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.
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.