18522986. EVIDENCE ORACLES simplified abstract (STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY)

EVIDENCE ORACLES

Organization Name

STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY

Inventor(s)

William J. Leise of Normal IL (US)

Douglas A. Graff of Mountain View MO (US)

Anthony Mccoy of Normal IL (US)

Jaime Skaggs of Chenoa IL (US)

Shawn M. Call of Bloomington IL (US)

Stacie A. Mccullough of Bloomington IL (US)

Wendy H. Clayton of Franklin TN (US)

Melinda Teresa Magerkurth of Utica IL (US)

Kim E. Flesher of Normal IL (US)

Travis Charles Runge of Heyworth IL (US)

EVIDENCE ORACLES - A simplified explanation of the abstract

This abstract first appeared for US patent application 18522986 titled 'EVIDENCE ORACLES

Simplified Explanation

The patent application abstract describes a system and method for using a blockchain to manage the subrogation claim process for vehicle collisions, specifically by incorporating evidence oracles into the process.

• The system receives recorded data from connected devices at a specific location.
• The recorded data is analyzed to determine if a collision involving vehicles has occurred.
• A transaction containing data about the collision is generated based on the analysis.
• The transaction is then transmitted to other participants in the distributed ledger network.

Potential Applications

This technology could be applied in the insurance industry for streamlining the subrogation process after vehicle collisions.

Problems Solved

This technology helps in automating and improving the efficiency of the subrogation claim process, reducing the time and resources required for resolution.

Benefits

The use of blockchain and evidence oracles enhances transparency, accuracy, and trust in the subrogation process, leading to quicker resolution and reduced disputes.

Potential Commercial Applications

One potential commercial application of this technology could be in providing specialized subrogation services to insurance companies, helping them handle claims more efficiently.

Possible Prior Art

One possible prior art could be traditional subrogation processes that rely on manual documentation and communication, which can be time-consuming and prone to errors.

Unanswered Questions

== How does the system ensure the security and privacy of the recorded data from connected devices? The abstract does not provide details on the security measures implemented to protect the data collected from connected devices.

== What is the scalability of the system in handling a large volume of collision data and transactions? The abstract does not mention how the system can scale to manage a high volume of collision data and transactions efficiently.

Original Abstract Submitted

Systems and methods are disclosed with respect to using a blockchain for managing the subrogation claim process related to a vehicle collision, in particular, utilizing evidence oracles as part of the subrogation process. An exemplary embodiment includes receiving recorded data from one or more connected devices at a geographic location; analyzing the recorded data, wherein analyzing the recorded data includes determining that an collision has occurred involving one or more vehicles; generating a transaction including the data indicative of the collision based upon the analysis; and transmitting the transaction to at least one other participant in the distributed ledger network.