Mastercard won Patent for Blockchain Bidding System

Mastercard has won a patent for a blockchain system that lets travelers to submit desired itineraries and merchants to submit bids for each service request
07 June 2018   528

Awarded to Mastercard by the US Patent and Trademark Office (USPTO), the patent is aimed to upgrade the global travel industry by connecting travelers to a wider range of hotels, airlines, and other service providers than most presently do prior to booking their itineraries - even when using services like Priceline, Kayak, and Hotels.com.

The proposed system suggests that travelers may submit particular information about their itineraries, that would then be included in a block and broadcast across the blockchain to all network-connected nodes. Merchants could then submit bids for reservation requests, that are to be estimated by a processing server and returned to the traveler.

The use of bidding can enable travel providers to make adjustments as necessary to earn business as they desire, which can also enable a traveler to receive the best possible deal with respect to each item in their travel itinerary. As a result, travelers save both time and money with respect to their travel itinerary, and travel providers are provided with greater opportunities to earn and increase revenue.
Ankur Arora
Developer of the Bidding Blockchain system

Mastercard, alongside IBM and Walmart, has been one of the most prolific investors in blockchain investigating, especially towards their intention of blockchain-related patents. At the same day that the USPTO awarded Mastercard a patent for the company’s proposed travel bidding system, the firm also won a patent for a point-of-sale system that uses blockchain technology to safely verify payment credentials.

The firm has already successfully patented a resemble system some days earlier. This framework is supposed to use blockchain wallet addresses to verify coupons and let merchants to issue targeted discounts to their clients more effictively.

Gemini & Partners to Launch Virtual Commodity Association

Association is created to develop standards for the industry, promote transparency in the market and cooperate with regulators, including the CFTC
20 August 2018   92

Several major exchanges decided to create a new structure designed to eradicate manipulation in the digital assets market, Bloomberg reports.

The Virtual Commodity Association was formed by the founders of the exchange Gemini Cameron and Tyler Winklewoss. According to a statement released on Monday, the group also included Bitstamp, BitFlyer USA and Bittrex. Representatives of four trading platforms will meet in September to consolidate the provisions for the future functioning of the organization.

The Virtual Goods Association will develop standards for the industry, promote transparency in the market and cooperate with regulators, including the Commodity Futures Trading Commission of the United States (CFTC), in order to prevent manipulation of Bitcoin, Ethereum and other currencies.

As the temporary executive director of the organization, Maria Filipakis, who worked in the Financial Services Department of New York, was appointed, where she took part in the creation of a BitLicense.

Earlier, the Winklewoss brothers tried to launch their own ETF, tied to bitcoin, but the US Securities and Exchange Commission denied them twice, as the reasons for its decision, among other things, calling for the absence of adequate measures to prevent cryptocurrency market manipulations.