Systems and methods of smart contract and distributed ledger platform with blockchain authenticity verification

Patent metadata

Field	Value
Publication number	US-2020294129-A1
Application number	US-202016804289-A
Country	US
Kind code	A1
Filing date	Feb 28, 2020
Priority date	May 6, 2018
Publication date	Sep 17, 2020
Grant date	—

Abstract

A system and method of smart contract and distributed ledger platform with blockchain authenticity verification includes a blockchain service circuit structured to interface with a distributed ledger; a data collection circuit structured to receive data related to a set of items of collateral that provide security for a loan: a smart contract circuit structured to create a smart lending contract for the loan and assign at least a portion of the set of items of collateral to the loan, thereby creating an assigned set of items of collateral; wherein the blockchain service circuit is further structured to record the assigned set of items of collateral to a loan-entry in the distributed ledger, and wherein each of the blockchain service circuit, the data collection circuit, and the smart contract circuit further comprise a corresponding application programming interface (API) component structured to facilitate communication among the circuits of the system.

First claim

What is claimed is:

1 . A system, the system comprising:
a blockchain service circuit structured to interface with a distributed ledger; a data collection circuit structured to receive data related to a set of items of collateral that provide security for a loan:
a smart contract circuit structured to create a smart lending contract for the loan and assign at least a portion of the set of items of collateral to the loan, thereby creating an assigned set of items of collateral;
wherein the blockchain service circuit is further structured to record the assigned set of items of collateral to a loan-entry in the distributed ledger, and
wherein each of the blockchain service circuit, the data collection circuit, and the smart contract circuit further comprise a corresponding application programming interface (API) component structured to facilitate communication among the circuits of the system.

2 . The system of claim 1 , wherein the data collection circuit is further structured to receive data related to an environment of the assigned set of items of collateral.

3 . The system of claim 1 , further comprising a valuation circuit structured to determine a value for each of the set of items of collateral or the assigned set of items of collateral, based on a valuation model and the received data.

4 . The system of claim 3 , wherein the valuation circuit comprises a valuation model improvement circuit, wherein the valuation model improvement circuit modifies the valuation model based on a first set of valuation determinations for a first set of items of collateral and a corresponding set of loan outcomes having the first set of items of collateral as security.

5 . The system of claim 3 , further comprising a collateral classification circuit structured to identify a group of off-set items of collateral, wherein each member of the group of off-set items of collateral and at least one of the assigned set of items of collateral share a common attribute.

6 . The system of claim 5 , wherein the valuation circuit further comprises a market value data collection circuit structured to monitor and report marketplace information for offset items of collateral relevant to the value of at least one of the assigned set of items of collateral.

7 . The system of claim 3 , wherein the smart contract circuit is further structured to apportion, among a set of lenders, the value for one of the assigned set of items of collateral.

8 . The system of claim 7 , wherein the loan-entry in the distributed ledger further comprises priority information related to a lender, and wherein an apportionment of value is based on the priority information for the lender.

9 . The system of claim 1 , wherein the data collection circuit comprises at least one system selected from systems consisting of: an Internet of Things system, a camera system, a networked monitoring system, an interne monitoring system, a mobile device system, a wearable device system, a user interface system, and an interactive crowdsourcing system.

10 . The system of claim 1 , wherein the data collection circuit is further structured to identify a collateral event based on the received data, wherein the collateral event is related to a value of one of the assigned set of items of collateral, a condition of one of the assigned set of items of collateral, or an ownership of one of the assigned set of items of collateral.

11 . The system of claim 10 , further comprising an automated agent circuit structured to perform at least one of a collateral-related action or a loan-related action in response to the collateral event.

12 . A method, comprising:
receiving data related to a plurality of items of collateral that provide security for a loan; creating a smart lending contract for the loan; recording the plurality of items of collateral in the smart lending contract; and recording a loan-entry in a distributed ledger, wherein the loan-entry comprises one of the smart lending contract or a reference to the smart lending contract.

13 . The method of claim 12 , further comprising receiving data related to an environment of at least one of the plurality of items of collateral.

14 . The method of claim 13 , further comprising determining a value for each of the plurality of items of collateral based on a valuation model and the received data.

15 . The method of claim 14 , further comprising modifying the valuation model based on a first set of valuation determinations for a first set of items of collateral and a corresponding set of loan outcomes having the first set of items of collateral as security.

16 . The method of claim 14 , further comprising apportioning, among a set of lenders, the value of one of the plurality of items of collateral.

17 . The method of claim 14 , further comprising determining a collateral event based on at least one of the value of at least one of the plurality of items of collateral and the received data.

18 . The method of claim 17 , further comprising performing a loan-related action in response to the collateral event, wherein the loan-related action is selected from the list of actions consisting of: offering the loan, accepting the loan, underwriting the loan, setting an interest rate for a loan, deferring a payment requirement, modifying the interest rate for the loan, calling the loan, closing the loan, setting terms and conditions for the loan, providing notices required to be provided to a borrower, foreclosing on property subject to the loan, and modifying terms and conditions for the loan.

19 . The method of claim 17 , further comprising performing a collateral-related action in response to the collateral event, wherein the collateral-related action is selected from the list of actions consisting of: validating title for the at least one of the plurality of items of collateral, recording a change in title for the at least one of the plurality of items of collateral, assessing the value of the at least one of the plurality of items of collateral, initiating inspection of the at least one of the plurality of items of collateral, initiating maintenance of the at least one of the plurality of items of collateral, initiating security for the at least one of the plurality of items of collateral, and modifying terms and conditions for the at least one of the plurality of items of collateral.

20 . The method of claim 14 , further comprising:
identifying a group of off-set items of collateral, wherein the group of off-set items of collateral and at least one of the plurality of items of collateral share a common attribute; monitoring marketplace information for data related to the group of off-set items of collateral; updating the value of the at least one of the plurality of items based on the monitored data; and
updating the loan-entry in the distributed ledger with the updated value.

Assignees

• Strong Force Tx Portfolio 2018 Llc

Inventors

• Cella Charles Howard

Classifications

• H04L9/0637

  Modes of operation, e.g. cipher block chaining [CBC], electronic codebook [ECB] or Galois/counter mode [GCM] · CPC title

• G06Q50/26

  Government or public services (business processes related to the transportation industry G06Q50/40) · CPC title

• G06Q50/188

  Electronic negotiation · CPC title

• G06Q50/18

  Legal services · CPC title

• G06Q40/08

  Insurance · CPC title