Blockchain systems and methods for managing property loan information
View Patent ↗Information associated with loans on personal property assets, such as vehicles or buildings, may be managed. A computer system may include an access computing device configured to access a blockchain network including a plurality of node computing devices that store a respective copy of a plurality of blockchains, each blockchain including a sequence of one or more blocks. The access computing device may manage communication of data between the blockchain network and a loan applicant or loan provider. The access computing device may transmit instructions to a node computing device to generate new blocks in the blockchain associated with new and/or updated loans on a personal property asset.
1. A loan management (LM) computer system for managing property loan information using blockchains, the LM computer system comprising:
a first blockchain node computing device integral to a blockchain network; and
an access computing device communicatively coupled to the first blockchain node computing device such that the access computing device has access to the blockchain network, wherein
the LM computer system is configured to:
receive, at the access computing device a request to access the blockchain network, the request including: (i) an asset identifier associated with a personal property asset, (ii) a user identifier of a user associated with the personal property asset, (iii) updated loan information including one or more updated loan terms to an existing loan associated with the personal property asset and (iv) an acceptance notification indicating acceptance of the updated loan terms by the user and a loan provider entity;
determine, at the access computing device, that the request includes the acceptance notification;
based on determining that the request includes the acceptance notification, automatically execute a smart contract, wherein executing the smart contract comprises:
transferring, using the smart contract, funds to or from the loan provider entity; and
updating, using the smart contract, a title associated with the personal property asset;
identify, at the first blockchain node computing device, based upon the request, an existing blockchain associated with the personal property asset using the asset identifier and a last block in the existing blockchain using the user identifier; and
generate, at the first blockchain node computing device, and store a new block in the first existing blockchain, the new block including an encryption of the updated loan information and a description of data stored in the last block.
2. The LM computer system of claim 1 , wherein the description of data stored in the last block comprises a hash of the last block.
3. The LM computer system of claim 1 , wherein the last block in the existing blockchain includes an encryption of existing loan data, and wherein the LM computer system is further configured to:
in response to receiving the request, transmit, from the access computing device to the first blockchain node computing device, a query associated with the request, the query including the asset identifier and the user identifier; and
in response to receiving the query, at the first blockchain node computing device, transmit the encrypted existing loan data to the access computing device.
4. The LM computer system of claim 3 , further configured to:
access, by the access computing device, a public key from the first blockchain node computing device; and
decrypt the encrypted existing loan information using the public key.
5. The LM computer system of claim 4 , further configured to:
provide, by the first blockchain node computing device to the access computing device, the public key in response to the query.
6. The LM computer system of claim 1 , further configured to:
transmit, from the access computing device to the first blockchain node computing device, an encrypted update instruction including the updated loan information, the encrypted updated instruction causing the first blockchain node computing device to generate the new block.
7. The LM computer system of claim 1 , further configured to:
distribute, by the first blockchain node computing device, the updated first existing blockchain to the blockchain network.
8. The LM computer system of claim 1 , wherein the personal property asset includes a vehicle, and the asset identifier includes a vehicle identification number (VIN).
9. The LM computer system of claim 1 , wherein the personal property asset includes a building, and the asset identifier includes at least one of an address of the building and a Multiple Listing Service (MLS) number.
10. The LM computer system of claim 1 , further configured to:
receive, at the first blockchain node computing device, a second new block for the first existing blockchain from a second blockchain node computing device of the blockchain network; and
update, at the first blockchain node computing device, a locally stored copy of the first existing blockchain with the second new block.
11. The LM computer system of claim 1 , wherein the request further includes a user consent to use the asset identifier and the user identifier to query the blockchain network.