Distributed Ledger Loss Histories for Complete Property Claims Records
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Insurance companies and potential buyers face challenges in accessing comprehensive loss histories for properties and individuals due to fragmented and isolated centralized databases, with incomplete records and lack of cooperation from different parties, making it difficult to form a complete picture of a property's history.
Innovation Solution
A distributed ledger system, such as a blockchain, is used to manage and maintain loss histories by configuring multiple servers to maintain copies of the ledger, generating transaction records for insurance claims, and performing consensus analysis to ensure all servers agree on the validity of the records, thereby creating up-to-date loss history reports.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If centralized databases are used to store insurance claim records, then data storage and management are simplified, but accessibility and transparency of loss histories are reduced
Solution Approach 1:
The patent divides the centralized database into multiple distributed nodes across different servers. Each node maintains a copy of the ledger, segmenting the storage system to improve accessibility while distributing complexity across multiple independent units rather than concentrating it in a single centralized database.
Solution Approach 2:
The patent creates multiple copies of the insurance claim records across different servers in the distributed network. Each server maintains an identical copy of the ledger, ensuring that information is accessible from multiple locations simultaneously, thereby improving accessibility without requiring a single point of access.
2Reliability
If insurance claim records are stored in isolated centralized databases, then data security and control are improved, but completeness and accuracy of loss histories are reduced
Solution Approach 1:
The patent merges multiple isolated centralized databases into a unified distributed ledger system. By combining the data from multiple sources into a single shared ledger that all participants maintain copies of, the system achieves complete loss history while distributing the data network structure across multiple nodes.
Solution Approach 2:
The distributed ledger serves multiple functions simultaneously: it acts as a storage medium, a verification mechanism, and a shared data source for all participants. This multi-functionality allows the system to achieve complete and accurate loss histories while managing complexity through a standardized universal protocol.
3Ease of operation
If third-party intermediaries are used to access insurance records, then data privacy and security are maintained, but accessibility and transparency are reduced
Solution Approach 1:
The patent extracts the intermediary layer from the system architecture. Instead of requiring third parties to mediate access to insurance records, the system allows direct access to the distributed ledger by authorized participants, eliminating the need for intermediaries and thereby improving both accessibility and transparency simultaneously.
Solution Approach 2:
The system enables participants to access and verify loss histories directly from the distributed ledger without requiring external intermediaries. Each participant can independently query the ledger for complete loss history information, allowing the system to serve itself and its users directly, improving ease of operation and transparency.
Data Source
AI summary
Systems and methods are disclosed with respect to using a distributed ledger, such as a blockchain, for managing loss histories for individuals and/or assets, such as real estate, homes, and vehicles, and/or for creating and maintaining loss history reports for individuals and/or insurable assets. The loss histories or loss history reports may be individual or insured specific, or may be insurable or insured asset specific.