Tech Mahindra to launch blockchain solution

Tech Mahindra Ltd has collaborated Quantoz, Netherlands-based blockchain application incubator, to launch ‘stablecoin-as-a-service’ blockchain solution for worldwide banks and financial organizations.

The use of Stablecoins as a payment mechanism can possibly decrease transaction costs and handling time, while giving auditability and upgrading security.

“This coordinated effort is with regards to the OCC (Office of the Comptroller of Currency) declaration permitting governmentally sanctioned US banks to utilize stablecoins for standard banking functions like payments and transactions. This will speed up the directed utilization of blockchain and can possibly support its reception across banking vertical,” Tech Mahindra said in an explanation.

Stablecoins are digital tokens that offer strength by fixing their worth to specific resources like fiat currency or commodities. As well as improving digital payments, stablecoins likewise empower upgraded functionalities like Internet of things (IoT) payments, micropayments, programmable payments, and cross spending across payments ecosystem.