System and method of a smart contract that automatically restructures debt loan
A system and method for facilitating foreclosure on collateral is disclosed. An example system may include a lending agreement storage circuit structured to store a plurality of lending agreement data comprising at least one lending agreement, wherein the lending agreement comprises a lending condition data comprising terms and condition data of the at least one lending agreement related to a foreclosure condition on at least one asset that provides a collateral condition related to a collateral asset for securing a repayment obligation of the at least one lending agreement; a data collection services circuit structured to monitor the lending condition data and to detect a default condition based on a change to the lending condition data; and a smart contract services circuit structured to interpret the default condition and communicate a default condition indication that initiates a foreclosure procedure based on the collateral condition and the default condition.
1. A system for facilitating foreclosure on collateral, comprising:
a lending agreement storage circuit structured to store a plurality of lending agreement data comprising at least one lending agreement, the at least one lending agreement comprising a lending condition data, the lending condition data comprising terms and condition data of the at least one lending agreement related to a foreclosure condition on at least one asset that provides a collateral condition related to a collateral asset for securing a repayment obligation of the at least one lending agreement, the collateral condition comprising sensor data collected by a mobile data collector monitoring the collateral asset, the mobile data collector comprising at least one of: a first drone or a first robotic device;
a data collection services circuit structured to:
monitor the lending condition data; and
detect a default condition based on a change to the lending condition data; and
an artificial intelligence circuit comprising:
a smart contract services circuit, implemented by a processor, structured to:
interpret the default condition;
maintain a training data set for the artificial intelligence circuit comprising feedback data of outcomes of a set of respective loan agreements, wherein each respective outcome comprises a determination of a detected default condition based on the change to the lending condition data over time in response to a determined value of the collateral asset, based on the sensor data collected by the mobile data collector monitoring the collateral asset;
iteratively train the artificial intelligence circuit, using the training data set, to determine a route of travel for the mobile data collector to monitor the collateral asset based on the feedback data of the outcomes;
cause the mobile data collector to follow the determined route of travel to monitor the collateral asset; and
communicate a default condition indication that initiates a foreclosure procedure based on the collateral condition and the default condition,
wherein each of the lending agreement storage circuit, data collection services circuit, and smart contract services circuit further comprises a corresponding application programming interface (API) component structured to facilitate communication among the circuits of the system.
2. The system of claim 1 , wherein the smart contract services circuit is further structured to communicate the default condition indication to at least one of: a smart lock or a smart container to lock the collateral asset.
3. The system of claim 1 , wherein the foreclosure procedure configures and at least one of:
initiates a listing of the collateral asset on a public auction site; or
delivers a plurality of transport instructions for the collateral asset.
4. The system of claim 1 , wherein: the foreclosure procedure configures a plurality of instructions for at least one of: a second drone or a second robotic device to transport the collateral asset; and the second drone or the second robotic device is the same as or different from the first drone or the first robotic device.
5. The system of claim 1 , wherein the foreclosure procedure initiates a process for automatically substituting a set of substitute collateral.
6. The system of claim 1 , wherein the foreclosure procedure initiates a collateral tracking procedure.
7. The system of claim 1 , wherein the foreclosure procedure initiates at least one of: a process for automatically substituting a set of substitute collateral, a collateral tracking procedure, a collateral valuation process, or a message to a borrower initiating a negotiation regarding the foreclosure.
8. The system of claim 7 , wherein the negotiation is managed by a robotic process automation system trained on a training set of foreclosure negotiations.
9. The system of claim 7 , wherein the negotiation relates to modification of at least one of: an interest rate, a payment term, or a collateral for the at least one lending agreement.
10. The system of claim 1 , wherein the data collection services circuit further comprises at least one system comprising at least one of: an Internet of Things system, a camera system, a networked monitoring system, an internet monitoring system, a mobile device system, a wearable device system, a user interface system, or an interactive crowdsourcing system.
11. The system of claim 1 , wherein the corresponding API components of the circuits further comprise user interfaces structured to interact with a plurality of users of the system.
12. A method for facilitating foreclosure on collateral, the method comprising:
storing, by a lending agreement storage circuit, a plurality of lending agreement data comprising at least one lending agreement, the at least one lending agreement comprising a lending condition data, the lending condition data comprising terms and condition data of the at least one lending agreement related to a foreclosure condition on at least one asset that provides a collateral condition related to a collateral asset for securing a repayment obligation of the at least one lending agreement, the collateral condition comprising sensor data collected by a mobile data collector monitoring the collateral asset, the mobile data collector comprising at least one of: a first drone or a first robotic device;
monitoring, by a data collection services circuit, the lending condition data to detect a default condition based on a change to the lending condition data;
interpreting, by an artificial intelligence circuit comprising a smart contract circuit, implemented by a processor, the default condition;
maintaining, by the artificial intelligence circuit, a training data set for the artificial intelligence circuit comprising feedback data of outcomes of a set of respective loan agreements, wherein each respective outcome comprises a determination of a detected default condition based on the change to the lending condition data over time in response to a determined value of the collateral asset, based on the sensor data collected by the mobile data collector monitoring the collateral asset;
iteratively training the artificial intelligence circuit, using the training data set, to determine a route of travel for the mobile data collector to monitor the collateral asset based on the feedback data of the outcomes;
causing, by the artificial intelligence circuit, the mobile data collector to follow the determined route of travel to monitor the collateral asset; and
communicating, by the artificial intelligence circuit comprising the smart contract circuit, a default condition indication that initiates a foreclosure procedure based on the collateral condition,
wherein each of the lending agreement storage circuit, data collection services circuit, and smart contract services circuit further comprises a corresponding application programming interface (API) component structured to facilitate communication among the circuits of the system.
13. The method of claim 12 , wherein the default condition indication is communicated to at least one of a smart lock or a smart container to lock the collateral asset.
14. The method of claim 12 , wherein the foreclosure procedure comprises at least one of:
configuring and initiating a listing of the collateral asset on a public auction site; or
delivering transport instructions for the collateral asset.
15. The method of claim 12 , wherein the foreclosure procedure configures a plurality of instructions for at least one of a drone or a robotic device to transport the collateral asset.
16. The method of claim 12 , wherein the foreclosure procedure initiates at least one of a process for automatically substituting a plurality of substitute collateral, a collateral tracking procedure, a collateral valuation process, or a message to a borrower initiating a negotiation regarding the foreclosure.
17. The method of claim 16 , wherein the negotiation is managed by a robotic process automation system trained on a training set of foreclosure negotiations.
18. The method of claim 16 , wherein the negotiation relates to modification of at least one of: an interest rate, a payment term, or a collateral for the at least one lending agreement.
19. The method of claim 12 , further comprising:
providing a user interface to interact with a plurality of users,
wherein providing communications for monitoring, interpreting, and communicating are through the respective APIs, and
wherein the user interface incorporates the APIs.