Belfrics Global, one of the fastest growing Blockchain Development startups in India, today announced that it has signed an exclusive MoU with the Government of Andhra Pradesh. This MoU will help the futuristic vision of the CM Shri. N. Chandrababu Naidu to develop Andhra Pradesh as a fintech hub of India. With this MoU, Belfrics Global will develop blockchain-based solutions, which will help the government to run it’s day-to-day affairs in a smooth and systematic manner.
Speaking on this development, Mr. Praveenkumar Vijayakumar, Founder & CEO of Belfrics Global said, “This MoU is a testament of our capabilities in developing blockchain solutions for the Indian market. We are expecting a 300% growth in our Blockchain vertical in the year 2018, thanks to this MoU. In fact, we are signing similar MoUs with other state government, Banking organisationas and educational institutes for developing similar solutions for them.”
Mr. J A Chowdary, Special Chief Secretary and IT Advisor to CM, Govt of Andhra Pradesh said, “The Government of Andhra Pradesh welcomes Belfrics Global to setup their development centre in Fintech Valley - Vizag. We will work in association with Belfrics in creating the critical manpower required for the blockchain technology industry. The government will also be more that happy to proivde the Proof of Concept (POC) for implementing Blockchain technology in supply chain logistics, tender issuance and bidding. We are also excited for the launch of Belfrics Academy in association with Gitam University located in Vishakahapatnam.”
Belfrics will be enabling the government to adopt blockchain technology effectively for the state to improve efficiency and automation of various government services. The startup will be working closely with the government for identity management, supply chain management, education, payment solutions and business automation.
Speaking about the development, Jabeer KM, Chief Operating Officer for Belfrics Group of companies said, “We are looking at penetrating the Indian market by developing innovative blockchain based solutions across Industries. We believe this will help us reach our revenue targets of Rs. 100 crores by 2020. We will also be looking at hiring 100 blockchain developers in India as well as in Malaysia.”