Business inheritance in blockchain
One of the possibilities of blockchain technology is the safe storage of digital assets (stocks / tokens / coins). What happen with assets when a person die, and access to the e-wallets was exclusively on their owners? Is it possible to access digital capital after the death of the owner? Due to the lack of appropriate technologies and regulation, many digital assets, money and other valuable resources are simply lost.
Investors have opportunity to transfer crypto assets by inheritance, but it is necessary to think about it previously. Therefore, you can indicate the address of the cryptocurrency wallet in the will and transfer part of the private keys to lawyers or share access to the crypto wallet with a trustee. Inheritance in blockchain is the safest opportunity to ensure the automatic transfer of crypto assets to the address of the heir in case of death of the owner.
Digital Inheritance Issues and Illuminates Solution
Martin is the founder of one of the largest cryptocurrency exchanges, which successfully operates in the markets. Suddenly he gets into a car accident and dies, but digital assets stay on his account. No one except him had access to the profile. It is impossible to use these resources, and it is difficult to continue the development of the business. All processes on the exchange are stopped, and partners, employees and ordinary users of the platform calculate losses. How could this problem be prevented? How to arrange the process of inheritance transfer in a safe way?
Solution. On the Illuminates platform, Martin has the ability to organize the process of transferring powers and all assets in case of his death. What does he need for this? Martin creates a special inheritance contract, which indicates that assets (smart contracts, tokens, coins, transactions) will be transferred to third parties. Further, he indicates the wallet numbers of persons who will receive the right to access and manage assets and contracts, sets the rules and the line of succession. Further, he indicates the wallet numbers of persons who will receive the right to access and manage assets and contracts, sets the rules and the line of succession. The inheritance smart contract is activated after Martin’s death and during 2 months the “empty” transaction does not pass.
All changes made by Martin during his lifetime in this smart contract must be signed by the Oracles. Oracles are anonymous experts who explore the situation to exclude cases of abduction, loss of legal capacity and other circumstances where the system may recognize Martin wrongly dead and open access to the investor assets to the participants of the inheritance.After the Oracles sign the changes, all the provisions noted in the smart contract take force.
Inheritance paper work using smart contracts on the blockchain will change the way accounting, storage, exchange, and, consequently, inheritance of assets, therefore it will save Martin’s employees and partners from many bureaucratic and legal problems associated with his sudden death. After confirming the fact of death, the system will automatically determine the specified participants and distribute the inheritance between them.This way, Martin’s successors will be able to continue his business, and the business will have a chance for further development.
Another vivid example from real life is the death of one of the largest cryptocurrency billionaires, Matthew Mellon, whose cryptocapital was estimated at $ 1 billion. After the passing of Matthew Mellon, his family did not see the money. His wife tried to get this money by the court, however, since no one except Mellon had access to crypto wallets, this money was irretrievably lost.
But if Matthew Mellon would have foreseen a similar case and used the possibilities of inheritance on the blockchain, family members could dispose of his condition.
Money, as you know, can’t be taken to the grave. Therefore, everyone needs to take care of what will happen to cryptocapital after the departure of life. The Illuminates platform is a place where the procedure for processing inheritance will be as quick, convenient and safe as possible. Using Relatefacts you will get the opportunity to create projects of a new type, where the main goal will be the absence of fraudsters and 100% pure reputation of business relations.
