Pune-based information technology services company Tech Mahindra has partnered with Netherlands-based Quantoz, a blockchain-based solutions provider, to offer blockchain-as-a-service for secure digital payments.
The new solution, called Quasar, will enable the integration of fiat currencies like the US dollar or Euro and legacy systems. It will also enable instant, irreversible digital cash payments among enterprises, the companies said in a joint statement.
Quasar is a distributed blockchain-based electronic cash system with built-in rules to fulfill regulatory and compliance guidelines.
The solution is already being used in multiple industries like automotive, healthcare, heavy machine manufacturing and telecom, the company claimed.
“Tech Mahindra is focused on leveraging blockchain to create disruptive solutions. 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 the aftermarket ecosystem,” said Rajesh Dhuddu, global practice leader, blockchain, Tech Mahindra.
Tech Mahindra says it has 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. The solution has helped it create a pay-per-use model.
“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,” said Henri de Jong, board member, Quantoz.
Founded in 2013 by Nicholas Eastham, Quantoz is a developer of blockchain technology-based solutions. It works with companies like Porsche, BASF and UniCredit.