QPN builds on a completely new infrastructure, using the “Quasar” blockchain technology, developed by Quantoz, as a basis, enabling peer to peer (micro) transactions between enterprises, consumers and the Internet of Things (IoT).
QPN addresses the evolving market of 50 billion IoT devices. This market has new requirements for payments – like instant irreversible micro payments between autonomous operating appliances – which cannot as easily be addressed by traditional payment systems. The QPN makes payments between “Things” possible. Quasar instantly processes these peer-to-peer (micro) payments. The money is immediately available in the user’s (or machine’s) digital wallet.
The consortium is responsible for the commercial and technical exploitation of the QPN.
QPN offers a gateway between traditional bank accounts and digital wallets. This gateway enables a 1:1 conversion between fiat and digital money, eliminating volatility risk exposure for users. Through its data-sensitive design, QPN is compliant with regulations and fully scopes user privacy.
The QPN has been tested extensively for more than a year. The QPN technology received multiple awards over the past 12 months.
Third parties can make use of the QPN services via open API’s, enabling them to integrate Quasar in devices and applications. Through this full integration, manufacturers of IoT devices can develop new business models which monetize their products in completely new ways – for example, a “sensor which is paid by an automobile for providing information on current road conditions…” as Henri De Jong, Head of Business Development at Quantoz, explains.
“The strong fit of Syngenio AGs strength in the financial and payment market, the experience of the IoT company Crout, and augmented by the Quantoz payment ledger, leads more and more synergies, new fields of joint actitivties, and further investment in the evergrowing field of IoT transactions.“ added Jürgen Funke, Executive Board Member of Syngenio AG.
Frank Kiesewetter, Managing Director Crout GmbH said: “Our company strategy is to focus on offering easy-to-use services, which do enable our customers to deploy their applications in the “Internet of Things”. The use of blockchain technologies will be a key requirement for many IoT applications in the future. Crout is proud of its membership in the QPN”.
QPN will be available for a selected group of companies starting July 1st and will successively open to more companies during the third quarter.
