SYSTEMS AND METHODS FOR ESTIMATING VEHICLE VALUE VIA BLOCKCHAIN
The present embodiments relate to systems and methods for using a blockchain or shared ledger tracking a vehicle according to a Vehicle Identification Number (VIN) to estimate a vehicle Actual Cash Value (ACV). An ACV of a vehicle may be determined and broadcast in a transaction to the blockchain to update the shared ledger to reflect the ACV value. Alternatively, an ACV may be determined according to information regarding the vehicle already stored on the blockchain. As further changes are made to the status of the vehicle on the blockchain, these changes are searchable according to the vehicle's VIN, and thus revised ACV values of the vehicle may be calculated.
1 . A computer-implemented method of utilizing a blockchain that includes a plurality of nodes physically connected to respective vehicles and configured to periodically add mileage reports to the blockchain to perform irregular estimates of vehicle Actual Cash Value (ACV), wherein the mileage reports include an odometer reading from the odometer of the respective vehicles, the method comprising:
determining, via one or more processors, an actual value estimation is to be performed;
in response to the determination, issuing, via the one or more processors and to a node of the plurality of nodes that is coupled to an odometer of a vehicle, a recordation request that causes the node to add an irregular mileage report to the blockchain;
locating, via the one or more processors, a vehicle profile of the vehicle identified by a Vehicle Identification Number (VIN) on the blockchain, the vehicle profile including a vehicle configuration, a vehicle status of the vehicle, and the requested mileage report;
estimating, via the one or more processors, the Actual Cash Value (ACV) of the vehicle based upon, at least in part, the vehicle configuration, vehicle status of the vehicle, and the requested mileage report; and
broadcasting, via the one or more processors, a change to the blockchain to alter the vehicle profile of the vehicle to update the ACV of the vehicle.
2 . The method of claim 1 , wherein the vehicle profile information includes vehicle add-ons, variable and/or optional features, make/model data, various vehicle-mount sensor data (either directly or indirectly from each sensor), and/or autonomous/semi-autonomous system or technology data.
3 . The method of claim 1 , wherein the change to the blockchain is a new block and altering the vehicle profile includes creating a new vehicle profile.
4 . The method of claim 1 , wherein the vehicle configuration information includes at least one of: engine type, number of doors, year of manufacture, place of manufacture, color, trim level, wheel size, autonomous driving capabilities, optional OEM features, drive type, transmission type, VIN, home location, model, and make.
5 . The method of claim 1 , wherein the vehicle status includes at least one of: mileage, repair history, maintenance history, legal title holder, lien status, insurance coverage status, insurance coverage amount, legal title status, ACV, and financing status.
6 . The method of claim 1 , further comprising validating other updates to the blockchain received from blockchain network participants.
7 . The method of claim 1 , further comprising initiating a transfer of legal title based at least in part on the ACV of the vehicle.
8 . A network node of a plurality of nodes physically connected to respective vehicles and configured to periodically add mileage reports on a shared ledger system for performing irregular estimates of an Actual Cash Value (ACV) of a vehicle being tracked on a blockchain by VIN, wherein the mileage reports include an odometer reading from the odometer of the respective vehicles, the network node comprising:
a network interface configured to interface with one or more processors;
a memory configured to store non-transitory computer executable instructions and configured to interface with the one or more processors; and
the one or more processors configured to interface with the memory and configured to:
determine an actual value estimation is to be performed;
in response to the determination, issue, to a node of the plurality of nodes coupled to an odometer of a vehicle, a recordation request that causes the node to add an irregular mileage report to the blockchain;
locate a vehicle profile of the vehicle identified by a Vehicle Identification Number (VIN) on the blockchain, the vehicle profile including a vehicle configuration, a vehicle status of the vehicle, and the requested mileage report; and
estimate, via the one or more processors, the Actual Cash Value (ACV) of the vehicle based upon, at least in part, the vehicle configuration, vehicle status of the vehicle, and the requested mileage report.
9 . The system of claim 8 , wherein the one or more processors configured to interface with the memory are further configured to:
broadcast, via the one or more processors and/or associated transceivers, a change to the blockchain to alter the vehicle profile of the vehicle to update the ACV of the vehicle.
10 . The system of claim 8 , wherein the one or more processors configured to interface with the memory are further configured to:
validate changes to the blockchain received by participants in the blockchain network.
11 . The system of claim 8 , wherein the one or more processors configured to interface with the memory are further configured to:
request an update to a vehicle profile by a third party.
12 . The system of claim 11 , wherein the request includes an offer of payment of a token circulating on the blockchain to the third party, the token having a monetary value.
13 . The system of claim 11 , wherein the request includes a smart contract executing on the blockchain, the smart contract configured to remit payment of a token circulating on the blockchain, the token having a monetary value, to the third party upon satisfaction of a completion condition.
14 . The system of claim 13 , wherein the completion condition includes a proof-of-identity of the third party.
15 . The system of claim 11 , wherein the request includes documentary evidence of the update to the vehicle profile.
16 . (canceled)
17 . A method of utilizing a blockchain that includes a plurality of nodes physically connected to respective vehicles and configured to periodically add inspection reports to the blockchain to validate an actual cash value of a vehicle by a shared ledger, the method comprising:
determining an actual cash value validation is to be performed;
after the determination, receiving, at a node of the plurality of nodes that is coupled to an odometer of a vehicle, a recordation request to record an irregular inspection report to a blockchain, the inspection report including an odometer reading;
inspecting a vehicle, the vehicle being tracked on a blockchain by Vehicle Identification Number (VIN);
creating the inspection report based upon the inspecting operation and the odometer reading; and
broadcasting a transaction to nodes in a network of the blockchain, the transaction altering a vehicle profile of the vehicle by adding the inspection report to the blockchain, the inspection report including the VIN to facilitate the actual cash value (ACV) determination of the vehicle.
18 . (canceled)
19 . The method of claim 17 , wherein the inspection report includes a proof-of-identity.
20 . The method of claim 17 , wherein the inspection report includes evidence of the inspecting operation.