The solution, Quasar, will also enable integration of fiat currency such as US dollar or euro, and legacy systems. Besides, 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.
“As part of our TechMNxt charter, Tech Mahindra is focused on leveraging blockchain to create disruptive solutions and provide enhanced experience to our customers globally,” said Rajesh Dhuddu, global practice leader, blockchain at Tech Mahindra. “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 such as 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 monetisation platform to third-party service providers, helping them shift from a single revenue car model.
Henri de Jong, Quantoz board member who is responsible for business development, said: “The cooperation with Tech Mahindra helps us to further roll out our Quasar technology. 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.”
Tech Mahindra 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. This helps in creating a ‘pay per use’ model and also convert a capital expenditure based implementation into an operational expenditure model.