NASSCOM Forms Blockchain Special Interest Group in India

BlockSmiths & Quatrro in a consortium with Nasscom to form Blockchain SIG

Nasscom, an IT and services industry body, has rolled out a new venture Special Interest Group (SIG) for Blockchain in the National Capital Region. For this venture, Nasscom has partnered with Quatrro, a global fintech service provider, and BlockSmiths, a Blockchain company based in Delhi-NCR, India.

The Blockchain SIG intends to educate and inform people while working on different Blockchain use cases in both fintech and non-fintech industries.

Harmeet Singh Monga, Chief Business Officer at BlockSmiths and Blockchain SIG Founding Member, said in a statement:

“We see our partnership to form a SIG with NASSCOM as a wonderful opportunity to develop the Blockchain community in India. 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.”

Blockchain SIG had held its first meeting very recently, and it was attended by representatives from reputed organizations with 10 plus members, such as Nagarro, Axis Bank, NIIT and Genpact. The meeting focused primarily on four areas:

1. Blockchain for Internet of Things (IoT): IoT functions efficiently when there is seamless coordination between connected devices. Hence, it needs a system which can facilitate this while ensuring the security of data transfer or exchange. Blockchain technology has the potential to improve the governance system for connected IoT devices involved in commerce.
2. Blockchain for Fintech: Blockchain can transform the fintech industry by economizing cross-border payments and facilitating seamless alliances between various financial institutions like banks, financial regulators and insurance companies.
3. Smart Contracts and its Applications: A Smart Contract is a piece of code which is executed automatically under certain condition set. Organizations could exploit the opportunity to completely eliminate the involvement of third-parties to manage fulfillment of business transactions, thus reducing costs.
4. General Blockchain Applications: This section is to cover all potential blockchain applications which are not roofed in the rest of focus areas.

In a statement, Rajesh Dhuddu, Senior Vice President, Quatrro, NASSCOM Blockchain SIG Chair, said:

“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. Our partnership with BlockSmiths is a good match and provides required expertise. We are keen to work with them and NASSCOM to bring this technology to the fore in not only India but also other regions around globe.”

Initially, Blockchain technology was meant to facilitate Bitcoin transactions, but nowadays, its potential has been identified across industries. Providing a secure, transparent and immutable peer-to-peer asset exchange, this distributed ledger technology has found applications beyond Bitcoin and other cryptocurrencies.

Nasscom Blockchain SIG will focus on:

1. Blockchain Advocacy
2. Knowledge sharing / Collaborating on Blockchain Implementations
3. Organizing Events like Blockathon and;
4. Contributing to community by socializing Blockchain based business opportunities with Entrepreneurs and Students.

This is surely going to be an inspiration behind many Blockchain startups in India. Many such things will appear in future to instill power in these organizations and further their growth.

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