Tech Mahindra Ltd. announced its collaboration with Quantoz, Netherlands-based innovative Blockchain technology application incubator, specialized in building and implementing Blockchain-based solutions, 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, “As part of our TechMNxt charter, Tech Mahindra is focused on leveraging Blockchain to create solutions and provide enhanced experience to our customers globally. 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.
Tech Mahindra has successfully deployed production grade Quasar Drive at its research and development arm, Makers Lab in India and United States to enable customers to immediately pilot with any connected product. This helps in creating a ‘pay per use’ model and also convert a CapEx (Capital Expenditure) based implementation into an OpEx (Operational Expenditure) model.