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Blockchain, Featured, Press Release

HashCash ‘Wills and Inheritance’ Solution Imbues Trust

Technology keeps emerging and upgrading. This entails innovation and renders our daily lives simpler. Some technologies are so innovative that they disrupt entire industries, often changing the way we think. The legal industry is next on our list. Here’s how blockchain may impact how a person intends to pass down assets to the next of kin.

The primary feature of blockchain, at play here, is smart contracts. The question we answer here is: Can wills be written onto a blockchain? Are there problems with doing this?

The Innovation

International blockchain development company HashCash Consultants takes immense pleasure in announcing the development of a blockchain-driven ‘Wills and Inheritance’ model. The system seeks to study analyze and resolve the legal implications, issues, and challenges in the laws that govern inheritances.

HashCash designed ‘digital wills’ is set to target the volume of digital wealth accumulated by an individual during their lifetime. This wealth must be transferred to the surviving family following the demise of the individual. The HashCash design simplifies such inheritance of digital wealth through the implementation of a smart contract-driven system.

The Working of the System

Anyone knowing the process of digital assets functioning will tell you that if the user expires without sharing their private key, their assets on the blockchain cannot be retrieved by those he/she is survived.

So, the solution to the situation is to put down your will onto the blockchain. This information, thus written could be automatically executed through smart contracts upon the death of the testator. The testator is required to list his/her assets and private key on their will. However, this information will not be disclosed to anyone except the beneficiaries. That too only upon the demise of the testator. This system makes the system much safer and more secure than a traditional paper will. This system allows the users a platform to secure their digital assets so that the investor’s wealth may be securely passed down to their beneficiaries.

“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”

The Arguments Against

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.

Recent Developments

HashCash is rejoicing in the steady growth from securing a wide range of overseas projects in various domains. HashCash Consultants has undoubtedly contributed to enormous growth in the crypto sector in UAE. The blockchain development company has lately announced a collaboration project that attempts to turn the medical data of individuals into NFTs. HashCash is also developing a micro-loans system that is to cater to women entrepreneurs in economically weaker regions.

Finally

With the smart contracts-based ‘wills and inheritance’ system HashCash addresses a very common yet exceedingly complex real-world problem. Approvals and sanctions from relevant authorities will render such a system operational causing minimal friction in the process.

Source: https://finance.yahoo.com/news/hashcash-builds-blockchain-powered-wills-070000070.html

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