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   1089

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.

PwC to Represent Crypto Analysis Tool

Halo aims to provide warranty services to cryptocurrency transactions, in particular, the solution helps to create independent evidence for private-public key pairs
20 June 2019   81

One of the world's largest consulting firms, PricewaterhouseCoopers (PwC), announced the launch of an updated audit solution that supports cryptocurrency assets. This is stated in the press release of the company.

A tool called Halo aims to provide warranty services to cryptocurrency transactions. In particular, the solution helps to create independent evidence for private-public key pairs, which is one of the elements necessary for establishing cryptocurrency ownership rights.

In addition, Halo can collect information about transactions and balances on the blockchain.

As noted in the statement, the decision can be used by companies for which PwC is not an auditor. The initiative should help them try new opportunities and solve problems related to the blockchain and cryptocurrencies.

Currently, PwC can use the updated tool to provide warranty services to customers operating Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, LiteCoin, Ethereum, Ripple (XRP), as well as the ERC-20 OAX token.

PwC has been showing quite a strong interest in the cryptocurrency industry for several years now. So, in 2017, the company began accepting payments in Bitcoins, and last year began to develop new standards for the ecosystem of digital assets and stablecoats.