Home Business News Mastercard Considers Blockchain Technology For Making Coupons Immutable

Mastercard Considers Blockchain Technology For Making Coupons Immutable

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Mastercard filed a new patent application that suggests that the company is looking at blockchain as part of the way of verifying 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 describes 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.”

Blockchain can reduce risks of data manipulation 

The whole idea is based on the fact that blockchain could reduce the risk of data manipulation that comes with certain types of system for storing coupon-related information.

“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,” according to Mastercard.

The company goes on and explains that there’s a need for a technological solution where coupons can be issued to a person for redemption only by that person.

More patent apps are focused on authentication 

The focus on authentication has been seen in other patent applications as well including the one that was focused on preventing fake identity use.

“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 back in April.

Mastercard continues to support internal blockchain0related development resources as a part of a more extensive technology play.