USAA had 24 patents in cybersecurity during Q2 2024. USAA’s patent leverages distributed ledger technology to verify subrogation settlements efficiently. Parties provide cryptographic hashes to a smart contract on a blockchain, which confirms agreement by matching the hashes. Settlement amounts are combined to determine a net settlement amount, enabling single periodic payments and eliminating the need for multiple individual payments. GlobalData’s report on USAA gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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USAA had no grants in cybersecurity as a theme in Q2 2024.
Recent Patents
Application: Net settlement of subrogation claims using a distributed ledger (Patent ID: US20240212078A1)
The patent filed by USAA leverages distributed ledger technology to verify subrogation settlements. The method involves generating a subrogation demand smart contract on a blockchain, where parties provide cryptographic hashes to confirm agreement on settlement terms. These hashes are compared to determine agreement, and settlement amounts are appended to facilitate single periodic payments, reducing the need for multiple individual transactions.
Furthermore, the system allows for the verification of settlement amounts between parties by utilizing cryptographic hashes based on specific characteristics of the settlement. The smart contract deployed on the distributed ledger network ensures consensus on the state of the settlement, providing a secure and transparent method for parties to verify and agree on subrogation claims. Additionally, the method includes provisions for supplemental settlement amounts and partial settlements, enhancing the flexibility and efficiency of the settlement process. Overall, the patent aims to streamline subrogation settlements through blockchain technology, improving accuracy, security, and convenience for all parties involved.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
