Tech Mahindra partners with Quantoz, offers Blockchain as a Service for Secure Digital Payments

Tech Mahindra has partnered with the Quantoz, a blockchain-based solution provider, to offer the Blockchain as a Service for the secure digital payments.

Netherlands-based Quantoz is a technology-driven business, which is specialized in building blockchain-based solutions in the field of financial services, cryptocurrency, retail payments, and The Internet Of Things.

The new solution is named Quasar. Quasar is a distributed blockchain-based electronic cash system with built-in rules to fulfill all the compliance and regulatory guidelines.

Quasar will enable the integration of fiat currencies like the Euro, Dollar, and legacy systems. It will also help to enable the smart, irreversible digital cash payments among the firms and IoT (Internet of Things) devices, said the announcement.

Executive Opinion

Global Practice Leader, Blockchain, Tech Mahindra, Rajesh Dhuddu, said, "As part of our TechMNxt charter, Tech Mahindra is focused on leveraging Blockchain to create disruptive solutions and provide an 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) becomes a payment gateway, triggering new revenue streams through aftermarket ecosystem."

Quantoz Board Member and responsible for Business Development, Henri de Jong, said, "The cooperation with Tech Mahindra helps us to roll out our Quasar technology further. We have been working with the Tech Mahindra Blockchain team over the past one and half years on projects in different industries around the world. 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."

More on Quasar Blockchain Platform

The solution is already being used in multiple sectors like the heavy machines manufacturing, healthcare, telecom, and automotive, notes the announcement.

Tech Mahindra revealed that it had deployed the production-ready Quasar Drive solution at its R&D center, Makers Lab in India and the US.  This deployment aims to allow customers to immediately pilot with any connected product. The solution has also helped it to create a pay per use model.

Tech Mahindra’s Blockchain Design Studio lets its customers access the Quasar blockchain platform. Tech Mahindra's blockchain design studio supports around 25 Blockchain applications along with 6 Blockchain protocols, the announcement notes.

In August, BlockApps and Tech Mahindra partnered to accelerate the adoption of blockchain business networks.

In October, Tech Mahindra collaborated with Samsung SDS and Pega to launch a blockchain traceability solution.