Patent ID: 11922526
Assignee: STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
Field: Digital communication (Electrical engineering)
Classification: CPC G  H | IPC G  H

Claim 0:
1. A computer-implemented method for generating a subrogation net settlement smart contract using a distributed ledger, the method comprising, via one or more processors, servers, and/or associated transceivers:
generating the subrogation net settlement smart contract for the distributed ledger in a distributed ledger network maintained by a plurality of participants each executing code in the subrogation net settlement smart contract to reach a distributed consensus on a state of the subrogation net settlement smart contract, the subrogation net settlement smart contract configured to:
determine a proof of agreement regarding a net settlement including an aggregation of a plurality of settlements between a first party and a second party to a plurality of subrogation claims by comparing a first cryptographic hash value provided by the first party to a second cryptographic hash value provided by the second party, and determining that there is proof of agreement in response to determining that the first and second cryptographic hash values match, wherein each of the first and second cryptographic hash values are determined based upon one or more characteristics of the net settlement between the first and second parties; and
transmit notifications to the first and second parties of the proof of agreement regarding the net settlement to allow the first and second parties to verify terms of the net settlement; and

deploying the subrogation net settlement smart contract to the distributed ledger maintained by the plurality of participants in the distributed ledger network.