Systems and Methods for Usage Based Insurance Via Blockchain

Abstract

The present embodiments relate to systems and methods for using a blockchain or shared ledger to generate Usage-Based Insurance quotes for a vehicle tracked over its lifecycle according to a Vehicle Identification Number (VIN), or other vehicle identifier. A mileage report stored on the shared ledger may be searched according to the vehicle's VIN and a Usage-Based Insurance quote may be generated based upon the mileage report. Periodic updates to the mileage report may be broadcast to the blockchain in transactions that updated the shared ledger. An estimated vehicle usage may be determined based upon the cryptographic proof of the blockchain and a Usage-Based Insurance quote generated thereon.

What is claimed: 
     
         1 . A system for providing Usage-Based Insurance (UBI) by a shared ledger corresponding to a blockchain comprising:
 a server communicatively coupled to the blockchain; and   program instructions stored in a program memory that, when executed by the server, cause the server to:   identify a vehicle on the blockchain by vehicle identification number (VIN), the blockchain including a blockchain vehicle profile of the vehicle linked to the VIN;   determine a mileage of the vehicle based on the blockchain vehicle profile;   receive a first update at the shared ledger containing a set of vehicle telematics data regarding the mileage of the vehicle;   determine that an identity of the vehicle is not verified as having authority to update the shared ledger by existing consensus rules of the shared ledger;   receive a second update at the shared ledger;   verify, by comparing the second update and the first update; the authority of the identity of the vehicle to update the shared ledger;   determine, responsive to the verifying, a number of remaining insured miles based on the mileage and the first update at the shared ledger; and   generate an offer to insure the vehicle for additional miles after the remaining insured miles have been used.   
     
     
         2 . The system of  claim 1 , wherein the program instructions further cause the server to:
 broadcast, responsive to receiving an acceptance to the offer to insure the vehicle, a transaction to the blockchain to reflect that the vehicle identified by the VIN is insured.   
     
     
         3 . The system of  claim 1 , wherein the generating of the offer to insure the vehicle includes an estimate of future miles expected to be driven based upon past mileage reports stored on the blockchain. 
     
     
         4 . The system of  claim 1 , wherein the program instructions further cause the server to: broadcast a transaction to the blockchain to reflect a liability level for which the vehicle is insured. 
     
     
         5 . The system of  claim 1 , wherein the generating of the offer to insure the vehicle includes a requirement of periodic mileage updates to the blockchain. 
     
     
         6 . The system of  claim 1 , wherein the blockchain vehicle profile includes a vehicle lifecyle of the vehicle. 
     
     
         7 . The system of  claim 1 , wherein the first update is signed by a private key stored on the vehicle and the second update is signed by the private key stored on the vehicle. 
     
     
         8 . A method of providing Usage-Based Insurance (UBI) by a shared ledger corresponding to a blockchain comprising:
 identifying, by a server, a vehicle on the blockchain by vehicle identification number (VIN), the blockchain including a blockchain vehicle profile of the vehicle linked to the VIN;   determining, by the server, a mileage of the vehicle based on the blockchain vehicle profile;   receiving, by the server, a first update at the shared ledger containing a first set of vehicle telematics data regarding the mileage of the vehicle;   determining, by the server, that an identity of the vehicle is not verified as having authority to update the shared ledger by existing consensus rules of the shared ledger;   receiving, by the server, a second update at the shared ledger;   verifying, by the server, by comparing the second update and the first update, the authority of the identity of the vehicle to update the shared ledger;   determining, by the server and responsive to the verifying, a number of remaining insured miles based on the mileage and the first update at the shared ledger; and   generating, by the server, an offer to insure the vehicle for additional miles after the remaining insured miles have been used.   
     
     
         9 . The method of  claim 8 , further comprising: broadcasting, responsive to receiving an acceptance of the offer, a transaction to the blockchain to reflect that the vehicle identified by the VIN is insured for the additional miles. 
     
     
         10 . The method of  claim 8 , wherein the generating of the offer to insure the vehicle includes an estimate of future miles expected to be driven based upon past mileage reports stored on the blockchain. 
     
     
         11 . The method of  claim 8 , further comprising broadcasting a transaction to the blockchain to reflect a liability level for which the vehicle is insured. 
     
     
         12 . The method of  claim 8 , wherein the generating of the offer to insure the vehicle includes a requirement of periodic mileage updates to the blockchain. 
     
     
         13 . The method of  claim 8 , wherein the blockchain vehicle profile includes a lifecycle of the vehicle. 
     
     
         14 . The method of  claim 8 , wherein the first update is signed by a private key stored on the vehicle and the second update is signed by the private key stored on the vehicle. 
     
     
         15 . A tangible, non-transitory computer-readable medium storing instructions for providing Usage-Based Insurance (UBI) by a shared ledger corresponding to a blockchain that, when executed by one or more processors of a computing device, cause the computing device to:
 identify a vehicle on the blockchain by vehicle identification number (VIN), the blockchain including a blockchain vehicle profile of the vehicle linked to the VIN;   determine a mileage of the vehicle based on the blockchain vehicle profile;   receive a first update at the shared ledger containing a first set of vehicle telematics data regarding the mileage of the vehicle;   determine that an identity of the vehicle is not verified as having authority to update the shared ledger by existing consensus rules of the shared ledger;   receive a second update at the shared ledger;   verify, by comparing the second update and the first update, the authority of the identity of the vehicle to update the ledger;   determine, responsive to the verifying, a number of remaining insured miles based on the mileage and the first update at the shared ledger; and   generate an offer to insure the vehicle for additional miles after the remaining insured miles have been used.   
     
     
         16 . The tangible, non-transitory computer-readable medium of  claim 15 , wherein the non-transitory computer-readable medium further includes instructions that, when executed by the one or more processors, cause the computing device to:
 broadcast, responsive to receiving an acceptance of the offer, a transaction to the blockchain to reflect that the vehicle identified by the VIN is insured for the additional miles.   
     
     
         17 . The tangible, non-transitory computer-readable medium of  claim 15 , wherein the generating of the offer to insure the vehicle includes an estimate of future miles expected to be driven based upon past mileage reports stored on the blockchain. 
     
     
         18 . The tangible, non-transitory computer-readable medium of  claim 15 , wherein the non-transitory computer-readable medium further includes instructions that, when executed by the one or more processors, cause the computing device to: broadcast a transaction to the blockchain to reflect a liability level for which the vehicle is insured. 
     
     
         19 . The tangible, non-transitory computer-readable medium of  claim 15 , wherein the generating of the offer to insure the vehicle includes a requirement of periodic mileage updates to the blockchain. 
     
     
         20 . The tangible, non-transitory computer-readable medium of  claim 15 , wherein the first update is signed by a private key stored on the vehicle and the second update is signed by the private key stored on the vehicle.