Xenial was recently awarded a patent for blockchain technology that can help quick service restaurants (QSRs) reduce fraud.
The innovation provides blockchain-based procedures that create an unalterable record of transactions related to the purchase of goods and/or services, drawer sessions associated with point-of-sale (POS) transactions, time punches and deposits of funds.
Existing systems that don’t provide a permanent record of activity are more susceptible to fraud, enabling employees to modify or delete transactions – or incorrectly record them in the first place. System downtime and lost connectivity are especially vulnerable periods.
Using blockchain technology, QSRs can reduce or eliminate their reliance on costly, after-the-fact auditing or forensic accounting to identify fraud. For stores with a traditional cash register, for example, store owners may need to hire a specialist to evaluate the cash register’s usage history to identify fraud. This may not occur until well after the fraudulent activity has occurred, making it difficult to recover lost revenue.
This is the second patent Xenial has announced in 2022. Previously, it was awarded a patent for a drive-thru automation solution that helps solve traffic volume and speed of service challenges for QSR operators.
These patents further Global Payments’ efforts to secure its position as one of the world’s leading POS companies and QSR technology innovators. Both patents address critical needs for operators eager to protect and enhance their revenue as costs continue to rise.