After attempting to get a patent back in 2016, Mastercard finally succeeded. It will now start working on a special program for validating different kinds of coupons. The blockchain technology will provide for the safety and transparency of every transaction. The patent was officially provided by the US Patent & Trademark Office.
So how will the system work? Basically, the user will be assigned a special blockchain address, the account will also have such information as credit card or digital wallet number and the amount of coupons available. Anytime the person tries to use a particular coupon, the application will use blockchain to check whether the coupon is valid and can be used.
The system will be beneficial not only for users but also for the stores, since the coupon is “destroyed” after being used, so it is impossible to use one coupon over and over again.
The representatives of Mastercard are also sure that this innovation will improve the relationship between the retailers and consumers, stores will create and issue way more coupons knowing that they cannot be duplicated or altered in any way, and customers will use such coupons more often.
Furthermore, the co-president of Mastercard Ari Sarker mentioned that the company is interested in researching and implementing centralized digital currencies. He said:
“So long as it’s backed by a regulator and the value…it is not anonymous, it is meeting all the regulatory requirements, I think that would be of greater interest for us to explore.”