USAA had 36 patents in digitalization during Q2 2024. USAA’s patent leverages distributed ledger technology to verify subrogation settlements by using cryptographic hashes provided by two parties to a subrogation claim. A smart contract on the blockchain determines agreement based on matching hashes and calculates a net settlement amount for periodic single 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 digitalization 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 efficiently. 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 recorded on the blockchain to facilitate single periodic payments between parties, reducing the need for multiple individual transactions.
The computer-implemented method outlined in the patent includes steps for generating cryptographic hashes based on settlement characteristics, broadcasting them to the smart contract, and appending settlement amounts to determine net settlement amounts over time. The system allows for verification of settlements between parties, including supplemental settlements, by comparing cryptographic hashes to ensure agreement. Additionally, the method involves transmitting messages to involved parties and utilizing a distributed ledger network to reach consensus on settlement terms, enhancing transparency and efficiency in subrogation claim settlements.
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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.
