The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Oct. 10, 2023
Filed:
Apr. 23, 2021
State Farm Mutual Automobile Insurance Company, Bloomington, IL (US);
Jaime Skaggs, Chenoa, IL (US);
Shawn M. Call, Bloomington, IL (US);
Eric Bellas, Bloomington, IL (US);
Douglas A. Graff, Mountain View, MO (US);
William J. Leise, Normal, IL (US);
Vicki King, Bloomington, IL (US);
Jacob J. Alt, Downs, IL (US);
Eric R. Moore, Heyworth, IL (US);
Stacie A. McCullough, Bloomington, IL (US);
STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY, Bloomington, IL (US);
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.