State Farm Mutual Automobile Insurance Company (20240330928). BLOCKCHAIN BASED ACCOUNT ACTIVATION simplified abstract

BLOCKCHAIN BASED ACCOUNT ACTIVATION

Organization Name

State Farm Mutual Automobile Insurance Company

Inventor(s)

Jacob J. Alt of Downs IL (US)

Eric Bellas of Bloomington IL (US)

Jaime Skaggs of Chenoa IL (US)

Shawn M. Call of Bloomington IL (US)

Melinda Teresa Magerkurth of Utica IL (US)

Vicki King of Bloomington IL (US)

Charles H. Roscow of Bloomington IL (US)

Scott Shoop of Heyworth IL (US)

Greg Hayes of Bloomington IL (US)

Robert Alpine Jennings of Bloomington IL (US)

Amber Nelson-wolfe of Bloomington IL (US)

Shyam Tummala of Bloomington IL (US)

BLOCKCHAIN BASED ACCOUNT ACTIVATION - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240330928 titled 'BLOCKCHAIN BASED ACCOUNT ACTIVATION

The present methods and systems involve using and accessing data stored in a blockchain to provide bank card activation services using smart contracts.

• Receiving a credit card application package with credit card information and user information.
• Verifying the credit card and user information.
• Checking the information against a smart contract on the blockchain.
• Activating the credit card when the information satisfies the conditions in the smart contract.

Potential Applications: - Streamlining the process of credit card activation. - Enhancing security and transparency in financial transactions.

Problems Solved: - Simplifying the verification and activation process for credit cards. - Ensuring compliance with predetermined conditions stored in smart contracts.

Benefits: - Increased efficiency in activating credit cards. - Improved security and trust in financial transactions.

Commercial Applications: Title: Enhanced Bank Card Activation Services Using Blockchain Technology This technology can be utilized by financial institutions to streamline and secure the process of credit card activation, leading to improved customer satisfaction and trust in the banking system.

Questions about Bank Card Activation Services Using Blockchain Technology: 1. How does this technology improve the security of credit card activation processes? - This technology enhances security by verifying information against predetermined conditions stored in smart contracts on the blockchain, reducing the risk of fraud.

2. What are the potential implications of using smart contracts for bank card activation services? - The use of smart contracts can lead to increased efficiency, transparency, and trust in financial transactions, benefiting both customers and financial institutions.

Original Abstract Submitted

the present methods and systems relate to using and accessing data stored in a blockchain, and in particular, interacting with the blockchain and users to provide bank card activation services using smart contracts. the methods and systems include (1) receiving a credit card application package associated with a credit card, wherein the credit card application package includes credit card information and a set of user information, (2) verifying the credit card information and the set of user information, (3) checking the credit card information and the set of user information against the smart contract stored on the blockchain, wherein the smart contract includes a set of conditions, and (4) activating the credit card when the credit card information and the set of user information satisfy the set of conditions stored in the smart contract.