Systems and methods for blockchain-based payments

Patent metadata

Field	Value
Publication number	US-12386989-B2
Application number	US-202217579690-A
Country	US
Kind code	B2
Filing date	Jan 20, 2022
Priority date	Jan 25, 2017
Publication date	Aug 12, 2025
Grant date	Aug 12, 2025

Abstract

Methods and systems for processing a blockchain comprising a plurality of immutable insurance policy payment records corresponding to insurance policies are provided. According to certain aspects, a transaction request indicating a policy payment for an insurance policy may be received at a first node. A block including an insurance policy payment record indicating the policy payment may be added to a blockchain and transmitted to another node for validation. The first node may add the block to a copy of the blockchain, where the block may be identified by a hash value that references a previous block in the blockchain that includes at least one additional insurance policy payment record.

First claim

What is claimed:

1. A computer-implemented method of storing a plurality of immutable insurance policy payment records corresponding to insurance policies issued by an entity in a blockchain, the blockchain maintained by a plurality of nodes connected via a blockchain network, the method comprising:
generating, at one or more processors of a first node of the plurality of nodes, a private encryption key and a public encryption key pair for a source, wherein the source is not one of the plurality of nodes;
transmitting, by the one or more processors, the private encryption key and the public encryption key pair to the source via a communication channel other than the blockchain network;
receiving, at the one or more processors from the source via the communication channel other than the blockchain network, a transaction request initiated by the source for a policy payment for an insurance policy held by the source with the entity, wherein the transaction request is digitally signed by the source using the private encryption key;
validating the transaction request by authenticating an identity of the source based upon a digital signature and the public encryption key and by determining that an existing block of the blockchain indicates the identity of the source;
in response to the validation of the transaction request, adding, by the one or more processors, an insurance policy payment record for the policy payment to a block; and
when the block is cryptographically validated by at least one other node of the plurality of nodes, adding, by the one or more processors, the block to the blockchain.

2. The computer-implemented method of claim 1 , wherein validating the transaction request further includes:
accessing a consensus rule associated with the transaction request that is shared by the plurality of nodes, the consensus rule indicating a set of authorized sources; and
verifying that the source is included in the set of authorized sources.

3. The computer-implemented method of claim 1 , wherein validating the transaction request further includes:
verifying that the policy payment is consistent with policy payment data stored in the blockchain.

4. The computer-implemented method of claim 1 , wherein validating the transaction request further includes:
verifying that the source is in good standing with the entity.

5. The computer-implemented method of claim 1 , wherein validating the transaction request further includes:
authenticating the source using the digital signature.

6. The computer-implemented method of claim 1 , wherein the first node has a permission level, and wherein validating the transaction request further includes:
verifying, based on the permission level, that the first node has sufficient permission to submit the transaction request.

7. The computer-implemented method of claim 1 , wherein validating the transaction request further includes:
detecting that at least one other node of the plurality of nodes validated the transaction request.

8. The computer-implemented method of claim 1 , wherein adding the block to the blockchain includes:
transmitting, via the blockchain network, the block to at least a second node of the plurality of nodes.

9. The computer-implemented method of claim 1 , further comprising:
identifying the block with a hash value that references at least a previous block in the blockchain, the previous block including at least one additional insurance policy payment record for at least one additional policy payment for at least one additional insurance policy issued by the entity.

10. The computer-implemented method of claim 1 , further comprising:
publishing, via the blockchain network by the one or more processors, the public encryption key.

11. A system for storing a plurality of insurance policy payment records corresponding to insurance policies issued by an entity in a blockchain, the blockchain maintained by a plurality of nodes connected via a blockchain network, the system comprising:
a first node of the plurality of nodes having one or more processors configured to:
generate a private encryption key and a public encryption key pair for a source, wherein the source is not one of the plurality of nodes;
transmit the private encryption key and the public encryption key pair to the source via a communication channel other than the blockchain network;
receive, from the source via the communication channel other than the blockchain network, a transaction request initiated by the source for a policy payment for an insurance policy held by the source with the entity, wherein the transaction request is digitally signed by the source using the private encryption key;
validate the transaction request by authenticating an identity of the source based upon a digital signature and the public encryption key and by determining that an existing block of the blockchain indicates the identity of the source;
in response to the validation of the transaction request, add an insurance policy payment for the policy payment to a block; and
when the block is cryptographically validated by at least one other node of the plurality of nodes, adding the block to the blockchain.

12. The system of claim 11 , wherein the one or more processors are configured to validate the transaction request by:
accessing a consensus rule associated with the transaction request that is shared by the plurality of nodes, the consensus rule indicating a set of authorized sources; and
verifying that the source is included in the set of authorized sources.

13. The system of claim 11 , wherein the one or more processors are configured to validate the transaction request by:
verifying that the policy payment is consistent with policy payment data stored in the blockchain.

14. The system of claim 11 , wherein the one or more processors are configured to validate the transaction request by:
verifying that the source is in good standing with the entity.

15. The system of claim 11 , wherein the first node has a permission level, and the one or more processors are configured to validate the transaction request by:
verifying, based on the permission level, that the first node has sufficient permission to submit the transaction request.

16. The system of claim 11 , wherein the one or more processors are configured to validate the transaction request by:
detecting that at least one other node of the plurality of nodes validated the transaction request.

17. The system of claim 11 , wherein the one or more processors are configured to add the block to the blockchain by:
transmitting, via the blockchain network, the block to at least a second node of the plurality of nodes.

18. The system of claim 11 , wherein the one or more processors are further configured to:
identify the block with a hash value that references at least a previous block in the blockchain, the previous block including at least one additional insurance policy payment record for at least one additional policy payment for at least one additional insurance policy issued by the entity.

Assignees

• State Farm Mutual Automobile Insurance Co

Inventors

• Magerkurth Melinda Teresa
• Bellas Eric
• Skaggs Jaime
• Call Shawn M
• Moore Eric R
• King Vicki
• Floyd Burton J
• Turrentine David
• Olson Steven T
• Wells Timothy Caleb
• Chapman Corin Rebekah
• Breitweiser Edward W
• Gomez Robert
• Smith Shelia Cummings

Classifications

• G06F21/64 Primary

  Protecting data integrity, e.g. using checksums, certificates or signatures · CPC title

• G06Q20/10

  specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems · CPC title

• H04L9/50

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

• H04L2209/56

  Financial cryptography, e.g. electronic payment or e-cash · CPC title

• G06Q20/401

  Transaction verification · CPC title