Unknown Organization (20240412295). Computer Systems and Software for Self-Executing Code and Distributed Database
Computer Systems and Software for Self-Executing Code and Distributed Database
Organization Name
Inventor(s)
Joshua Paul Davis of Plano TX (US)
Computer Systems and Software for Self-Executing Code and Distributed Database
This abstract first appeared for US patent application 20240412295 titled 'Computer Systems and Software for Self-Executing Code and Distributed Database
Original Abstract Submitted
a computer-implemented method includes creating a premiums escrow, with a zero balance, for a group of policyholders and managed using a distributed ledger and self-executing agreement. at a term beginning, the self-executing agreement receives premium payments sing cryptocurrency from each policyholder and allocates the premium payments to the premiums escrow. during the term the self-executing agreement receives a notification of an incident claim associated with a claimant policyholders. at a term end, the self-executing agreement receives payment instructions from the policyholders; pays, using cryptocurrency from the premiums escrow, the claimant an incident claim payment larger than the premium payment and determined according to the payment instructions; and distributes to the policyholders a rebate payment equal to or lower than the premium payment from the premiums escrow, which returns to a zero balance. the self-executing agreement stores a record of the incident claim in a tamper-proof, publicly-available, non-repudiable distributed ledger.
