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Blockchain systems and methods for providing insurance coverage to affinity groups

  • US 10,664,920 B1
  • Filed: 01/12/2018
  • Issued: 05/26/2020
  • Est. Priority Date: 10/06/2014
  • Status: Active Grant
First Claim
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1. A computer-implemented method, comprising:

  • receiving, via one or more network interfaces of an enforcement server, and by using an electronic or communications network, a plurality of bidding actions submitted by a plurality of bidding entities in response to a notification of an auction of an opportunity to provide insurance for an affinity group, the auction administered by the enforcement server via the electronic or communications network;

    compiling, by the enforcement server, a plurality of transactions corresponding to the plurality of bidding actions into a block of transactions;

    distributing, by the enforcement server, the block of transactions to one or more validation entities to form a consensus on a highest bid corresponding to the block of transactions;

    updating, by the enforcement server, a plurality of copies of a distributed ledger with the block of transactions, the plurality of copies of the distributed ledger stored in a plurality of computing devices respectively corresponding to the plurality of bidding entities;

    identifying a winning bid for the auction corresponding to the affinity group based upon multiple updates to the distributed ledger, the multiple updates corresponding to multiple blocks of transactions; and

    providing, by the enforcement server to a particular bidding entity corresponding to the winning bid, data descriptive of group members of the affinity group for use by the particular bidding entity in generating one or more insurance policies for the affinity group, thereby providing lower cost insurance and/or insurance that is more reflective of actual risk, or lack thereof, to a set of consumers associated with the particular affinity group.

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