Using a Distributed Ledger for Tracking Vehicle Financial Events
Systems and methods are disclosed for interacting with a blockchain that stores financial data. The systems and methods may include (1) receiving, by one or more processors financial data from one or more remote computing devices; (2) detecting, by the one or more processors, a financial event for the vehicle from analysis of the financial data; (3) identifying, by the one or more processors, the VIN of the vehicle when the financial event for the vehicle is detected; (4) generating, by the one or more processors, a transaction (i) including the vehicle's VIN, (ii) describing the financial event for the vehicle, and (iii) detailing a current status, owner, and location of the vehicle; and/or (5) transmitting, from one or more processors to a server, the transaction to facilitate maintaining a VIN-based distributed ledger detailing financial events for the particular vehicle.
1 . A computer-implemented method for maintaining a VIN-based blockchain of financial transactions or events pertaining to a particular vehicle, wherein blocks of the blockchain use a VIN as an identifier, the method comprising:
creating a blockchain for the vehicle that includes:
an owner information and title status block including a name and address of a new owner, and an indication that the vehicle is registered,
a build data block including a description of a vehicle build,
a lienholder and lien amount information block including a description regarding a vehicle lien or loan, and
an insurance policy block including a description regarding an insurance policy covering the vehicle and an identification of the insurer,
wherein the blockchain for the vehicle is accessible using a VIN of the vehicle as a key;
receiving, by one or more processors of a computing device, financial data from one or more remote computing devices;
detecting, by the one or more processors, a financial event for the vehicle from analysis of the financial data;
identifying, by the one or more processors, the VIN of the vehicle when the financial event for the vehicle is detected;
accessing, by the one or more processors at a memory of the computing device, the blockchain using the VIN of the vehicle as the key to identify blocks that use the VIN of the vehicle as an identifier;
generating, by the one or more processors, an update transaction (i) including the vehicle's VIN, (ii) describing the financial event for the vehicle, and (iii) detailing a current status, owner, and location of the vehicle; and
transmitting, via an application programming interface (API) of a server, the update transaction, wherein the API causes the server to add the update transaction to at least one of the blocks that use the VIN as an identifier.
2 . The computer-implemented method of claim 1 , wherein the financial event detected is a new vehicle purchase, and the update transaction describes the new vehicle purchase, the loan for the vehicle, a lender, or combinations thereof.
3 . The computer-implemented method of claim 1 , wherein the financial event detected is the vehicle loan, and the update transaction describes the vehicle loan, a purchaser, and a lender.
4 . The computer-implemented method of claim 1 , wherein the financial event detected is the vehicle loan, and the update transaction describes the vehicle loan, a purchaser, a lender, and a vehicle title and registration.
5 . The computer-implemented method of claim 1 , wherein the financial event detected is a vehicle title transfer, and the update transaction describes the transfer of vehicle title from one party to another.
6 . The computer-implemented method of claim 1 , wherein the financial event detected is the vehicle loan, and the update transaction describes details the insurance policy covering the vehicle.
7 . The computer-implemented method of claim 1 , wherein the financial event detected is the vehicle loan, and the update transaction describes one or more smart contracts covering the vehicle.
8 . A computer-implemented method for maintaining a VIN-based blockchain of financial transactions or events pertaining to a particular vehicle, wherein blocks of the blockchain use a VIN as an identifier, the method comprising:
creating a blockchain for the vehicle that includes:
an owner information and title status block including a name and address of a new owner, and an indication that the vehicle is registered,
a build data block including a description of a vehicle build,
a lienholder and lien amount information block including a description regarding a vehicle lien or loan, and
an insurance policy block including a description regarding an insurance policy covering the vehicle and an identification of the insurer,
wherein the blockchain for the vehicle is accessible using a VIN of the vehicle as a key;
receiving, by one or more processors of a computing device, financial data from one or more remote computing devices;
detecting, by the one or more processors, a financial event for the vehicle from analysis of the financial data;
identifying, by the one or more processors, the VIN of the vehicle when the financial event for the vehicle is detected;
accessing, by the one or more processors at a memory of the computing device, the blockchain using the VIN of the vehicle as the key to identify the blocks that use the VIN of the vehicle as an identifier;
generating, by the one or more processors, an update transaction (i) including the vehicle's VIN, (ii) describing the financial event for the vehicle, and (iii) detailing a current status, owner, and location of the vehicle;
updating, by the one or more processors, a smart contract associated with the vehicle; and
transmitting via an application programming interface (API) of a server, the update transaction, wherein the API causes the server to add the update transaction to at least one of the blocks that use the VIN as an identifier.
9 . The computer-implemented method of claim 8 , wherein the financial event detected is a new vehicle purchase, and the update transaction describes the new vehicle purchase, the loan for the vehicle, a lender, or combinations thereof.
10 . The computer-implemented method of claim 8 , wherein the financial event detected is the vehicle loan, and the update transaction describes the vehicle loan, a purchaser, and a lender.
11 . The computer-implemented method of claim 8 , wherein the financial event detected is the vehicle loan, and the update transaction describes the vehicle loan, a purchaser, a lender, and a vehicle title and registration.
12 . The computer-implemented method of claim 8 , wherein the financial event detected is a vehicle title transfer, and the update transaction describes the transfer of vehicle title from one party to another.
13 . The computer-implemented method of claim 8 , wherein the financial event detected is the vehicle loan, and the update transaction describes details an insurance policy covering the vehicle.
14 . A computer system configured for maintaining a VIN-based blockchain of financial transactions pertaining to a particular vehicle, wherein blocks of the blockchain use a VIN as an identifier, and the computer system includes one or more processors, transceivers, sensors, or servers configured to:
create a blockchain for the vehicle that includes:
an owner information and title status block including a name and address of a new owner, and an indication that the vehicle is registered,
a build data block including a description of a vehicle build,
a lienholder and lien amount information block including a description regarding a vehicle lien or loan, and
an insurance policy block including a description regarding an insurance policy covering the vehicle and an identification of the insurer,
wherein the blockchain for the vehicle is accessible using a VIN of the vehicle as a key;
receive, at the computer system, financial data from one or more remote computing devices;
detect a financial event for the vehicle from analysis of the financial data;
identify the VIN of the vehicle when the financial event for the vehicle is detected;
access, at a memory of the computer system, the blockchain using the VIN of the vehicle as the key to identify blocks that use the VIN of the vehicle as an identifier;
generate an update transaction (i) including the vehicle's VIN, (ii) describing the financial event for the vehicle, and (iii) detailing a current status, owner, and location of the vehicle; and
transmit, via an application programming interface (API) of a server, the update transaction, wherein the API causes the server to add the update transaction to at least one of the blocks that use the VIN as an identifier.
15 . The computer system of claim 14 , wherein the financial event detected is a new vehicle purchase, and the update transaction describes or details the new vehicle purchase, or the loan for the vehicle and a lender or bank.
16 . The computer system of claim 14 , wherein the financial event detected is the vehicle loan, and the update transaction or event describes or details the vehicle loan, a purchaser, and a lender or bank.
17 . The computer system of claim 14 , wherein the financial event detected is the vehicle loan, and the update transaction or event describes or details the vehicle loan, a purchaser, a lender or bank, and a vehicle title and registration.
18 . The computer system of claim 14 , wherein the financial event detected is a vehicle title transfer, and the update transaction or event describes or details the transfer of vehicle title from one party to another.
19 . The computer system of claim 14 , wherein the financial event detected is the vehicle loan, and the update transaction or event describes or details an insurance policy covering the vehicle.
20 . The computer system of claim 14 , wherein the financial event detected is the vehicle loan, and the update transaction or event describes or details one or more smart contracts covering the vehicle.