US 12,307,513 B2
Blockchain systems and methods for managing property loan information
Lokesh Awasthy, Santa Clara, CA (US)
Assigned to State Farm Mutual Automobile Insurance Company, Bloomington, IL (US)
Filed by State Farm Mutual Automobile Insurance Company, Bloomington, IL (US)
Filed on Nov. 14, 2022, as Appl. No. 18/055,162.
Application 18/055,162 is a division of application No. 15/880,103, filed on Jan. 25, 2018, granted, now 11,501,365.
Claims priority of provisional application 62/460,216, filed on Feb. 17, 2017.
Prior Publication US 2023/0069836 A1, Mar. 9, 2023
Int. Cl. G06Q 40/03 (2023.01); G06Q 20/38 (2012.01); H04L 9/30 (2006.01)
CPC G06Q 40/03 (2023.01) [G06Q 20/389 (2013.01); H04L 9/30 (2013.01); G06Q 2220/00 (2013.01)] 11 Claims
OG exemplary drawing
 
1. A loan management (LM) computer system for managing property loan information using blockchains, the LM computer system comprising:
a first blockchain node computing device integral to a blockchain network; and
an access computing device communicatively coupled to the first blockchain node computing device such that the access computing device has access to the blockchain network, wherein
the LM computer system is configured to:
receive, at the access computing device a request to access the blockchain network, the request including: (i) an asset identifier associated with a personal property asset, (ii) a user identifier of a user associated with the personal property asset, (iii) updated loan information including one or more updated loan terms to an existing loan associated with the personal property asset and (iv) an acceptance notification indicating acceptance of the updated loan terms by the user and a loan provider entity;
determine, at the access computing device, that the request includes the acceptance notification;
based on determining that the request includes the acceptance notification, automatically execute a smart contract, wherein executing the smart contract comprises:
transferring, using the smart contract, funds to or from the loan provider entity; and
updating, using the smart contract, a title associated with the personal property asset;
identify, at the first blockchain node computing device, based upon the request, an existing blockchain associated with the personal property asset using the asset identifier and a last block in the existing blockchain using the user identifier; and
generate, at the first blockchain node computing device, and store a new block in the first existing blockchain, the new block including an encryption of the updated loan information and a description of data stored in the last block.