Blockchain subrogation claims with arbitration
A shared ledger operated by a group of network participants according to a set of consensus rules manages and resolves subrogation claims between a clamant and a defendant with arbitration. Evidence regarding the value of the subrogation claim is sent to the shared ledger by the parties to the subrogation claim, such as sending data to a smart contract deployed on the shared ledger. The parties to the claim may request arbitration, especially after attempts to settle the claim on-chain between the two parties have failed. An arbitrator may request evidence from the parties and/or request responses from the parties to accept damages calculations and/or settlement offers. Once the claim is resolved, the arbitrator may release funds on the chain to the prevailing party or may accept confirmation that any payments have been made between the parties off-chain.
1 . A validating network node on a shared ledger network for validating subrogation claim transactions comprising:
a transceiver configured to exchange shared ledger data with peer network nodes, the shared ledger data including subrogation claim transactions including demands for arbitration;
a storage media configured to store a copy of a shared ledger; and
one or more processors configured to:
apply a set of consensus rules to the shared ledger data received from the peer network nodes;
append the shared ledger data received from the peer network nodes to the copy of the shared ledger if the shared ledger data satisfies the consensus rules; and
execute a subrogation smart contract associated with a subrogation claim including a demand for arbitration of the subrogation claim, wherein the arbitration demand includes an identity of an arbitrator, the subrogation claim smart contract including a contract state and configured to obtain cryptographically signed evidence from participating entities, determine the cryptographically signed evidence is submitted by one of a plurality of predetermined participating entities, and determine that a transaction by the identified arbitrator includes a proof-of-identity to cryptographically prove that the transaction is submitted by the identified arbitrator.
2 . The validating network node of claim 1 , wherein the storage media is further configured to store a copy of a state database of the shared ledger.
3 . The validating network node of claim 1 , wherein the one or more processors are further configured to:
update a state of the subrogation smart contract.
4 . The validating network node of claim 3 , wherein the update to the state of the subrogation claim smart contract includes evidence of an insured loss and a proof-of-identity to cryptographically prove that the update is originated by a participating entity.
5 . The validating network node of claim 3 , wherein the subrogation smart contract further includes a subrogation defendant and a subrogation claimant.
6 . The validating network node of claim 5 , wherein the update to the state of the subrogation claim smart contract indicates that the subrogation defendant has accepted a settlement amount in response to the subrogation defendant providing an indication of acceptance of the settlement amount.
7 . The validating network node of claim 5 , wherein the update to the state of the subrogation claim smart contract includes a response to a request to accept a damages calculation from the arbitrator.
8 . The validating network node of claim 5 , wherein the update to the state of the subrogation claim smart contract includes medical evidence to prove an injury to the subrogation claimant.
9 . The validating network node of claim 5 , wherein the update to the state of the subrogation claim smart contract includes a settlement offer from the subrogation defendant.
10 . The validating network node of claim 1 , wherein the shared ledger data received from the peer network nodes includes a cryptographic hash value configured to validate off-chain evidence of an insured loss.
11 . A computer-implemented method for validating subrogation claim transactions in a shared ledger network, the computer-implemented method comprising:
receiving, by one or more processors in a validating network node, shared ledger data from peer network nodes, the shared ledger data including subrogation claim transactions including demands for arbitration;
applying, by the one or more processors, a set of consensus rules to the shared ledger data received from the peer network nodes;
appending, by the one or more processors, the shared ledger data received from the peer network nodes to a copy of a shared ledger if the shared ledger data satisfies the consensus rules; and
executing, by the one or more processors, a subrogation smart contract associated with a subrogation claim including a demand for arbitration of the subrogation claim, wherein the arbitration demand includes an identity of an arbitrator, the subrogation claim smart contract including a contract state and configured to obtain cryptographically signed evidence from participating entities, determine the cryptographically signed evidence is submitted by one of a plurality of predetermined participating entities, and determine that a transaction by the identified arbitrator includes a proof-of-identity to cryptographically prove that the transaction is submitted by the identified arbitrator.
12 . The computer-implemented method of claim 11 , further comprising:
storing, by the one or more processors, a copy of a state database of the shared ledger.
13 . The computer-implemented method of claim 11 , further comprising:
updating, by the one or more processors, a state of the subrogation smart contract.
14 . The computer-implemented method of claim 13 , wherein updating the state of the subrogation claim smart contract includes updating, by the one or more processors, the state of the subrogation claim smart contract with evidence of an insured loss and a proof-of-identity to cryptographically prove that the update is originated by a participating entity.
15 . The computer-implemented method of claim 13 , wherein the subrogation smart contract further includes a subrogation defendant and a subrogation claimant.
16 . The computer-implemented method of claim 15 , wherein updating the state of the subrogation claim smart contract includes updating, by the one or more processors, the state of the subrogation claim smart contract with an indication that the subrogation defendant has accepted a settlement amount in response to the subrogation defendant providing an indication of acceptance of the settlement amount.
17 . The computer-implemented method of claim 15 , wherein updating the state of the subrogation claim smart contract includes updating, by the one or more processors, the state of the subrogation claim smart contract with a response to a request to accept a damages calculation from the arbitrator.
18 . The computer-implemented method of claim 15 , wherein updating the state of the subrogation claim smart contract includes updating, by the one or more processors, the state of the subrogation claim smart contract with medical evidence to prove an injury to the subrogation claimant.
19 . The computer-implemented method of claim 15 , wherein updating the state of the subrogation claim smart contract includes updating, by the one or more processors, the state of the subrogation claim smart contract with a settlement offer from the subrogation defendant.
20 . The computer-implemented method of claim 11 , wherein the shared ledger data received from the peer network nodes includes a cryptographic hash value configured to validate off-chain evidence of an insured loss.