Massachusetts Mutual Life Insurance has patented a computerized method utilizing blockchain technology to track event statuses. The system parses event data, verifies transitions between states, and automatically executes smart code to facilitate communication between parties, enhancing event management and verification processes. GlobalData’s report on Massachusetts Mutual Life Insurance gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Massachusetts Mutual Life Insurance, Predictive modeling techniques was a key innovation area identified from patents. Massachusetts Mutual Life Insurance's grant share as of June 2024 was 89%. Grant share is based on the ratio of number of grants to total number of patents.
Blockchain event tracking and automated smart code execution
The granted patent US12045222B1 outlines a computerized method and system for managing events within a blockchain framework comprising multiple nodes. The method involves parsing data related to an event to ascertain its status and determining transitions between states based on an electronic certificate. This certificate serves as confirmation of the event's status change. Upon authenticating an event-verifying computing system linked to the electronic certificate, the method initiates the execution of software code associated with the blockchain and appends a new block to the blockchain using a hashing function. This block contains data relevant to the execution of the software code, ensuring a secure and verifiable record of the event's status change.
The patent further specifies that the software code can facilitate various functions, such as initiating electronic sessions with third-party devices or triggering transactions. It also addresses scenarios where the status change is communicated to the nodes upon an event's status alteration, and it allows for the possibility that the status may be entered by a third-party computing device. Notably, the transition between states can pertain to health statuses, with the electronic certificate potentially being a death certificate. Additionally, the blockchain may be linked to insurance policies, enhancing the utility of the system in managing sensitive data and transactions securely.
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