The State government is organising a major conference on blockchain technology here on October 9 and 10. The technology has been identified by the government as one with great potential and future in the IT sector.

Representatives from major IT companies specialising in financial technology, over 40 start-ups from 20 countries and policymakers from the Centre and the States as well as CEOs in banking and insurance sectors will attend the conference.

Cash prizes Three top winners offering solutions among the start-ups will be offered ₹5 lakh each and three runners-up ₹2 lakh each. Best performer from the student hackathon will be honoured at the summit being attended by Chief Minister N Chandrababu Naidu and other leaders.

“With cyber security issues causing serious concern across the world, there is no doubt that blockchain technology is set to be the biggest disrupter not only in the financial world but also a number of online and offline sectors. Blockchain Summit-2017 is our initiative to create a self-sustaining ecosystem,” JA Chowdary, IT Adviser to the Chief Minister, said in an interview.

The summit is hosted by Fintech Valley Vizag, formed by AP Electronics and IT Agency (APEITA), an autonomous society set up by the State government to promote investments. The summit is one among many initiatives to develop an ecosystem to develop fintech in Visakhapatnam.

KPMG is the knowledge partner for launching BFSI Use Case Repository and Fintech Valley Accelerator Programmes.

Innovation challenge An innovation challenge would be organised during the summit to reward use cases in areas of supply chain finance, business processes and International remittances.

The aim of the challenge is to seek innovative solutions and execute proof of concepts with the promising ones so that it will be useful for many financial technology companies.

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