Google how many people around the world own or use cryptocurrencies. It will show you a record of 106M people out of 7.700M. It means from the 100 percent of the world population, only 1.4 % of people ever had or used cryptocurrencies, but almost five years ago, few persons knew what cryptocurrency is at all!
It is a trend now, and more and more people are interested in this scope!
People invest in cryptocurrencies more than ever and probably keep their private keys in the safest places. These places are usually the type of secret places that no one else has access to, even spouses, children, or parents!
But the point is, what will happen to our digital wealth after we die?
Most likely that hires or executors should wash their hands of this part of the dead one loved! But there should be at least a solution, and in the coming paragraphs, we will investigate how?
A young man in Colorado passed away this year. He has left his family whit a question: How can they have access to his wallets? They investigated that he had some transactions with Coinbase and realized he had been investing in cryptocurrencies. It seems he was an excellent person to favor security protocols for his crypto wallet! But it put his heirs in trouble!
Second, Short and shocking:
The unexpected death of a Canadian cryptocurrency exchange owner caused the blocking of millions of dollars in his crypto wallet. No one, even his partner, does not knows what the private key or password is.
So, it seems no tracking tools and no rules for beneficiaries! But, wait, it seems that Swiss is doing something to keep the digital wealth of the lost loved one for their heirs! There is a point, according to the security protocols in the case of wallets, people usually do not share information with their close kin, and it will be potentially a big problem for the heirs!
TrustVerse is another solution that is adaptable with almost all platforms and helps crypto investors to control all movements, minimize volatilities.
It also provides users of the service with smart contract planning. Based on decentralized applications (dApp), crypto investors can control and manage important issues like tax, transferring digital currencies, inheritance, and legacy planning.
It is more likely that loved ones have a share of the inheritance of crypto investors who passed away with smart contracts!
The mechanism works based on a private Smart contract on a regular public chain. It operates through timely observance of checking wallets by the owner.
After an agreed scheduled period, if the owner doesn’t check their (digital) belongings, the mechanism will transfer digital assets among the beneficiaries!
What is PoD (Proof of Death)
TrustVers also check among death records as mentioned above about a similar case for the Canadian Crypto Exchange owners who suddenly passed away on an abroad trip, checking Post-Mortem identities to prevent fraud and theft of digital assets in wallets.
Another solution is “Safe Haven,” which naturally works on blockchain systems. The mechanism works through sharing the encrypted key like parts of a puzzle among beneficiaries.
The primary owner of digital assets and potential beneficiaries receive an encrypted key to access the digital asset wallet, which, legally and under the control of a notary, is composed and documented.
DigiPulse is another platform to help crypto owners guarantee more accessible access to their heirs or executor after their sudden death. It is based on the blockchain ecosystem as well.
The key or encrypted information is accessible among predestine people that the digital asset owner has chosen or introduced!
DigiPluse has some more exciting features and inheritance, there is no need for an attorney or a notary, and investors can keep their identity visible or anonymous as they wish.
Despite the need to keep the Crypto Wallet private key in a secret place and do not share the details with anyone else, always keep in mind that sudden deaths must happen at any second.
There must be some decentralized rules over the security notion of wallets, as the decentralized ecosystem has plenty of users around the globe. Different countries have different directions, and it seems a little challenging to make a clear rule for all people around the world, but some solutions as mentioned above can help.