Blockchain Smart Contracts for Vehicle Build Sheet Verification
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Solution Overview
Problem
Generating and maintaining accurate vehicle build sheets is difficult due to recordation errors and lack of standardization, and calculating insurance premiums is inefficient without real-time data on driver behavior and safety feature usage.
Innovation Solution
Utilizing a blockchain to record and maintain vehicle build sheets and telematics data, enabling smart contracts to automatically calculate and adjust insurance premiums based on sensor data from vehicles and homes, ensuring accurate and up-to-date records.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If conventional methods are used to generate and maintain vehicle build sheets, then manual recordation processes can be implemented, but accuracy and up-to-date status of records deteriorate due to recordation errors and lack of standardization
Solution Approach 1:
A blockchain-based intermediary system is introduced between vehicle manufacturers, insurers, and other stakeholders. This blockchain network acts as a neutral mediator that automatically verifies, standardizes, and stores vehicle build sheet data according to predefined schemas, eliminating manual recordation errors while maintaining data accuracy across all participating entities.
Solution Approach 2:
The system performs preliminary validation and standardization of vehicle build sheet data at the point of generation by the manufacturer. Data is verified against standardized schemas before being written to the blockchain, preventing errors from propagating through the system and eliminating the need for later manual corrections.
2Productivity
If manual verification methods are used to determine safety feature installation, then verification processes can be simplified, but time consumption and efficiency deteriorate
Solution Approach 1:
The patent replaces manual mechanical inspection processes with automated sensor-based detection systems. Sensors installed in vehicles automatically detect and verify the presence and status of safety features, transmitting this data to the blockchain. This substitution eliminates time-consuming manual inspections while providing real-time verification.
Solution Approach 2:
The system enables self-verification where the vehicle's own sensors and onboard systems automatically detect safety feature installation and usage. The vehicle itself serves as the verification mechanism, continuously monitoring and reporting safety feature status to the blockchain without requiring external manual inspection.
3Measurement precision
If insurance premiums are calculated without real-time data, then calculation processes can be simplified, but accuracy and personalization of premiums deteriorate
Solution Approach 1:
The system implements continuous feedback loops where sensor data from vehicles is automatically collected, verified on the blockchain, and fed back to insurance providers in real-time. This feedback mechanism enables dynamic premium calculation based on actual driving behavior and safety feature usage, significantly improving premium accuracy and personalization.
Solution Approach 2:
The patent establishes continuous data collection and processing operations. Sensors continuously monitor vehicle operation and safety feature usage, with data flowing continuously through the blockchain network to insurance providers. This continuous stream of actionable data enables real-time premium adjustment rather than periodic updates.
4Reliability
If centralized data storage is used for vehicle and insurance records, then data access can be simplified, but data security and reliability deteriorate
Solution Approach 1:
The patent segments the centralized data storage system into a distributed ledger across multiple blockchain nodes. Instead of storing all data in a single centralized database, the system divides data into blocks that are replicated and stored across numerous independent nodes, enhancing reliability through distribution while managing complexity through standardized data structures.
Solution Approach 2:
The system merges multiple independent verification sources (manufacturers, insurers, sensors, third-party validators) into a unified blockchain network. These diverse entities contribute their respective data and verification capabilities to the shared ledger, creating a more reliable system through combined validation rather than relying on a single centralized authority.
Data Source
AI summary
Systems and methods are disclosed for generating one or more smart contracts for deployment onto a blockchain. The systems and methods may include (1) receiving vehicle information related to a vehicle; (2) analyzing the vehicle information to identify one or more safety features installed in the vehicle; (3) generating, based upon the one or more safety features identified, a smart contract that may be configured to (i) maintain a set of indications related to whether safety features in the one or more safety features installed in the vehicle have been activated, and (ii) automatically execute on the blockchain based upon the maintained set of indications; and/or (4) deploying the smart contract at a particular address on the blockchain.