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Indian IT firm Tech Mahindra has partnered with Netherlands-based blockchain startup Quantoz to offer Blockchain-as-a-Service for secure digital payments.
Called ‘Quasar,’ the solution is a distributed, permissioned blockchain-based electronic cash system that has built-in rules to ensure regulatory compliance.
Quasar will enable the integration of fiat currency like the US Dollar or Euro, and legacy systems. It will also enable instant and compliant peer-to-peer transactions and settlement between devices, businesses and people. Simply put, this means that the solution will allow devices connected via the internet to handle payments autonomously.
“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,” Rajesh Dhuddu, Global Practice Leader, Blockchain, Tech Mahindra, explained.
According to a press release, the Quasar solution is already being used for multiple industries such as automotive, healthcare, heavy machine manufacturing and telecom.
In particular, Tech Mahindra detailed the “Connected Cars” use case on blockchain which provides cars with their own wallets for peer-to-peer transactions. This essentially creates an “intelligent ecosystem” of car manufacturers, customers and various service providers in which car manufacturers can provide a monetization platform to third-party service providers, helping them shift from a single revenue car model.
Henri de Jong, Quantoz Board Member and responsible for Business Development, said that the startup has been working with the blockchain team at Tech Mahindra over the past one and half years.
“The cooperation with Tech Mahindra helps us to further roll out our Quasar technology,” he said. “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.”
Tech Mahindra said that it has successfully deployed production-grade Quasar Drive at its research and development arm, Makers Lab in India and the United States to enable customers to immediately pilot with any connected product.
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