Mastercard International Incorporated (20240265387). METHOD AND SYSTEM FOR BLOCKCHAIN ITINERARY SUPPORT simplified abstract
Contents
- 1 METHOD AND SYSTEM FOR BLOCKCHAIN ITINERARY SUPPORT
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 METHOD AND SYSTEM FOR BLOCKCHAIN ITINERARY SUPPORT - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Key Features and Innovation
- 1.6 Potential Applications
- 1.7 Problems Solved
- 1.8 Benefits
- 1.9 Commercial Applications
- 1.10 Prior Art
- 1.11 Frequently Updated Research
- 1.12 Questions about Travel Itinerary Management using Blockchain
- 1.13 Original Abstract Submitted
METHOD AND SYSTEM FOR BLOCKCHAIN ITINERARY SUPPORT
Organization Name
Mastercard International Incorporated
Inventor(s)
Shawn Mehrhoff of St. Ann MO (US)
Jaipal Singh Kumawat of Sikar (IN)
Christopher T. Scholl of Manchester MO (US)
METHOD AND SYSTEM FOR BLOCKCHAIN ITINERARY SUPPORT - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240265387 titled 'METHOD AND SYSTEM FOR BLOCKCHAIN ITINERARY SUPPORT
Simplified Explanation
The patent application describes methods and systems for managing, paying, and updating travel itineraries using blockchain technology. It involves storing smart contracts in a blockchain that include payment details and itinerary information, initiating payment transactions, and updating itineraries in real-time.
Key Features and Innovation
- Storing smart contracts in a blockchain for managing travel itineraries
- Initiating payment transactions based on itinerary details
- Updating itineraries in real-time by modifying smart contracts
- Resolving conflicts in itineraries by identifying alternative itinerary data
- Transmitting new blockchain data entries for storing modified smart contracts
Potential Applications
This technology can be applied in the travel industry for managing and updating travel itineraries efficiently. It can also be used in other industries that require real-time payment and itinerary management.
Problems Solved
This technology addresses the challenges of managing and updating travel itineraries, handling payment transactions, and resolving conflicts in itinerary details.
Benefits
- Efficient management and updating of travel itineraries
- Real-time payment processing
- Conflict resolution in itinerary details
- Enhanced security and transparency through blockchain technology
Commercial Applications
- Travel agencies and tour operators can use this technology to streamline itinerary management and payment processing.
- Online booking platforms can integrate this system to provide real-time updates and secure payment transactions for travelers.
Prior Art
For prior art related to this technology, researchers can explore existing patents and publications in the fields of blockchain technology, travel management systems, and payment processing.
Frequently Updated Research
Researchers can stay updated on advancements in blockchain technology, travel management systems, and payment processing to enhance the efficiency and effectiveness of this innovation.
Questions about Travel Itinerary Management using Blockchain
How does blockchain technology improve the management of travel itineraries?
Blockchain technology enhances the management of travel itineraries by providing a secure and transparent platform for storing smart contracts, initiating payment transactions, and updating itinerary details in real-time.
What are the potential applications of blockchain-based travel itinerary management systems?
Blockchain-based travel itinerary management systems can be applied in the travel industry, online booking platforms, and other sectors that require efficient payment processing and itinerary management.
Original Abstract Submitted
methods and systems for management, payment, and real-time updating of travel itineraries using a blockchain includes: storing, in a blockchain, a plurality of smart contracts including funding transaction account data, payee data, an itinerary type, and itinerary details and configured to initiate a payment transaction from a first transaction account to a second transaction account upon fulfillment of criteria in the itinerary details; receiving event data including a conflict with the itinerary details of a smart contract; identifying alternative itinerary data for the smart contracts based on the respective itinerary details; generating a modified smart contract for the smart contracts based on the identified alternative itinerary data; and transmitting a new blockchain data entry that includes the generated modified smart contract for storing in the blockchain.
