Mastercard, financial service platform, has won a blockchain travel bidding system patent by US Patent and Trademark Office (USPTO) on June 7. It allows for both travelers and merchants to submit desired itineraries and bidding for each request.
According to the patent awarded to Mastercard aims to modernize the travel industry all across the world, by connecting travelers. In a wider range, it is coordinating with airlines, hotels and tickets booking and other service providers.
In this new system at first, travelers could submit detailed information about their journey. At second step, the information is onto the block and put out across to all blockchain networks connected nodes. At last, the bids will be submitted by merchants for reservation requests, later that will be evaluated by processing server and passed onto traveler.
Moreover, blockchain standard database will help to keep the complete record of all travelers’ requests and bids, even if there are no more in use. Besides, it ensures increases in efficiency and probably rendering travelers more towards competitive market. In addition, also helps to decrease in fees charged by system operator.
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