Influential STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY Blockchain Patent – Systems and methods for maintaining transferability of title via blockchain – US10832214

U.S. Patent 10832214 was awarded to STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY on November 10, 2020 and is entitled “Systems and methods for maintaining transferability of title via blockchain.” The first named inventor is Douglas Albert Graff of Mountain View, MO. The abstract contains an overview of the patent disclosure:

The present embodiments relate to systems and methods for using a blockchain to record information related to the lifecycle of a vehicle associated with a Vehicle Identification Number (VIN), or other vehicle identifier. For example, the VIN lifecycle process may be used to ensure the transferability of title, including when information relevant to transferability is not easily determinable, such as after a collision occurs. The systems and methods may include the reception of a mileage report corresponding to a vehicle and updating a blockchain to associate the vehicle with mileage information. The systems and methods described herein may allow for using a blockchain which gives the option for private information, and permissioned participants in the blockchain. In particular, the systems and methods allow for a distributed consensus amongst businesses, consumers, and authorities, as to the validity of information and transactions stored on the blockchain. Link to Full Patent

This blockchain patent was originally filed on February 20, 2018  as U.S. Patent Application 15/899724 at the United Stated Patent and Trademark Office. The application was them awarded a patent grant and published as U.S. Patent 10832214. The primary examiner was Longbit Chai.

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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