NKDA mulls use of cutting edge tech for fintech hub in New Town

Kolkata: Newtown Kolkata Development Authority (NKDA) is toying with the idea of using a supercomputer or similar high-end technology for its fintech hub in New Town. The necessary advice and technological help in this regard will be provided by University of Strathclyde in Glasgow.

NKDA had signed an MoU with University of Strathclyde's Institute of Future Cities at the Bengal Global Business Summit held in January.

"Daniel Broby of University of Strathclyde in Glasgow, who is an expert in blockchain and fintech, had a long interaction with top officials of Information Technology (IT) department on Wednesday and suggested that the use of quality technology in the fintech hub can act as a good catalyst," a senior official of the IT department said.

State additional Chief Secretary of IT department Debashis Sen, who was present during the interaction, shared the plans of the state government for its fintech hub in New Town, as well as embracing blockchain technology, that can provide secure public databases that are free from cyber attacks. A presentation in this regard was also made by Sen.

"We have been given quite a few suggestions by Broby, which we will take forward in respect to our fintech hub and blockchain," Sen said.

Broby also visited the fintech hub in New Town and commented that the state government is following the right path in regard to wooing investors in IT sector.

NKDA is looking at fast broadband access, large capacity local servers and blockchain startups, using the institute's atomic clock for time stamping the blocks in fintech.

"Apart from fintech, we have decided to collaborate on several areas such as renewable energy and data observatory," a senior official said.

Bengal has selected blockchain as a technology for the future and it will be the anchor theme for Bengal's strategy in the IT world in the short and medium term.

It has been learnt that there are only a handful of experts across the country who are working on this technology and Bengal wants to take the lead. The state government is planning to bring this technology for keeping land records.