State Farm Mutual Automobile Insurance Company (20240331051). EVIDENCE ORACLES simplified abstract

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 20240331051 titled 'EVIDENCE ORACLES

Simplified Explanation: The patent application discusses using a blockchain to manage the subrogation claim process for vehicle collisions, specifically incorporating evidence oracles in the process. This involves receiving data from connected devices, analyzing it to determine a collision, generating a transaction with collision data, and transmitting it to other participants in the network.

• Utilizes blockchain technology for managing subrogation claims in vehicle collisions
• Incorporates evidence oracles to aid in the subrogation process
• Receives and analyzes data from connected devices to identify collisions
• Generates transactions based on collision data analysis
• Transmits transactions to other participants in the distributed ledger network

Potential Applications: - Insurance industry for automating and streamlining subrogation claim processes - Law enforcement agencies for efficient handling of collision-related data - Automotive industry for enhancing transparency and accuracy in collision investigations

Problems Solved: - Streamlines the subrogation claim process for vehicle collisions - Improves accuracy in identifying collisions through data analysis - Enhances transparency and efficiency in transmitting collision data to relevant parties

Benefits: - Faster resolution of subrogation claims - Increased accuracy in collision identification - Enhanced transparency and efficiency in data transmission

Commercial Applications: Title: Blockchain Subrogation Claim Management for Vehicle Collisions This technology can be utilized by insurance companies, law enforcement agencies, and automotive companies to streamline subrogation claim processes, improve data accuracy, and enhance transparency in collision investigations. The market implications include cost savings, improved customer satisfaction, and increased operational efficiency.

Questions about Blockchain Subrogation Claim Management for Vehicle Collisions: 1. How does the use of evidence oracles improve the subrogation claim process in vehicle collisions? 2. What are the potential challenges in implementing blockchain technology for managing subrogation claims in the insurance industry?

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.