| CPC G06Q 40/08 (2013.01) [G06Q 20/0655 (2013.01); G06Q 2220/00 (2013.01); H04L 9/50 (2022.05)] | 13 Claims |
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1. A computer-implemented method of settling a subrogation claim by a shared ledger, the method comprising, via one or more processors, servers, and/or associated transceivers:
generating a subrogation claim smart contract, the subrogation claim smart contract identifying a subrogation defendant and including information regarding an insured loss, the subrogation claim smart contract including a contract state and configured to obtain cryptographically signed evidence from participating entities, verify that the cryptographically signed evidence is submitted by the subrogation defendant or a subrogation claimant based on a proof-of-identity, and determine whether a settlement amount has been accepted by the subrogation defendant;
deploying the subrogation claim smart contract to the shared ledger;
generating a cryptographic hash value representing a settlement amount;
generating a transaction including the cryptographic hash value and originator information for an entity generating the transaction, wherein the originator information is based on a cryptographic public key associated with the subrogation claimant;
cryptographically signing said transaction using a cryptographic private key to prove an identity of the entity generating said transaction;
broadcasting the signed transaction to the subrogation claim smart contract deployed to the shared ledger, wherein network participants are alerted with cryptographic proof that the information contained in the signed transaction was originated by the subrogation claimant; and
receiving an indication that the subrogation claim smart contract is updated to reflect that the subrogation defendant has accepted the settlement amount in response to the subrogation defendant providing an indication of acceptance of the settlement amount.
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