HashCash develops a blockchain-powered digital inheritance model that safely transfers the digital wealth of an individual to their heirs upon their demise
Global blockchain development company HashCash Consultants is pleased to announce the development of a blockchain-driven ‘Wills and Inheritance’ model. The system seeks to explore the legal implications, issues, and challenges in the laws that govern inheritances.
HashCash designed ‘digital wills’ will target the volume of digital wealth accumulated by an individual during their lifetime. This wealth has to be transferred to some kin following the demise of the individual. The HashCash design simplifies such inheritance of digital wealth by means of a smart contract-driven system.
If the keyholder expires without sharing their private key, their assets on the blockchain cannot be retrieved by those he/she is survived.
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Therefore, the solution to the situation is to write one’s will onto the blockchain. This information could be automatically executed via smart contracts upon the death of the testator. The testator may list his/her assets and private key on their will. However, this information will not be revealed to anyone except the beneficiaries upon his/her demise. This arrangement renders the system much safer and more secure than a conventional paper will. This system facilitates the users of the platform to secure their digital assets so that the investor’s legacy may be passed down to their beneficiaries safely and securely.
“The problem surrounding the inheritance of virtual wealth is complex. Here again, blockchain steps in to offer relief,” said Raj Chowdhury, founder, and CEO of HashCash Consultants.
“The strategic application of smart contracts design can appropriately resolve the issues arising in cases of inheritance of digital assets”.
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This system of transfer of digital wealth from the deceased to their heirs may be challenged on many levels. One of those is the presence of witnesses which is crucial in the case of a traditional will. It may b questioned whether an electronic signature should suffice in the case of a digital will. Further issues may arise out of inheritance tax laws across jurisdictions. The varied taxations on crypto will pose obstacles on the way to its realization.
HashCash is passing through a phase of steady growth securing a wide variety of overseas projects in various domains. HashCash Consultants has decidedly contributed to massive growth in the crypto sector in UAE. The blockchain development company has recently announced its collaboration in a project that seeks to turn medical data of individuals into NFTs. HashCash is also working on a micro-loans system that is to cater to women entrepreneurs in economically weaker regions.
With the smart contracts-based ‘wills and inheritance’ system HashCash addresses a very common yet exceedingly complex real-world problem. Approvals from relevant authorities may render such a system operational arousing minimal friction in the process.
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