Mastercard eyeing Blockchain for verifying authenticity of consumer coupons
According to a new patent application by Mastercard, they’re looking to Blockchain Technology for identifying consumer coupons’ authenticity.
The U.S. Patent and Trademark Office (USPTO) published an application for a “Method and System for Authentication of Coupons via Blockchain”. USPTO published the application on the 31st of May. According to the patent application, the payment giant will utilize Blockchain Technology,
“specifically [for] the storage of coupon data in a blockchain to ensure redemption only by authorized individuals and immutability of coupon data.”
They believe that blockchain can help reduce the risk of data manipulation. The risk of data manipulation arise from the use of certain kinds of systems to store coupon data. This includes system that,
“have been developed that directly associate a coupon with a transaction account, to ensure that only the specified transaction account is eligible to redeem the coupon.”
“However, this requires the entity to store data regarding coupons that are associated with transaction accounts, which can be resource-intensive and subject to data manipulation. In addition, the entity must offer a suitable interface for the consumers to access the data storage to identify what coupons have been associated with their transaction account.”
The company further adds,
“Thus, there is a need for a technological solution whereby coupons can be issued to an individual for redemption only by the individual, and where the system relies on a publicly accessible data source to enable implementation without the use of additional resources for the issuing entity.”
Previous Patent Applications by Mastercard
Mastercard is no stranger when it comes to intellectual property bids related to Blockchain. They have filed patent applications earlier too for various services. Once for a quick blockchain node verification system and another to fight fake identity by implementing Blockchain. But it’s not yet known if the patent application will actually lead to an actual service offering.
Earlier in April this year, Mastercard Ireland’s country manager Sonya Geelon said,
“We’re driving projects that promote financial inclusion at home and abroad, and are working to provide consumers, businesses and governments with the most innovative, safe and secure ways to pay”
Of late, Mastercard has been beefing up its internal blockchain-related development resources. This move is part of the organization’s broader technology play.
Image via Shutterstock
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