Systems and methods for implementing a decentralized insurance platform using smart contracts and multiple data sources
US11315193B1 · kind B1 · utility
Assignee
Inventor
Key dates
| Filing date | Feb 12, 2020 |
| Grant date | Apr 26, 2022 |
| Priority date | — |
| Expiry date | Feb 12, 2040 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q2220/00
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A smart contract computing device may be provided. A processor may be configured to: (1) receive a plurality of deposits from a plurality of user computing devices; (2) store the plurality of deposits in a blockchain structure including, for each user computing device, a user identifier and a current amount; (3) receive, from at least one user computing device of the plurality of user computing devices, a proposal message for a decentralized insurance policy, the proposal message including a price amount, a coverage amount, a payout condition, and a specified data source; (4) receive, from at least one user computing device of the plurality of user computing devices, a response message for the decentralized insurance policy; and/or (5) generate, in response to receiving the response message, a smart contract in the blockchain structure including at least one buyer user identifier, at least one seller user identifier, the coverage amount, the payout condition, and the specified data source.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.