Payment giant Mastercard has filed an application in the patent and trademark office to use blockchain technology for authentication of client coupons.
According to the patent, the technology of distributed registry will serve as storage for coupons and ensure their protection.
The user is assigned an address in the blockchain that corresponds to a credit card or digital wallet. When a client attempts to redeem a coupon, the POS terminal will communicate with bloccano for verification of the user.
After the successful transaction the system will automatically transfer the coupon from the wallet client address with invalid coupons. This approach does not allow the user to perform a second operation with the same coupon.
According to representatives of Mastercard, the system is designed to help merchants prevent fraud with coupons. This, in turn, will allow companies to release more bonus offers since discounts can’t be faked or suppressed by unauthorized users.
ForkLog previously reported that Mastercard is developing a method of rapid activation of nod in the blockchain.