PayPal, Inc. (20240242244). ON-CHAIN LOYALTY PROGRAM MANAGEMENT simplified abstract
Contents
ON-CHAIN LOYALTY PROGRAM MANAGEMENT
Organization Name
Inventor(s)
Avihai Yosef of San Jose CA (US)
Yehonatan Yochpaz of Holon (IL)
ON-CHAIN LOYALTY PROGRAM MANAGEMENT - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240242244 titled 'ON-CHAIN LOYALTY PROGRAM MANAGEMENT
Simplified Explanation: The patent application describes methods and systems for managing loyalty programs using a decentralized blockchain. Transactions between users and a merchant are monitored through an API, and users who satisfy reward criteria are identified. Tokens are distributed to these users based on smart contracts stored on the blockchain.
- Loyalty programs managed using a decentralized blockchain
- Monitoring transactions between users and merchants via an API
- Identifying users who satisfy reward criteria
- Distributing tokens to users based on smart contracts stored on the blockchain
- Broadcasting transactions to transfer tokens to users' digital wallets
Potential Applications: This technology can be applied in various industries such as retail, hospitality, and e-commerce to enhance customer loyalty programs. It can also be used by businesses looking to streamline reward distribution processes and increase customer engagement.
Problems Solved: This technology addresses the challenges faced by businesses in managing and distributing rewards in loyalty programs efficiently. It provides a transparent and secure way to track and distribute tokens to users based on predefined criteria.
Benefits: The use of decentralized blockchain technology in managing loyalty programs offers increased security, transparency, and efficiency. It enables businesses to automate reward distribution processes, reduce fraud, and enhance customer satisfaction.
Commercial Applications: "Decentralized Blockchain Technology for Managing Loyalty Programs" can revolutionize the way businesses engage with customers and incentivize loyalty. It has the potential to disrupt traditional loyalty program management systems and create new opportunities for businesses to build stronger relationships with their customers.
Prior Art: Prior research in the field of blockchain technology and loyalty programs may provide insights into similar approaches or technologies. Researchers can explore existing literature, patents, and industry publications to understand the evolution of loyalty program management using blockchain.
Frequently Updated Research: Researchers and industry experts are continuously exploring new ways to leverage blockchain technology in loyalty program management. Stay updated on the latest advancements, case studies, and best practices to understand the evolving landscape of loyalty program innovation.
Questions about Decentralized Blockchain Technology for Managing Loyalty Programs:
1. How does decentralized blockchain technology improve the security of loyalty program management?
- Decentralized blockchain technology enhances security by providing a transparent and immutable record of transactions, reducing the risk of fraud and unauthorized access.
2. What are the key advantages of using smart contracts in loyalty program management?
- Smart contracts automate reward distribution processes, ensure compliance with predefined criteria, and eliminate the need for intermediaries, making the process more efficient and transparent.
Original Abstract Submitted
methods and systems for managing loyalty programs using a decentralized blockchain are provided. transactions between users and a merchant are monitored via an application programming interface (api) of a service provider. based on the monitoring, it may be determined that at least one of the users has satisfied reward criteria for a loyalty program associated with the merchant. the loyalty program includes a plurality of tokens to be distributed to users who satisfy the reward criteria configured by the merchant via a merchant interface. at least one token from among the plurality of tokens may be selected for the user, based on at least one smart contract associated with the merchant. the smart contract is stored on the blockchain in association with a unique identifier for the merchant. a transaction is broadcasted to the decentralized blockchain for transferring the at least one token to a digital wallet of the user.
