Blockchain Controlled Multi-Carrier Auction System for Usage-Based Auto Insurance

ALEXANDRIA, Virginia, Oct. 26 -- STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY, Bloomington, Illinois has been assigned a patent (No. US 11481848 B1, initially filed Aug. 11, 2020) developed by Matthew L. Floyd, Alpharetta, Georgia, for "Blockchain controlled multi-carrier auction system for usage-based auto insurance."

A system for generating and managing usage-based contracts using blockchains configured to (i) store an insurance contract for a currently occurring or upcoming trip, where the insurance contract is to insure the driver, passenger, and/or vehicle during the trip, where the insurance contract includes terms, conditions, or other clauses (e.g., mileage limitations, limitations on autonomous vehicle operation, etc.) and is in a blockchain structure, and where several nodes store copies of the insurance contract in the blockchain structure; (ii) receive, from the driver and/or (autonomous) vehicle, a requested modification of one or more terms, conditions, or other clauses of the insurance contract, (iii) transmit the requested modification to an insurance auction network, (iv) receive a response to the request from the insurance auction network; and (v) store the response in a new block in the insurance contract (e.g., a smart contract) to facilitate providing trip insurance in a transparent manner.