A new traveling system based on blockchain technology, that will allow travelers to submit their desired itineraries, as well as merchants to submit service request bids was just patented by Mastercard. The patent's goal is to help with connecting travelers with even more various services, including airlines, hotels, and more.
Mastercard’s New Travel Patent
The possibilities provided by the blockchain technology seem to be endless, and new practical uses for it are being discovered every day. Only yesterday, the financial service, Mastercard, managed to secure a new patent involving this technology. The patent was awarded to the company by the US Patent and Trademark Office, also known as USPTO, and it will provide Mastercard's users to submit their desired itineraries. Additionally, various merchants partnered with the company will be capable of submitting bids for service requests, which would effectively help to connect these two parties.
The patent states that, through the use of blockchain, each service provider will be able to publicly access travelers' desired itinerary, on which they can then bid. That way, service providers will all be equal when it comes to attracting the travelers and gaining customers. Travelers won't have to seek travel providers by themselves anymore, while the travel providers will be able to save up on marketing costs.
Basically, what this means is that travelers will be able to simply provide information regarding their travel plans, which would then be added to the block, and sent to all nodes connected to the network. Interested merchants will bid on the submitted requests, which will allow them to make various adjustments in order to earn more or less business, according to their needs and capabilities. This way, travelers and travel providers alike will save money, time, and get the best deal and equal opportunities in the process.
Was The Patent Necessary?
There are some who believe the same can be achieved by using standard databases, and that the use of blockchain for this purpose is not necessary. After all, there are many booking agencies that are doing a similar thing without the blockchain, and with no need to keep bids and requests after their validity expires. Still, the use of blockchain in every field has seen an increase in efficiency, and there is no reason why it would not happen in the traveling business as well. In fact, it might even lead to more competition within the market, with each provider wanting to attract as many travelers to their business as possible.
Mastercard has shown a lot of interest in the blockchain, and has even invested a lot in its research. It is not the only one, however, and Walmart and IBM have done the same. The company won another patent on the same day, and the second one is for a point-of-sale system, This is yet another blockchain-based system, and its purpose is to verify payment credentials through the use of blockchain technology.
Another patent was secured by Mastercard only a week before that, and this one was for coupon authentication via the blockchain wallet addresses. By using this system, merchants will be able to increase efficiency when it comes to issuing targeted discounts to customers.