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IT industry body Nasscom has partnered BlockSmiths and Quatrro to set up a Special Interest Group (SIG) for blockchain technology in Delhi-NCR.

The SIG will educate and inform the public along with working on various Blockchain use cases in both fin-tech and not fin-tech industries, BlockSmiths said in a statement.

The SIG also has representation from over 15 member organizations like Axis Bank, Navarro, Deloitte, Nokia, Genpact, and NIIT.

The blockchain is like a huge, decentralized ledger for Bitcoin (digital currency) that records every transaction and stores this information on a global network so that it cannot be tampered with.

It allows secure, peer-to-peer transactions that can be verified without any centralized authority.

Banks and other financial institutions are increasingly investing in blockchain technology as it cuts down their costs and makes their operations faster and more transparent.

News Source: Money Control

Last modified on Wednesday, 27 September 2017