Systems and methods for feature-based rating via blockchain

Patent metadata

Field	Value
Publication number	US-12034833-B2
Application number	US-202217946524-A
Country	US
Kind code	B2
Filing date	Sep 16, 2022
Priority date	Apr 5, 2017
Publication date	Jul 9, 2024
Grant date	Jul 9, 2024

Abstract

The present embodiments relate to systems and methods for using a blockchain to record information related to the lifecycle of a vehicle associated with a Vehicle Identification Number (VIN). For example, the VIN lifecycle process may be used to develop safety-feature based insurance models. The systems and methods may include calculating a safety rating for a safety feature based upon data accessed at a blockchain. The safety rating may be used to generate a product associated with a new vehicle type, such as an insurance product covering the new vehicle type. The systems and methods described herein may allow for using a blockchain which gives the option for private information, and permissioned participants in the blockchain. In particular, the systems and methods may allow for a distributed consensus amongst businesses, consumers, and authorities, as to the validity of information and transactions stored on the blockchain.

First claim

What is claimed:

1. A computer-implemented method for safety feature-based rating utilizing a blockchain, the blockchain being maintained by a plurality of participants and including a plurality of vehicle records respectively corresponding to a plurality of vehicles, the method comprising:
receiving, at one or more hardware processors coupled with a network interface, a new vehicle type notification from a first participant indicating a set of safety features associated with a new vehicle type;
calculating, by the one or more hardware processors, a safety rating for a particular safety feature from the indicated set of safety features by comparing data associated with (i) a first plurality of vehicle records, retrieved from the utilized blockchain, respectively corresponding to a first plurality of vehicles including the particular safety feature from the indicated set of safety features, and (ii) a second plurality of vehicle records corresponding to a second plurality of comparable vehicles lacking the particular safety feature; and
generating, by the one or more hardware processors, a product associated with the new vehicle type based upon the calculated safety rating for the particular safety feature such that the generated product can be requested by a second participant of the plurality of participants.

2. The computer-implemented method of claim 1 , wherein calculating the safety rating comprises:
accessing, at a memory coupled with the one or more hardware processors, the vehicle records within the first and second plurality of vehicle records to determine an overall distance traversed by vehicles corresponding to the vehicle records within the first and second pluralities of vehicle records;
accessing, at the memory coupled with the one or more hardware processors, the vehicle records within the first and second plurality of vehicle records to determine a number of collisions experienced by vehicles corresponding to the vehicle records within the first and second pluralities of vehicle records; and
calculating, by the one or more hardware processors, a collision rate for the first and second pluralities of vehicle records based upon the respective overall distances traversed and the numbers of collisions experienced.

3. The computer-implemented method of claim 1 , further comprising:
calculating, by the one or more hardware processors, a safety rating for a plurality of safety features within the indicated set of safety features by comparing data associated with records within the first and second pluralities of vehicle records; and
combining, by the one or more hardware processors, the safety ratings for the plurality of safety features to generate a safety rating for the new vehicle type.

4. The computer-implemented method of claim 3 , wherein generating the product associated with the new vehicle type comprises:
generating, by the one or more hardware processors, the product associated with the new vehicle type based upon the generated safety rating for the new vehicle type.

5. The computer-implemented method of claim 1 , further comprising:
verifying, by the one or more hardware processors, a notification source for the new vehicle type notification by applying a public key associated with the first participant to decrypt at least one of (i) the new vehicle type notification or (ii) adigital signature included in the new vehicle type notification.

6. The computer-implemented method of claim 1 , further comprising:
receiving, at the one or more hardware processors coupled with the network interface, a product request notification from a participant of the plurality of participants, the product request notification indicating the new vehicle type;
generating, at the one or more hardware processors, an offer for the generated product; and
transmitting, via the one or more hardware processors coupled with the network interface, the offer to the participant.

7. The computer-implemented method of claim 6 , further comprising:
verifying, by the one or more hardware processors, a notification source for the product request notification by applying a public key associated with the first participant to decrypt at least one of (i) the product request notification or (ii) adigital signature included in the product request notification.

8. The computer-implemented method of claim 1 , further comprising:
accessing, at the memory coupled with the one or more hardware processors, the blockchain using a software version for a safety feature within the indicated set of safety features to retrieve the first plurality of vehicle records.

9. The computer-implemented method of claim 8 , wherein accessing the blockchain using the software version comprises:
accessing, at the memory couple with the one or more hardware processors, the blockchain to retrieve the second plurality of vehicle records corresponding to vehicles having a prior software version for the particular safety feature than the particular safety feature included in the indicated set of safety features.

10. A system for safety feature-based rating utilizing a blockchain, the blockchain being maintained by a plurality of participants and including a plurality of vehicle records respectively corresponding to a plurality of vehicles, the system comprising:
a network interface configured to interface with one or more hardware processors;
a memory configured to store non-transitory computer executable instructions and configured to interface with the one or more hardware processors; and
the one or more hardware processors configured to interface with the memory, wherein the one or more hardware processors are configured to execute the non-transitory computer executable instructions to cause the system to:
receive a new vehicle type notification from a first participant indicating a set of safety features associated with a new vehicle type;
calculate a safety rating for a particular safety feature from the indicated set of safety features by comparing data associated with (i) a first plurality of vehicle records, retrieved from the utilized blockchain, respectively corresponding to a first plurality of vehicles including a particular safety feature from the indicated set of safety features, and (ii) a second plurality of vehicle records corresponding to a second plurality of comparable vehicles lacking the particular safety feature; and
generate a product associated with the new vehicle type based upon the calculated safety rating for the particular safety feature such that the generated product can be requested by a second participant of the plurality of participants.

11. The system of claim 10 , wherein to calculate the safety rating, the instructions, when executed, cause the system to:
access the vehicle records within the first and second plurality of vehicle records to determine an overall distance traversed by vehicles corresponding to the vehicle records within the first and second pluralities of vehicle records;
access the vehicle records within the first and second plurality of vehicle records to determine a number of collisions experienced by vehicles corresponding to the vehicle records within the first and second pluralities of vehicle records; and
calculate a collision rate for the first and second pluralities of vehicle records based upon the respective overall distances traversed and the numbers of collisions experienced.

12. The system of claim 10 , wherein the instructions, when executed, cause the system to:
calculate a safety rating for a plurality of safety features within the indicated set of safety features by comparing data associated with vehicle records within the first

Assignees

• State Farm Mutual Automobile Insurance Co

Inventors

• Leise William J
• Graff Douglas A
• Mccullough Stacie A
• Call Shawn M
• Bellas Eric
• Skaggs Jaime
• Alt Jacob J
• Moore Eric R
• King Vicki

Classifications

• G06Q40/03

  Credit; Loans; Processing thereof · CPC title

• H04L9/50

  using hash chains, e.g. blockchains or hash trees · CPC title

• H04L9/3247

  involving digital signatures · CPC title

• G06Q10/20

  Administration of product repair or maintenance · CPC title

• G06Q40/02

  Banking, e.g. interest calculation or account maintenance (credit or loans G06Q40/03) · CPC title