U.S. Patent 10664920 was awarded to STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY on May 26, 2020 and is entitled “Blockchain systems and methods for providing insurance coverage to affinity groups.” The first named inventor is Gregory Hayward of Bloomington, IL. The abstract contains an overview of the patent disclosure:

Blockchain techniques for providing insurance to an affinity group may include an enforcement server that receives a plurality of bidding actions (e.g., bid or no-bid) from a plurality of bidding entities in response to an auction of an opportunity to provide insurance for members of the affinity group. The server may compile transactions corresponding to the received bidding actions into a block of transactions (e.g., a round of bidding), distribute the block of transactions to validation entities to form a consensus on the highest bid, and update copies of a distributed ledger with the block of transactions. The server may identify a winning bid and provide affinity group member data to the winning bidding entity, thereby providing consumers with lower cost insurance and/or insurance that is more reflective of actual risk (or lack thereof). The affinity group may be updated over time and re-auctioned using the blockchain techniques. Link to Full Patent

This blockchain patent was originally filed on January 12, 2018  as U.S. Patent Application 15/869752 at the United Stated Patent and Trademark Office. The application was them awarded a patent grant and published as U.S. Patent 10664920. The primary examiner was Frantzy Poinvil.

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 1 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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