Patent ID: 11315193

Abstract:
A smart contract computing device may be provided. A processor may be configured to: (1) receive a plurality of deposits from a plurality of user computing devices; (2) store the plurality of deposits in a blockchain structure including, for each user computing device, a user identifier and a current amount; (3) receive, from at least one user computing device of the plurality of user computing devices, a proposal message for a decentralized insurance policy, the proposal message including a price amount, a coverage amount, a payout condition, and a specified data source; (4) receive, from at least one user computing device of the plurality of user computing devices, a response message for the decentralized insurance policy; and/or (5) generate, in response to receiving the response message, a smart contract in the blockchain structure including at least one buyer user identifier, at least one seller user identifier, the coverage amount, the payout condition, and the specified data source.