Mastercard Looks to Blockchain to Make Coupons Immutable

Mastercard Looks to Blockchain to Make Coupons Immutable

A new patent application from Mastercard suggests that the payments giant is eyeing blockchain as part of a way to verify the authenticity of consumer coupons.

The application for a "Method and System for Authentication of Coupons via Blockchain" was published on May 31 by the U.S. Patent and Trademark Office (USPTO). It envisions utilizing the tech "specifically [for] the storage of coupon data in a blockchain to ensure redemption only by authorized individuals and immutability of coupon data."

The idea is that blockchain can help reduce the risk of data manipulation that accompanies the use of certain types of systems for storing coupon data, including those that "have been developed that directly associate a coupon with a transaction account, to ensure that only the specified transaction account is eligible to redeem the coupon."

As Mastercard goes on to write:

"However, this requires the entity to store data regarding coupons that are associated with transaction accounts, which can be resource-intensive and subject to data manipulation. In addition, the entity must offer a suitable interface for the consumers to access the data storage to identify what coupons have been associated with their transaction account."

"Thus, there is a need for a technological solution whereby coupons can be issued to an individual for redemption only by the individual, and where the system relies on a publicly accessible data source to enable implementation without the use of additional resources for the issuing entity," the company noted.

Whether an actual service offering comes out of the patent application remains to be seen and Mastercard itself is no stranger to intellectual property bids related to the tech. That focus on authentication has been seen in other patent applications, including one focused on the prevention of fake identity use.

What is known, however, is that Mastercard has moved in recent months to beef up its internal blockchain-related development resources as part of a wider technology play.

"We're driving projects that promote financial inclusion at home and abroad, and are working to provide consumers, businesses and governments with the most innovative, safe and secure ways to pay,"Sonya Geelon, Mastercard Ireland's country manager, said in April.

Image via Shutterstock

31.05.2018 / 14:15 90
Mastercard International Seeks Patent For Fast Tracking Blockchain Navigation Mastercard International Seeks Patent
Mastercard International Inc. has applied for a patent for a system for fast tracking navigation of blockchains by means of data manipulation,
Mastercard Seeks 'Fast Track' Way to Sync Blockchain Data Mastercard Seeks 'Fast Track' Way to
Payments giant Mastercard wants to patent a way to quickly add new nodes to a blockchain network, new filings reveal. In a patent application
Walmart Wants to Store Payment Data On a Blockchain Walmart Wants to Store Payment Data On
A pair of newly published patent applications from retail giant Walmart hints at a plan to store payments data using blockchain tech. The two
After Rejecting Litepay, Mastercard Patents Its Own Blockchain Technology After Rejecting Litepay, Mastercard
Blockchain technology is gaining traction amongst mainstream financial service providers as the technology guarantees security, decentralization,
Mastercard Eyes Blockchain for Fighting Fake Identities Mastercard Eyes Blockchain for Fighting
A newly published patent filing from Mastercard suggests that the payments giant is looking at blockchain as a way to safeguard identity data. In an
Immutable Google? Search Giant Eyes Blockchain for Audits Immutable Google? Search Giant Eyes
Google may be looking to secure audit information using blockchain tech, a patent application published on Thursday suggests. The filing, released by
Comments (0)
Add a comment
Comment on