Mastercard looking to Blockchain Technology for coupons
June 01 2018 - 12:30PM
InvestorsHub NewsWire
Bitcoin Global News (BGN)
June 01, 2018 -- ADVFN Crypto NewsWire -- Mastercard was just
confirmed for a patent that they had filed back in 2016 which
describes a method for using the main aspects of cryptocurrencies
such as cryptographic signatures, wallets, and blockchain style
data collection to improve coupons.
"Method and System for
Authentication of Coupons via Blockchain"
The the main objective is
specifically “the storage of coupon data in a blockchain to ensure
redemption only by authorized individuals and immutability of
coupon data."
Blockchain will help reduce the
risk of data manipulation that comes from certain types of systems
for storing coupon data. Coupons can be created using blockchain
technology to directly associate a coupon with a transaction
account. This ensures that only the specified transaction account
is eligible to redeem the coupon.
Further, it makes coupons finite.
They can be used only once, and not be duplicated. Following a
successful transaction, the system will automatically transfer the
coupon from the customer’s wallet to burn address or an address
associated with invalidated coupons.
Downfalls
This patent highlights that this
will require new data storage techniques that hold the information
of the coupons and associated transaction accounts. This can be
resource-intensive and subject to data manipulation. In addition,
POS systems will need to be updated or completely replaced in order
to integrate the new technology.
On cryptocurrencies in general
Mastercard CEO Ajay Banga has said that the firm will support
government-created cryptocurrencies if they are developed in the
future, but said that “non-government mandated currency is
junk.”
Competition
American Express recently announced
that it was using blockchain technology to update its loyalty
rewards program. The new system is based on Hyperledger. Merchants
can create membership rewards offers for Amex customers on their
own platforms. These offers can be totally unique, even allowing
businesses to assign bonus points to individual
products.
By: BGN Editorial Staff
News:
Mastercard
Blockchain
American
Express
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