Mastercard Wins: Patent for Blockchain Travel Itinerary Bidding System
A patent for a blockchain system which allows travellers the freedom to submit their own desired itineraries and the freedom for merchants to submit the bids for each of the respective service requests has been won by Mastercard.
Mastercard was awarded the patent on June 7th by the US Patent and Trademark Office (USPTO). The main aim of the patent is to have the global travel industry streamlined by connecting an extensive range of hotels, airlines, and other service providers easily to the travellers. This is a very different approach as compared to the current form of travellers having to book their itineraries prior to the booking; and this goes even when using services such as Priceline, Kayak and Hotels.com
From the patent:
“The use of a blockchain can ensure that a traveler’s desired travel itinerary is publicly accessible to each merchant that is capable of bidding on the itinerary. This enables all travel providers to have an equal opportunity to earn the business of a traveler, without requiring the traveler to seek out every potential travel provider, and without the travel provider having to expend significant resources on marketing and outreach.”
Also from the patent:
“The use of bidding can enable travel providers to make adjustments as necessary to earn business as they desire, which can also enable a traveler to receive the best possible deal with respect to each item in their travel itinerary,” adds Ankur Arora, who is credited as the inventor. “As a result, travelers save both time and money with respect to their travel itinerary, and travel providers are provided with greater opportunities to earn and increase revenue.”
Mastercard has also now become one of the most heavily invested investors in the blockchain technology and blockchain research along with IBM and Walmart – at least in the area of their pursuit of patents related to the blockchain.
Not only was this patent award to Mastercard on this day. The patent for a point-of-sale system that secures and verifies the payment credentials by using blockchain technology was also awarded to Mastercard by the US Patent and Trademark Office (USPTO).
And also a week earlier, Mastercard had patented successfully a very similar system that uses the blockchain wallet addresses to allow merchants to issue targeted discounts to their customers to authenticate coupons more efficiently.