State Farm Mutual Automobile Insurance Company (20240257280). CREATION OF A BLOCKCHAIN FOR PROPERTY DEVELOPMENT INFORMATION simplified abstract
Contents
CREATION OF A BLOCKCHAIN FOR PROPERTY DEVELOPMENT INFORMATION
Organization Name
State Farm Mutual Automobile Insurance Company
Inventor(s)
Bryan Nussbaum of Hershey PA (US)
CREATION OF A BLOCKCHAIN FOR PROPERTY DEVELOPMENT INFORMATION - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240257280 titled 'CREATION OF A BLOCKCHAIN FOR PROPERTY DEVELOPMENT INFORMATION
The abstract describes an access computing device that creates a blockchain to securely store property development information. The device includes a processor in communication with a memory device.
- Access a blockchain network through a first blockchain node computing device.
- Receive a request for information from a blockchain.
- Transmit a query with an asset identifier to the first blockchain node.
- Receive an encryption of the property development information.
- Access a public key to decrypt the encryption.
- Transmit updated property development information for a real estate property asset.
- Automatically transmit an update instruction to the first blockchain node.
Potential Applications: - Real estate industry for secure property development information storage. - Property management companies for efficient data management.
Problems Solved: - Ensures secure and accurate storage of property development information. - Facilitates easy access and updating of property data.
Benefits: - Enhanced security for property information. - Streamlined property development data management process.
Commercial Applications: Title: Secure Property Development Information Management System This technology can be used by real estate companies, property developers, and government agencies for efficient and secure management of property development information. It can improve data accuracy, streamline processes, and enhance overall data security.
Prior Art: Researchers can explore existing blockchain technologies used in real estate and property management for potential prior art related to this technology.
Frequently Updated Research: Stay updated on advancements in blockchain technology for property development information management to ensure the system remains cutting-edge and secure.
Questions about Blockchain Property Development Information Management: 1. How does this technology improve data security in the real estate industry? - This technology enhances data security by securely storing property development information on a blockchain, ensuring only authorized parties can access and update the data.
2. What are the potential cost-saving benefits for property management companies using this system? - Property management companies can save costs by streamlining data management processes, reducing errors, and improving overall efficiency with this technology.
Original Abstract Submitted
an access computing device for creating a blockchain that securely and accurately stores property development information includes a processor in communication with a memory device. the processor is programmed to: (i) access a blockchain network through a first blockchain node computing device, (ii) receive a request for information from a first blockchain of the plurality of blockchains, (iii) transmit a query including an asset identifier to the first blockchain node computing device, (iv) receive an encryption of the property development information from the first blockchain node computing device, (v) access a public key to decrypt the encryption of the property development information, (vi) transmit updated property development information for an existing real estate property asset based at least in part upon the decrypted existing property development information, and (vii) automatically transmit an update instruction to the first blockchain node computing device.
