Blockchain systems and methods for providing insurance coverage to affinity groups
First Claim
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.
1 Assignment
0 Petitions
Accused Products
Abstract
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.
201 Citations
24 Claims
-
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. - View Dependent Claims (2, 3, 4, 5, 6, 7)
-
-
8. A system, comprising:
-
one or more persistent memories storing an auction database; one or more communication interfaces configured to communicate with remote devices via one or more networks; and a blockchain manager unit comprising computer-executable instructions that are stored on one or more non-transitory, computer-readable storage media and that, when executed by one or more processors, cause the system to; compile a plurality of transactions into a block of transactions, the plurality of transactions corresponding to a plurality of bidding actions submitted by a plurality of bidding entities for an auction of an opportunity to provide insurance for an affinity group, and the plurality of bidding actions received at the system via the one or more communication interfaces; distribute the block of transactions to one or more validation entities to form a consensus on a highest bid corresponding to the block of transactions; update, via the one or more communication interfaces, 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; identify 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; store, in the auction database, an indication of the winning bid for the auction corresponding to the affinity group and an indication of a particular bidding entity that submitted the winning bid; and provide, to a computing device corresponding to the particular bidding entity that submitted 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. - View Dependent Claims (9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24)
-
Specification