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Mastercard Wins Patent for Blockchain-based Coupon Authentication System
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Financial services giant Mastercard has won a patent for a system that uses blockchain technology to authenticate coupons.
The patent, granted by the US Patent & Trademark Office (USPTO) on May 31, outlines a way for merchants to cut down on coupon fraud and more effectively issue targeted discounts to specific customers. The company first applied for the patent in Nov. 2016.
In one potential application of this system, an individual will be assigned a blockchain address, whose credentials will be stored in a payment instrument such as a credit card or digital wallet application.