Blockchain

Patent Application Titled “Blockchain Controlled Multi-Carrier Auction System For Usage-Based Auto Insurance” Published Online (USPTO 20230005074): Patent Application – InsuranceNewsNet

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The claims supplied by the inventors are:

“1. An insurance monitoring (“IM”) computer system for managing a usage-based insurance contract for one or more approved entities, the IM computer system including at least one processor in communication with at least one memory device, and at least one vehicle controller associated with a vehicle, the at least one processor programmed to: store, in a first block of a blockchain structure, the insurance contract for a current trip including one or more terms of the insurance contract; retrieve, from a database, a plurality of historical entity driver data, the historical entity driver data including historical sensor data associated with operation of the vehicle by an entity; train a driver model using the plurality of historical entity driver data and a machine learning algorithm, the trained driver model configured to receive sensor information and output an identified driver; receive, via the at least one vehicle controller, sensor information associated with the current trip collected by one or more sensors associated with the vehicle, the sensor information includes data related to operation of the vehicle during the current trip; apply the sensor information to the driver model to obtain an identified driver for the current trip; electronically compare the identified driver to the one or more approved entities to confirm that the identified driver is one of the approved entities, approved for use with the insurance contract to operate the vehicle during the current trip; and store, in the blockchain structure, the identified driver, the identified driver updates the historical entity driver data for the identified driver thereby improving the accuracy of the historical entity driver data for generating a subsequent insurance contract for the identified driver.

“2. The IM computer system of claim 1, wherein the blockchain structure includes a plurality of nodes configured to store copies of the insurance contract in the blockchain structure.

“3. The IM computer system of claim 1, wherein the processor is further programmed to: electronically compare the received sensor information with one or more terms of the insurance contract; determine whether a driver of the vehicle complied with the one or more terms based upon the comparison; and store, in the blockchain structure, the determination of driver compliance in association with the insurance contract.

“4. The IM computer system of claim 1, wherein the processor is further programmed to generate another new block of the blockchain structure for storing the insurance contract and the sensor information on a periodic basis.

“5. The IM computer system of claim 1, wherein the processor is in communication with an insurance server associated with the insurance contract, and wherein the processor is further programmed to: receive an indication of a discount for the insurance contract from the insurance server; and store the indication of the discount with the insurance contract within another new block of the blockchain structure.

“6. The IM computer system of claim 5, wherein the processor is further programmed to generate the other new block of the blockchain structure for storing the insurance contract and the indication of the discount in response to the indication of the discount being generated.

“7. The IM computer system of claim 5, wherein the processor is further programmed to: display the indication of the discount for the insurance contract to the driver including an acknowledgement request; receive an acknowledgement from the driver; and store the acknowledgement with the insurance contract.

“8. The IM computer system of claim 7 wherein the processor is further programmed to generate another new block of the blockchain structure for storing the insurance contract and the acknowledgement in response to the acknowledgement being received.

“9. The IM computer system of claim 7, wherein the processor is further programmed to generate another new block of the blockchain structure for storing the insurance contract, the determination, the indication, and the acknowledgement.

“10. The IM computer system of claim 1, wherein the insurance contract is for the driver of the vehicle to insure the driver during the current trip, wherein the insurance contract includes one or more terms, and wherein the current trip is a currently occurring or an impending trip.

“11. A computer-implemented method for generating and managing usage-based contracts using blockchains, the method implemented on an insurance monitoring (“IM”) computer system including at least one processor in communication with at least one memory device, at least one vehicle controller associated with a vehicle, and an insurance server associated with an insurance contract, the method comprising: storing, in a first block of a blockchain structure, the insurance contract for a current trip including one or more terms of the insurance contract; retrieving, from a database by the IM computer system, a plurality of historical entity driver data, the historical entity driver data including historical sensor data associated with operation of the vehicle by an entity; training, by the IM computer system, a driver model using the plurality of historical entity driver data and a machine learning algorithm, the trained driver model configured to receive sensor information and output an identified driver; receiving, at the IM computer system via the at least one vehicle controller, sensor information associated with the current trip collected by one or more sensors associated with the vehicle, the sensor information includes data related to operation of the vehicle during the current trip; applying, by the IM computer system, the sensor information to the driver model to obtain an identified driver for the current trip; electronically comparing, by the IM computer system, the identified driver to the one or more approved entities to confirm that the identified driver is one of the approved entities, approved for use with the insurance contract to operate the vehicle during the current trip; and storing, in the blockchain structure, the identified driver, the identified driver updates the historical entity driver data for the identified driver thereby improving the accuracy of the historical entity driver data for generating a subsequent insurance contract for the identified driver.

“12. The method of claim 11, wherein the blockchain structure includes a plurality of nodes store copies of the insurance contract in the blockchain structure.

“13. The method of claim 11 further comprising generating a new block of the blockchain structure for storing the insurance contract and the determination of driver compliance in response to the determination of driver compliance being generated.

“14. The method of claim 11 further comprising generating a new block of the blockchain structure for storing the insurance contract and the sensor information on a periodic basis.

“15. The method of claim 11 further comprising: receiving an indication of a discount for the insurance contract from the insurance server; and storing the indication with the insurance contract within a new block of the blockchain structure.

“16. The method of claim 15 further comprising generating a new block of the blockchain structure for storing the insurance contract and the indication of the discount in response to the indication of the discount being generated.

“17. The method of claim 15 further comprising: displaying the indication of the discount of the insurance contract to the driver including an acknowledgement request; receiving the acknowledgement from the driver; and storing the acknowledgement with the insurance contract.

“18. The method of claim 17 further comprising generating a new block of the blockchain structure for storing the insurance contract and the acknowledgement in response to the acknowledgement being received.

“19. The method of claim 17 further comprising generating a new block of the blockchain structure for storing the insurance contract, the determination, the indication, and the acknowledgement.

“20. At least one non-transitory computer-readable storage media having computer-executable instructions embodied thereon, wherein when executed by at least one processor, the computer-executable instructions cause the processor to: store, in a first block of a blockchain structure, an insurance contract for a current trip of a vehicle including one or more terms of the insurance contract; retrieve, from a database, a plurality of historical entity driver data, the historical entity driver data including historical sensor data associated with operation of the vehicle by an entity; train a driver model using the plurality of historical entity driver data and a machine learning algorithm, the trained driver model configured to receive sensor information and output an identified driver; receive, via at least one vehicle controller, sensor information associated with the current trip collected by one or more sensors associated with the vehicle, the sensor information includes data related to operation of the vehicle during the current trip; apply the sensor information to the driver model to obtain an identified driver for the current trip; electronically compare the identified driver to the one or more approved entities to confirm that the identified driver is one of the approved entities, approved for use with the insurance contract to operate the vehicle during the current trip; and store, in the blockchain structure, the identified driver, the identified driver updates the historical entity driver data for the identified driver thereby improving the accuracy of the historical entity driver data for generating a subsequent insurance contract for the identified driver.”

For more information, see this patent application: Floyd, Matthew L. Blockchain Controlled Multi-Carrier Auction System For Usage-Based Auto Insurance. U.S. Patent Application Number 20230005074, filed September 13, 2022 and posted January 5, 2023. Patent URL (for desktop use only): https://ppubs.uspto.gov/pubwebapp/external.html?q=(20230005074)&db=US-PGPUB&type=ids

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