U.S. Patent 11030699 was awarded to STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY on June 08, 2021 and is entitled “Blockchain controlled multi-carrier auction system for usage-based auto insurance.” The first named inventor is Matthew L. Floyd of Alpharetta, GA. The abstract contains an overview of the patent disclosure:

A system for generating and managing usage-based contracts using blockchains configured to (i) store an insurance contract for a currently occurring or upcoming trip, where the insurance contract is to insure the driver, passenger, and/or vehicle during the trip, where the insurance contract includes terms, conditions, or other clauses (e.g., mileage limitations, limitations on autonomous vehicle operation, etc.) and is in a blockchain structure, and where several nodes store copies of the insurance contract in the blockchain structure; (ii) receive, from the driver and/or (autonomous) vehicle, a requested modification of one or more terms, conditions, or other clauses of the insurance contract, (iii) transmit the requested modification to an insurance auction network, (iv) receive a response to the request from the insurance auction network; and (v) store the response in a new block in the insurance contract (e.g., a smart contract) to facilitate providing trip insurance in a transparent manner. Link to Full Patent

This blockchain patent was originally filed on December 11, 2017  as U.S. Patent Application 15/838054 at the United Stated Patent and Trademark Office. The application was them awarded a patent grant and published as U.S. Patent 11030699. The primary examiner was William E Rankins.

STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY, who is the original assignee of this patent, has at least 1288 total granted patents in the United States as of the date of this article. This blockchain patent has been cited 0 times by other U.S. patents according to our law firm research, and can be considered an innovative patent in the field of cryptocurrency and blockchain.

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