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

Claim 16:
17. A computer system for verifying a net settlement of a plurality of subrogation claims between a first party and a second party using a distributed ledger, the computer system comprising:
a network interface;
one or more processors; and
a non-transitory computer-readable memory storing instructions thereon, that when executed by the one or more processors, cause the one or more processors to:
determine, by the first party, a net settlement amount including an aggregation of a plurality of settlements between the first party and the second party to the plurality of subrogation claims;
generate a first cryptographic hash value based upon one or more characteristics of the net settlement between the first party and the second party;
broadcast, via the network interface, the first cryptographic hash value to a subrogation net settlement smart contract deployed to the distributed ledger and maintained by a plurality of participants in a distributed ledger network as a proof of agreement of the net settlement between the first and second party, each of the plurality of participants executing code in the subrogation net settlement smart contract to reach a distributed consensus on a state of the subrogation net settlement smart contract, wherein the subrogation net settlement smart contract compares the first cryptographic hash value submitted by the first party to a second cryptographic hash value submitted by the second party to determine if there is a match; and
receive, via the network interface, a notification from the subrogation net settlement smart contract that the first and second cryptographic hash values match indicating that there is proof of agreement between the first party and second party.