Mastercard, financial service platform, has won a blockchain travel bidding system patent by US Patent and Trademark Office (USPTO) on June 7. It allows for both travelers and merchants to submit desired itineraries and bidding for each request.
According to the patent awarded to Mastercard aims to modernize the travel industry all across the world, by connecting travelers. In a wider range, it is coordinating with airlines, hotels and tickets booking and other service providers.
The patent reads:
“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. This enables all travel providers to have an equal opportunity to earn the business of a traveler. Therefore 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”.
Procedures of Blockchain bidding system
In this new system at first, travelers could submit detailed information about their journey. At second step, the information is onto the block and put out across to all blockchain networks connected nodes. At last, the bids will be submitted by merchants for reservation requests, later that will be evaluated by processing server and passed onto traveler.
Moreover, blockchain standard database will help to keep the complete record of all travelers’ requests and bids, even if there are no more in use. Besides, it ensures increases in efficiency and probably rendering travelers more towards competitive market. In addition, also helps to decrease in fees charged by system operator.
Noticeably, among blockchain research, Mastercard hold one of the most profilic investors in terms of their blockchain patents. Meanwhile, USPTO not only awarded Mastercard patent for travel bidding system but also won a patent for using blockchain technology. Thus to verify payment credentials called point-of-sale system.
In April, 2018, Mastercard applied for a system that helps improve system accuracy when recording data on the blockchain, by blocking fake data.
Filed for the first time in September last year, the system describes that employs semi-private or private blockchain to receive and store identity data. It includes name, street address, tax identification number and other pieces of information. Being a semi-private or private blockchain, it will allow only certain authorizes nodes to submit data and therefore not all nodes can submit data.