Mastercard has won a patent for a blockchain-based system that allows travelers to specify desired itineraries and sellers to offer prices, CCN reports.
The patent, which Mastercard obtained from the U.S. Patent and Trademark Office (USPTO), gives travelers a wider selection of hotels, airlines and other service providers. The developers envision this will help streamline the global travel industry.
"The use of blockchain ensures that the chosen itinerary is available to anyone who offers the best price. This will allow all tour operators to have an equal opportunity to do business. Travelers will not have to search for all service providers, and those providers will not have to spend additional resources on advertising and marketing," the patent application notes.
The new solution enables travelers to submit detailed information about their itineraries, which is then incorporated into the blockchain and broadcast to all nodes on the network. Tour operators send reservation bids, which are evaluated by the server and returned to the tourist.
"Using the bidding system will allow providers to adjust their bids as needed, and for tourists to find the best price for each section of their itinerary. As a result, tourists save time and money while traveling, and tour operators get new opportunities to make money and scale their business," said Ankur Arora, one of the developers of the project.
In addition, the company also won a patent the other day for point-of-sale equipment that uses blockchain to verify payment data.
Earlier in June, Mastercard filed an application with the USPTO to use blockchain to authenticate customer coupons, which will serve as a repository for coupon data and ensure its protection.
