Blockchain based account funding and distribution

US10861015B1 · kind B1 · utility

Assignee

• State Farm Mutual Automobile Insurance Company · US

Inventors

• Jacob J. Alt · Downs, US
• Eric Bellas · Bloomington, US
• Jaime Skaggs · Chenoa, US
• Shawn M. Call · Bloomington, US
• Melinda Teresa Magerkurth · Utica, US
• Vicki King · Bloomington, US
• Charles H. Roscow · Bloomington, US
• Scott Shoop · Heyworth, US
• Greg Hayes · Bloomington, US
• Robert Alpine Jennings · Bloomington, US
• Amber Nelson-Wolfe · Bloomington, US
• Shyam Tummala · Bloomington, US

Key dates

• Filing date: Jan 23, 2018
• Grant date: Dec 8, 2020
• Expiry date: Feb 23, 2038

Classification

• Technology area (CPC H): Electricity
• CPC primary: H04L2209/56
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

The present methods and systems relate to using and accessing data stored in a blockchain, and in particular, interacting with the blockchain and users via smart contracts to handle account funding and distribution methods. The methods and systems include receiving a transaction from a participant, and verifying the transaction, such as by accessing a smart contract stored on the blockchain and checking a set of parameters against a set of conditions stored in the smart contract. Depending on whether the set of parameters satisfy the conditions, the results may be communicated to participants about the success or failure of the transaction.