USAA had one patents in blockchain during Q2 2024. USAA’s patent leverages distributed ledger technology to verify subrogation settlements by using cryptographic hashes provided by two parties on a blockchain smart contract. This allows for determining agreement and calculating a net settlement amount for single periodic payments, reducing 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 blockchain 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 patent outlines a computer system for verifying subrogation claim settlements using a distributed ledger. The system involves determining settlement amounts, generating cryptographic hashes based on settlement characteristics, broadcasting these hashes to a smart contract for verification, and appending settlement amounts over time to calculate a net settlement amount. The system aims to streamline the settlement process, ensuring agreement between parties and facilitating efficient payment processing through blockchain technology.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
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.
