Indian trade body for IT-BPM companies, NASSCOM, has inaugurated a Special Interest Group (SIG) for Blockchain in the country. The SIG is primarily powered by Delhi NCR based blockchain technology company, BlockSmiths, and Fintech service provider, Quatrro. The rationale behind forming the SIG is to educate and inform the public about Blockchain technology and work on various blockchain use cases in both Fintech and Non-Fintech industries.
Blockchain provides a secure, transparent and tamper-proof peer-to-peer asset exchange. Initially developed for facilitating crytocurrencies such as Bitcoin, the group feels that the technology’s distributed ledger architecture can be used in other industries also,” said Harmeet Singh Monga, Chief Business Officer, BlockSmiths & Blockchain SIG Founding Member.
“We see our partnership to form a SIG with NASSCOM as a wonderful opportunity to develop the Blockchain community in India,” said Harmeet Singh Monga, Chief Business Officer, BlockSmiths & Blockchain SIG Founding Member.
“We strongly believe that India has the potential to lead the Blockchain revolution in the South East Asian region and help businesses from various industries become highly streamlined and efficient by adopting Blockchain.”
The Blockchain SIG will be focusing on four core areas:
- Blockchain for Fintech— From economising cross-border payments and remittances to facilitating the development of seamless collaborations between various financial institutions such as banks, insurance companies and financial regulators, blockchain is a game-changer for fintech industry.
- Blockchain for Internet of Things (IoT)— Since IoT’s functionality is dependent on precise coordination between devices; IoT needs a system which can ensure this while maintaining the security of data transfer/exchange. Blockchain also provides the required governance system for connected IOT devices involved in trade or commerce.
- Smart Contracts and its Applications— A Smart Contract is a piece of code, which executes itself when certain conditions are met. Organizations could utilize this feature to remove third party intermediaries to oversee fulfillment of business transactions and reduce their costs.
- General Blockchain Applications: This area would deal with general applications of
Blockchain that are not covered in the rest of the focus areas.
Nasscom Blockchain SIG will focus on Blockchain advocacy, knowledge sharing / collaborating on Blockchain implementations, organizing events like ‘Blockathon’ and by socializing Blockchain based business opportunities with entrepreneurs and students.
“NASSCOM has taken the initiative of forming the Special Interest Groups (SIGs) in Blockchain primarily to evangelize Blockchain Technology, bring together interested member companies in Blockchain space and to encourage various startups to adopt this technology and incubate businesses,” said Rajesh Dhuddu, Senior Vice President, Quatrro and NASSCOM Blockchain SIG Chair.
“Our partnership with BlockSmiths is a good match and provides required our expertise. We are keen to work with them and NASSCOM to bring this technology to the fore in India and elsewhere.”