Systems and methods for feature-based rating via blockchain
US10805068B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Feb 20, 2018 |
| Grant date | Oct 13, 2020 |
| Priority date | — |
| Expiry date | Aug 7, 2038 |
Classification
- Technology area (CPC H)Electricity
- CPC primaryH04W12/71
- WIPO fieldDigital communication
- WIPO sectorElectrical engineering
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.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.