Tech Mahindra announced today its collaboration with Quantoz to offer Blockchain-as-a-Service for secure digital payments.
This disruptive solution, Quasar, will also enable integration of fiat currency like US Dollar or Euro and legacy systems. Further, it enables instant, irreversible digital cash payments among enterprises, people and devices in the Internet of Things, compliant with regulations. As a result, devices connected via the internet can autonomously handle payments.
Quasar is a distributed, permissioned Blockchain-based electronic cash system with built-in rules to fulfil regulatory and compliance guidelines.
Rajesh Dhuddu, Global Practice Leader, Blockchain, Tech Mahindra said, “Our collaboration with Quantoz is a step in that direction, as it will enable our customers, for instance, automotive OEMs (Original Equipment Manufacturers) become a payment gateway, triggering new revenue streams through aftermarket ecosystem.”
The Quasar solution is already being used for multiple industries like automotive, healthcare, heavy machine manufacturing and telecom. The “Connected Cars” use case on Blockchain gives cars their own wallets for peer-to-peer transaction, creating an intelligent ecosystem of car manufacturers, customers and various service providers. This enables car manufacturers to provide a monetization platform to third party service providers, helping them shift from single revenue car model.
Henri de Jong, Quantoz Board Member and responsible for Business Development said, “The cooperation with Tech Mahindra helps us to further roll out our Quasar technology. We have been working with the Tech Mahindra Blockchain team over the past one and half year on projects in different industries around the world. With the help of this partnership, Quantoz will leverage Tech Mahindra’s extensive experience reach and offer Quasar Drive platform as a key tool to drive digital transformation for clients.”