Systems and methods for total loss handling via blockchain
The present embodiments relate to systems and methods for using a blockchain or shared ledger to handle a total loss of a vehicle associated with a Vehicle Identification Number (VIN). A vehicle lifecycle may be tracked on a blockchain according to VIN. If the vehicle suffers a total loss, a transaction is broadcast to the blockchain to update the shared ledger to record the loss status of the vehicle. The blockchain may also include other information, such as mileage, regarding the vehicle and searchable by VIN. The other information and the loss status may be used to determine whether the vehicle likely represents a total loss.
1. A computer-implemented method of utilizing blockchain technology to handle a total loss of a vehicle, the method comprising:
receiving, from a manufacturer of a vehicle, a public key corresponding to the vehicle and generated by the manufacturer;
publishing, via one or more processors, the public key to a blockchain operated by nodes on a distributed network, the blockchain tracking the vehicle by VIN;
receiving, via the one or more processors, a mileage report associated with the vehicle and a VIN (Vehicle Identification Number) of the vehicle, wherein the mileage report is (i) generated by a vehicle node based upon data written to a vehicle bus network by an odometer of the vehicle, and (ii) encrypted based upon a private key corresponding to the public key generated by the manufacturer;
based upon the public key, verifying, via the one or more processors, the mileage report;
accessing, via the one or more processors, the blockchain;
in response to the verification, broadcasting, via the one or more processors, an update to the blockchain to the nodes on the distributed network, the update including the mileage report included in the update to the blockchain;
receiving, via the one or more processors, a notification that the vehicle has suffered a loss;
determining, via the one or more processors, whether the loss is a total loss based at least in part on the mileage report; and
creating, via the one or more processors, another update to the blockchain, the another update to the blockchain changing a status of the vehicle to a total loss vehicle if the determining operation determines that the vehicle is a total loss.
2. The method of claim 1 , wherein the operation that broadcasts an update to the blockchain is a shared ledger transaction.
3. The method of claim 1 , wherein the notification that the vehicle has suffered a loss is vehicle sensor data indicating a data pattern consistent with the total loss.
4. The method of claim 1 , wherein the operation that determines whether the loss is a total loss includes estimating an actual cash value (ACV) of the vehicle, the operation that determines whether the loss is a total loss further including a reliance in part on optional vehicle equipment of the vehicle stored on the blockchain.
5. The method of claim 1 , wherein the operation that updates the vehicle blockchain with the mileage report is an automatic operation performed by the vehicle and triggered by a vehicle event.
6. The method of claim 5 , wherein the vehicle event is a periodic event.
7. The method of claim 1 , wherein the determining operation further depends at least in part on identifying outstanding vehicle loan information on the blockchain and determining a current payoff amount based upon the outstanding vehicle loan information.
8. The method of claim 1 , wherein the operation that updates the vehicle blockchain with the mileage report includes a cryptographic proof-of-identity of an entity performing the updating operation.
9. A network node on a shared ledger system for handling a total loss of a vehicle being tracked on a vehicle blockchain by a VIN, 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:
receive, from a manufacturer of a vehicle, a public key corresponding to the vehicle and generated by the manufacturer;
publish the public key to a blockchain;
receive a claim of a loss relating to a vehicle, the vehicle having a Vehicle Identification Number (VIN);
access the blockchain using the VIN as a search parameter to collect VIN lifecycle information relating to the vehicle, wherein the VIN lifecycle information includes a mileage report (i) generated by a vehicle node based upon data written to a vehicle bus network by an odometer of the vehicle, and (ii) encrypted based upon a private key corresponding to the public key generated by the manufacturer; and
based upon the public key, verify the mileage report;
in response to the verification, determine whether the vehicle is a total loss at least in part on the VIN lifecycle information relating to the vehicle.
10. The system of claim 9 , wherein the one or more processors configured to interface with the memory are further configured to:
transfer a vehicle title if the determining operation determines that the vehicle is a total loss.
11. The system of claim 9 , wherein the one or more processors configured to interface with the memory are further configured to:
receive telematics data from the vehicle indicating the vehicle has been in a collision.
12. The system of claim 9 , wherein the one or more processors configured to interface with the memory are further configured to:
receive telematics data from the vehicle indicating damage the vehicle has sustained in a collision.
13. The system of claim 9 , wherein the one or more processors configured to interface with the memory are further configured to:
validate proof-of-identity information of one or more entities that have updated a state of the vehicle on the blockchain.
14. The system of claim 9 , wherein the operation that determines whether the vehicle is a total loss includes determining an actual cash value (ACV) of the vehicle.
15. The system of claim 9 , wherein the one or more processors configured to interface with the memory are further configured to:
request a mileage report to be taken and stored on the blockchain.
16. The system of claim 9 , wherein the one or more processors configured to interface with the memory are further configured to:
retrieving vehicle loan or lien information.
17. The system of claim 9 , wherein the retrieving operation further includes determining a current payoff amount.
18. A method of determining a loss status of a vehicle, the method comprising:
receiving, from a manufacturer of a vehicle, a public key corresponding to the vehicle and generated by the manufacturer;
publishing the public key to a blockchain;
receiving a claim for a loss relating to a vehicle, the vehicle having a Vehicle Identification Number (VIN);
accessing a vehicle profile of the vehicle on a blockchain by VIN, the vehicle profile including status information of the vehicle, wherein the status information includes a mileage report (i) generated by a vehicle node based upon data written to a vehicle bus network by an odometer of the vehicle, and (ii) encrypted based upon a private key corresponding to the public key generated by the manufacturer;
based upon the public key, verify the mileage report;
determining an estimated value of the vehicle based on the status information of the vehicle;
determining whether the vehicle is a total loss based upon the estimated value of the vehicle; and
in response to the verification, initiating a payment to a person in at least partial compensation for the total loss.
19. The method of claim 18 , wherein the operation that initiates a payment is broadcast on the blockchain network to a public address owned by the person.
20. The method of claim 18 , wherein the status information of the vehicle includes a mileage of the vehicle.
21. The method of claim 18 , wherein the status information of the vehicle includes status information stored on the blockchain by a vehicle manufacturer.