US Patent Issued to State Farm Mutual Automobile Insurance on June 23 for "Blockchain controlled multi-carrier auction system for usage-based auto insurance" (Georgia Inventor)

ALEXANDRIA, Va., July 15 -- United States Patent no. 12,664,590, issued on June 23, was assigned to State Farm Mutual Automobile Insurance Co. (Bloomington, Ill.).

"Blockchain controlled multi-carrier auction system for usage-based auto insurance" was invented by Matthew L. Floyd (Alpharetta, Ga.).

According to the abstract* released by the U.S. Patent & Trademark Office: "A system for generating and managing usage-based contracts using blockchains configured to (i) store an insurance contract for a currently occurring or upcoming trip, where the insurance contract is to insure the driver, passenger, and/or vehicle during the trip, where the insurance contract includes terms, conditions, or other clauses (e.g., mileage limitations, limita...