Quantoz Makes Progress on Blockchain-Based Digital Cash & Secure Payment for IoT Devices
Dutch blockchain technology firm Quantoz indicated today that its development team is making rapid progress on two blockchain-based solutions, Quasar and SPUR.
Quasar is a blockchain technology based digital cash solution that delivers the infrastructure for rapid payment and transaction settlement between enterprises, people and the Internet of Things devices. According to Quantoz, Quasar displaces traditional payments without compromising user privacy, integrates a bank account and a digital wallet, permits unbanked consumers and devices to participate in the economy, and facilitates peer-to-peer micro payments globally continuously. Quasar’s digital ledger is apparently operational and available for customers to demo.
SPUR, or Secure Payment over Unsafe Relay, is a significant component of Quasar for which Quantoz has applied for a patent earlier this year . The SPUR protocol makes electronic payments possible to devices that are not connected to the Internet, utilizing a method based on asymmetric cryptography and technology standards for exchanging data over short and long distances.
In a pilot project, Quantoz and Rotterdam-based DoBots are work on enabling payment to a ‘smart crownstone’, a generic piece of hardware that can be programmed to accept payments on behalf of electricity powered devices. DoBots specializes in developing software and components for smart buildings and smart robots.
In addition to developing blockchain technology solutions, Quantox is runs the Dutch bitcoin exchange, HappyCoins.