IT services and business re-engineering solutions firm Tech Mahindra recently announced that it has joined hands with Quantoz, to offer Quasar, a blockchain-based service which assures 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 currencies 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,
Rajesh Dhuddu, Global Practice Leader, Blockchain, Tech Mahindra, said,
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 looking to leverage Blockchain, Artificial Intelligence, IoT, 5G, and other cutting edge technologies to meet and exceed customer’s expectations.