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Indian IT industry trade association NASSCOM has partnered with startups BlockSmiths and Quatrro to set up a special interest group focused on blockchain technology.

Located in the country's capital, Delhi, the new group is aimed to educate and inform the public, while developing various financial and non-financial blockchain use cases, according to local media reports.

Harmeet Singh Monga, chief business officer at BlockSmiths, wrote in a statement:

"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 group has already held its first meeting, with representatives from more than 10 member organizations, including Axis Bank, Deloitte and Nokia, participating.

Going forward, the group plans to focus on blockchain research and development in four areas: fintech, Internet of Things, smart contracts and general blockchain applications.

India at night image via Shutterstock

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