IT services and business re-engineering solutions firm Tech Mahindra has announced its collaboration with Quantoz, to offer Quasar, a blockchain-based service for secure digital payments.
Quasar is a blockchain-based electronic cash system designed to comply with all regulatory and legal requirements. It will allow payments in fiat currency like the Euro or US Dollar, as well as instantaneous digital payments between enterprises. It will employ the Internet of Things (IoT) to enable devices to handle payments autonomously.
Quasar can be accessed from Tech Mahindra’s Blockchain Design Studio, a cloud interface with 25 Blockchain applications, and 6 Blockchain protocols.
Based in the Netherlands, Quantoz creates blockchain-based applications for different industries. It has implemented Quasar for companies in the automotive, healthcare, and telecom sectors. Quantoz‘s clients include Porsche, BASF, and UniCredit.
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… Quantoz will leverage Tech Mahindra’s extensive experience reach and offer Quasar Drive platform as a key tool to drive digital transformation for clients.”
Rajesh Dhuddu, Global Practice Leader, Blockchain, Tech Mahindra, said,
“Our collaboration with Quantoz… will enable our customers, for instance, automotive OEMs (Original Equipment Manufacturers) become a payment gateway, triggering new revenue streams through aftermarket ecosystem.”
Tech Mahindra R&D arm, Maker Labs, in the US and Indian branches use Quasar Drive, which allows customers to use any product and pay on a pay per use basis. The “pay per use” model has been made possible by using blockchain technology as credit cards would either not permit small transactions, or the transaction costs would make it prohibitive.
Under TechMNxt charter, Tech Mahindra is focused on leveraging Blockchain, 5G, Internet of Things, Artificial Intelligence, and other cutting edge technologies to meet and exceed customer’s expectations.