Blockchain subrogation payments

US11556994B1 · kind B1 · utility

Assignee

• State Farm Mutual Automobile Insurance Company · US

Inventors

• Jaime Skaggs · Chenoa, US
• Shawn M. Call · Bloomington, 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: May 7, 2018
• Grant date: Jan 17, 2023
• Expiry date: Feb 17, 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. Evidence regarding the value of the subrogation claim is sent to the shared ledger by entities involved in the claim such as sending to a smart contract deployed on the shared ledger. The parties to the subrogation claim may supplement evidence and settlement proposals on the blockchain by broadcasting a transaction or sending data to the smart contract. Once the claim is resolved, the parties may settle the subrogation payment off-chain or may transact a token having value on the chain. A subrogation smart contract may be programmed to release funds under certain conditions including holding a bond by a claimant and/or upon final resolution of the subrogation claim.