Tech Mahindra, Quantoz Partner To Offer Blockchain-As-A-Service for Secure Digital Payments

Blockchain, News | October 28, 2019 By:

Indian IT giant Tech Mahindra has teamed with Netherlands-based blockchain startup Quantoz to offer blockchain-as-a-service for secure digital payments.

Tech Mahindra is a $4.6 billion company with over 117,000 employees across 90 countries. It provides information technology (IT), networking technology solutions, and business process outsourcing (BPO) to the telecommunications industry, which includes Fortune 500 companies.

Managed by Gaston Hendriks and Henri de Jong, Quantoz is a developer of blockchain technology-based solutions. The startup works, among others, with industry leaders like Porsche, BASF and UniCredit. In 2016, Quantoz was named as one of the 50 emerging FinTech stars by KPMG.

The two parties are working together to offer blockchain solution, called Quasar, that enables integration of fiat currency, such as US Dollar or Euro, and legacy systems. The solution will also enable instant, irreversible digital cash payments among enterprises, people and devices in the Internet of Things (IoT), compliant with regulations. As a result, devices connected via the Internet can autonomously handle payments. According to the firms, 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, 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 companies said that Quasar is already being used for multiple industries like automotive, healthcare, heavy machine manufacturing and telecom. Tech Mahindra detailed the “Connected Cars” use case on blockchain which provides cars with their own wallets for peer-to-peer transactions. This enables car manufacturers to provide a monetization platform to third party service providers, helping them shift from single revenue car model.

Henri de Jong, Quantoz Board Member and responsible for Business Development, said that the cooperation with Tech Mahindra helps them to further roll out their Quasar technology.

“We have been working with the Tech Mahindra Blockchain team over the past one and half year on projects in different industries around the world,” said de Jong. “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.”