STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY (20240273525). BLOCKCHAIN-BASED SYSTEMS AND METHODS FOR MANAGING DIGITAL CURRENCY simplified abstract
Contents
BLOCKCHAIN-BASED SYSTEMS AND METHODS FOR MANAGING DIGITAL CURRENCY
Organization Name
STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
Inventor(s)
Veena Vivek of Chandler AZ (US)
Jose I. Gutierrez of Laveen AZ (US)
Anthony Welcome of Mesa AZ (US)
Steve Amancha of Tempe AZ (US)
EllaKate Lefebre of Mesa AZ (US)
Kimberly C. Kloeppel of Mesa AZ (US)
BLOCKCHAIN-BASED SYSTEMS AND METHODS FOR MANAGING DIGITAL CURRENCY - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240273525 titled 'BLOCKCHAIN-BASED SYSTEMS AND METHODS FOR MANAGING DIGITAL CURRENCY
Simplified Explanation: The patent application describes blockchain-based systems and methods for managing digital currency associated with a company or organization. This digital currency can be used to reward or incentivize behaviors of employees, clients, and prospective clients or customers.
- The system includes a blockchain computing device with memory and a processor.
- The processor is programmed to automatically generate a reward token transaction when a predetermined criterion is met.
- The reward token transaction is broadcasted to a blockchain network, validated, and stored in a new block on the network.
Key Features and Innovation:
- Use of blockchain technology for managing digital currency within a company or organization.
- Automated generation of reward token transactions based on predetermined criteria.
- Validation and storage of reward token transactions on a blockchain network.
Potential Applications: The technology can be applied in various industries for incentivizing desired behaviors among employees, clients, and customers.
Problems Solved: The technology addresses the need for a secure and transparent system to manage digital currency rewards within a company or organization.
Benefits:
- Increased efficiency in rewarding and incentivizing behaviors.
- Enhanced transparency and security in managing digital currency transactions.
- Improved engagement and motivation among employees, clients, and customers.
Commercial Applications: Potential commercial applications include employee incentive programs, customer loyalty programs, and client reward systems in various industries.
Prior Art: Readers can explore prior art related to blockchain-based reward systems and digital currency management within companies or organizations.
Frequently Updated Research: Stay updated on the latest research and developments in blockchain technology for managing digital currency rewards.
Questions about Blockchain-Based Reward Systems: 1. How does blockchain technology ensure the security of digital currency transactions within a company or organization? 2. What are the key advantages of using blockchain for managing reward systems compared to traditional methods?
Original Abstract Submitted
blockchain-based systems and methods for managing digital currency associated with a company or organization are disclosed. the digital currency may be used to reward or incentivize behaviors of employees, clients, and/or prospective clients or customers of a company, organization, or other entity. a blockchain computing device in accordance with the present disclosure may include at least one memory and at least one processor in communication with the at least one memory. the processor may be programmed to, in response to a predetermined criterion being met, automatically generate a reward token transaction, broadcast the reward token transaction to a blockchain network, validate the reward token transaction, and generate and store a new block on the blockchain network with the reward token transaction.
