Blockchain subrogation claims with arbitration

US11270383B1 · kind B1 · utility

Assignee

• State Farm Mutual Automobile Insurance Company · US

Inventors

• Shawn M. Call · Bloomington, US
• Jaime Skaggs · Chenoa, US
• Eric Bellas · Bloomington, US
• Douglas A. Graff · West Plains, US
• William J. Leise · Normal, US
• Vicki King · Bloomington, US
• Jacob J. Alt · Downs, US
• Eric R. Moore · Heyworth, US
• Stacie A. McCullough · Bloomington, US

Key dates

• Filing date: Apr 17, 2018
• Grant date: Mar 8, 2022
• Expiry date: Mar 10, 2039

Classification

• Technology area (CPC H): Electricity
• CPC primary: H04L9/50
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A shared ledger operated by a group of network participants according to a set of consensus rules manages and resolves subrogation claims between a clamant and a defendant with arbitration. Evidence regarding the value of the subrogation claim is sent to the shared ledger by the parties to the subrogation claim, such as sending data to a smart contract deployed on the shared ledger. The parties to the claim may request arbitration, especially after attempts to settle the claim on-chain between the two parties have failed. An arbitrator may request evidence from the parties and/or request responses from the parties to accept damages calculations and/or settlement offers. Once the claim is resolved, the arbitrator may release funds on the chain to the prevailing party or may accept confirmation that any payments have been made between the parties off-chain.