Blockchain controlled multi-carrier auction system for usage-based auto insurance

1 . A computer system for managing a smart contract for one or more approved entities, the computer system comprising at least one processor, at least one memory device, and at least one vehicle controller associated with a vehicle, the at least one processor programmed to:

receive, via the at least one vehicle controller associated with the vehicle, real-time vehicle telematics information associated with a current trip of the vehicle collected by one or more telematics sensors associated with the vehicle, wherein the real-time vehicle telematics information includes operational data related to operation of the vehicle during the current trip;

execute a machine learning model using the real-time vehicle telematics information to identify a driver for the current trip, the machine learning model trained using a plurality of historical vehicle telematics data associated with a known driver, the machine learning model configured to compare trends of at least the operational data for the current trip to trends of the plurality of historical vehicle telematics data;

electronically compare (i) the operational data to operational parameters associated with a smart contract for the current trip to determine whether the operation of the vehicle during the current trip is compliant with one or more original terms of the smart contract and (ii) the identified driver to a driver identifier stored in the smart contract to confirm the identified driver is one of the one or more approved entities;

in response to a determination of potential non-compliance by the identified driver with the one more original terms while the current trip is occurring, execute computer instructions associated with the smart contract to (i) automatically generate one or more proposed modifications to the one or more original terms of the smart contract while the current trip is occurring and (ii) cause a message regarding the determined potential non-compliance with the one or more original terms and the one or more proposed modifications to be displayed on a user computer device associated with the identified driver for the current trip;

store, while the current trip is occurring, in a data structure of the smart contract and as an update to the smart contract, data corresponding to each of (i) a response by the identified driver to the message, the response accepting at least one of the one or more proposed modifications and (ii) the at least one accepted modification;

cause execution of a transaction in association with a provider associated with the smart contract to implement the at least one accepted modification while the current trip is occurring; and

store, in connection with a conclusion of the current trip and in association with the machine learning model, post-trip data corresponding to the current trip, wherein the stored post-trip data, when executed on by the machine learning model, updates the plurality of historical vehicle telematics data thereby improving the accuracy of the plurality of historical vehicle telematics data for generating a subsequent smart contract for the identified driver.

2 . The computer system of claim 1 , wherein the post-trip data includes data corresponding to at least one of (i) the smart contract, (ii) the potential non-compliance, (iii) the message, (iv) the response, (v) the updated smart contract, (vi) the transaction, and (vii) the real-time vehicle telematics information resulting from the current trip.

3 . The computer system of claim 1 , wherein the at least one processor is further programmed to:

receive, from a plurality of insurer servers, a plurality of bids for providing usage-based insurance to the driver of the vehicle for a predefined trip;

receive, from the driver via the user computer device, an acceptance of a bid of the plurality of bids;

provide content for causing the smart contract associated with the accepted bid to be executed, generating a usage-based insurance contract between the driver accepting the bid and the insurer associated with the accepted bid; and

store, in a blockchain structure, the insurance contract.

4 . The computer system of claim 1 , wherein the at least one processor is further programmed to generate a new block of a blockchain structure for storing the smart contract, data corresponding to compliance with the smart contract, and data corresponding to non-compliance with the smart contract on a periodic basis.

5 . The computer system of claim 1 , wherein the smart contract includes a usage-based insurance contract and the at least one processor is in communication with an insurance server associated with the insurance contract, and wherein the at least one processor is further programmed to:

store, in a first block of a blockchain structure, the insurance contract for the current trip;

store, in a second block of the blockchain structure, the identified driver;

receive an indication of a discount for the insurance contract from the insurance server; and

store the indication of the discount with the insurance contract within another new block of the blockchain structure.

6 . The computer system of claim 5 , wherein the at least one processor is further programmed to generate another new block of the blockchain structure for storing the insurance contract and the indication of the discount in response to the indication of the discount being generated.

7 . The computer system of claim 5 , wherein the at least one processor is further programmed to:

display, via the user computer device, the indication of the discount for the insurance contract to the identified driver including an acknowledgement request;

receive, via the user computer device, an acknowledgement from the identified driver; and

store the acknowledgement with the insurance contract.

8 . The computer system of claim 7 wherein the at least one processor is further programmed to generate another new block of the blockchain structure for storing the insurance contract and the acknowledgement in response to the acknowledgement being received.

9 . The computer system of claim 7 , wherein the at least one processor is further programmed to generate another new block of the blockchain structure for storing the insurance contract, the indication, and the acknowledgement.

10 . The computer system of claim 1 , wherein the one or more telematics sensors associated with the vehicle include at least one of radar, LIDAR, Global Positioning System (GPS), video devices, imaging devices, cameras, audio recorders, computer vision, and sensors that detect conditions of vehicle, and wherein the real-time vehicle telematics information includes at least one of speed, direction rate of acceleration, rate of deceleration, location, position, orientation, and rotation of the vehicle, and a measurement of one or more changes to at least one of speed, direction rate of acceleration, rate of deceleration, location, position, orientation, and rotation of the vehicle.

11 . A computer-implemented method for managing a smart contract for one or more approved entities, the method implemented on a computer system comprising at least one processor, at least one memory device, and at least one vehicle controller associated with a vehicle the computer-implemented method comprising:

receiving, at the computer system via the at least one vehicle controller associated with the vehicle, real-time vehicle telematics information associated with a current trip of the vehicle collected by one or more telematics sensors associated with the vehicle, wherein the real-time vehicle telematics information includes operational data related to operation of the vehicle during the current trip;

executing, by the computer system, a machine learning model using the real-time vehicle telematics information to identify a driver for the current trip, the machine learning model trained using a plurality of historical vehicle telematics data associated with a known driver, the machine learning model configured to compare trends of at least the operational data for the current trip to trends of the plurality of historical vehicle telematics data;

electronically comparing (i) the operational data to operational parameters associated with a smart contract for the current trip to determine whether the operation of the vehicle during the current trip is compliant with one or more original terms of the smart contract and (ii) the identified driver to a driver identifier stored in the smart contract to confirm the identified driver is one of the one or more approved entities;

in response to a determination of potential non-compliance by the identified driver with the one more original terms while the current trip is occurring, executing computer instructions associated with the smart contract to (i) automatically generate one or more proposed modifications to the one or more original terms of the smart contract while the current trip is occurring and (ii) cause a message regarding the determined potential non-compliance with the one or more original terms and the one or more proposed modifications to be displayed on a user computer device associated with the identified driver for the current trip;

storing, while the current trip is occurring, in a data structure of the smart contract and as an update to the smart contract, data corresponding to each of (i) a response by the identified driver to the message, the response accepting at least one of the one or more proposed responses, and (ii) the at least one accepted modification;

causing execution of a transaction in association with a provider associated with the smart contract to implement the at least one accepted modification while the current trip is occurring; and

storing, in connection with a conclusion of the current trip and in association with the machine learning model, post-trip data corresponding to the current trip, wherein the stored post-trip data, when executed on by the machine learning model, updates the plurality of historical vehicle telematics data thereby improving the accuracy of the plurality of historical vehicle telematics data for generating a subsequent smart contract for the identified driver.

12 . The computer-implemented method of claim 11 , wherein the post-trip data includes data corresponding to at least one of (i) the smart contract, (ii) the potential non-compliance, (iii) the message, (iv) the response, (v) the updated smart contract, (vi) the transaction, and (vii) the real-time vehicle telematics information resulting from the current trip.

13 . The computer-implemented method of claim 11 further comprising:

receiving, from a plurality of insurer servers, a plurality of bids for providing usage-based insurance to the driver of the vehicle for a predefined trip;

receiving, from the driver via the user computer device, an acceptance of a bid of the plurality of bids;

providing content for causing the smart contract associated with the accepted bid to be executed, generating a usage-based insurance contract between the driver accepting the bid and the insurer associated with the accepted bid; and

storing, in a blockchain structure, the insurance contract.

14 . The computer-implemented method of claim 11 further comprising generating a new block of a blockchain structure for storing the smart contract, data corresponding to compliance with the smart contract, and data corresponding to non-compliance with the smart contract on a periodic basis.

15 . The computer-implemented method of claim 11 , wherein the smart contract includes a usage-based insurance contract, the computer-implemented method further comprising:

storing, in a first block of a blockchain structure, the insurance contract for the current trip;

storing, in a second block of the blockchain structure, the identified driver;

receiving an indication of a discount for the insurance contract from the insurance server; and

storing the indication with the insurance contract within a new block of the blockchain structure.

16 . The computer-implemented method of claim 15 further comprising generating a new block of the blockchain structure for storing the insurance contract and the indication of the discount in response to the indication of the discount being generated.

17 . The computer-implemented method of claim 15 further comprising:

displaying, via the user computer device, the indication of the discount of the insurance contract to the identified driver including an acknowledgement request;

receiving, via the user computer device, an acknowledgement from the identified driver; and

storing the acknowledgement with the insurance contract.

18 . The computer-implemented method of claim 17 further comprising generating a new block of the blockchain structure for storing the insurance contract and the acknowledgement in response to the acknowledgement being received.

19 . The computer-implemented method of claim 17 , wherein the one or more telematics sensors associated with the vehicle include at least one of radar, LIDAR, Global Positioning System (GPS), video devices, imaging devices, cameras, audio recorders, computer vision, and sensors that detect conditions of vehicle, and wherein the real-time vehicle telematics information includes at least one of speed, direction rate of acceleration, rate of deceleration, location, position, orientation, and rotation of the vehicle, and a measurement of one or more changes to at least one of speed, direction rate of acceleration, rate of deceleration, location, position, orientation, and rotation of the vehicle.

20 . At least one non-transitory computer-readable storage media having computer-executable instructions embodied thereon, wherein when executed by at least one processor of a computer system configured to manage a smart contract for one or more approved entities, the computer system further comprising at least one memory device, the computer-executable instructions cause the at least one processor to:

receive, via at least one vehicle controller of a vehicle, real-time vehicle telematics information associated with a current trip of the vehicle collected by one or more telematics sensors associated with the vehicle, wherein the real-time vehicle telematics information includes operational data related to operation of the vehicle during the current trip;

execute a machine learning model using the real-time vehicle telematics information to identify a driver for the current trip, the machine learning model trained using a plurality of historical vehicle telematics data associated with a known driver, the machine learning model configured to compare trends of at least the operational data for the current trip to trends of the plurality of historical vehicle telematics data;

electronically compare (i) the operational data to operational parameters associated with a smart contract for the current trip to determine whether the operation of the vehicle during the current trip is compliant with one or more original terms of the smart contract and (ii) the identified driver to a driver identifier stored in the smart contract to confirm the identified driver is one of the one or more approved entities;

in response to a determination of potential non-compliance by the identified driver with the one more original terms while the current trip is occurring, execute computer instructions associated with the smart contract to (i) automatically generate one or more proposed modifications to the one or more original terms of the smart contract while the current trip is occurring and (ii) cause a message regarding the determined potential non-compliance with the one or more original terms and the one or more proposed modifications to be displayed on a user computer device associated with the identified driver for the current trip;

store, while the current trip is occurring, in a data structure of the smart contract and as an update to the smart contract, data corresponding to each of (i) a response by the identified driver to the message, the response accepting at least one of the one or more proposed responses, and (ii) the at least one accepted modification;

cause execution of a transaction in association with a provider associated with the smart contract to implement the at least one accepted modification while the current trip is occurring; and

store, in connection with a conclusion of the current trip and in association with the machine learning model, post-trip data corresponding to the current trip, wherein the stored post-trip data, when executed on by the machine learning model, updates the plurality of historical vehicle telematics data thereby improving the accuracy of the plurality of historical vehicle telematics data for generating a subsequent smart contract for the identified driver.