, believes that T-Block can lead the way for launching more accelerators in India.
Tech Mahindra will be responsible for launching and managing T-Block. The accelerator will give birth to a startup ecosystem with blockchain in mind.
The regulatory framework is a significant primary need for a startup ecosystem. Governments all over the world work with tech companies to provide that framework. Telangana state govt has this responsibility for the T-Block accelerator and the ecosystem around that. Besides, it will promote blockchain growth in the district.
Tech Mahindra has a program named TechMNxt that aims blockchain projects. A spokesperson in the company said that the T-Block agreement with the Telangana government is a part of that program. They try to make robust support infrastructure for blockchain startups, so that future entrepreneurs and investors chose Hyderabad as the first destination.
IBM media is another partner in the T-Block accelerator, which will help idea management activities.
“As a company driven by the potential of emerging technologies, sustainable growth, and the entrepreneurial spirit, we strongly resonate with the vision of the Telangana government to foster innovation in India and are excited about the possibilities,” said Raghu Mohan, CEO, IBC Media.
Blockchain startups that get accepted in the T-Block accelerator will receive services like mentorship and workshops. The founders and their teams can have sessions with experts in the startup and blockchain industry.