About Us
In the present era, we all are moving to a digital and technological world. Social media,politics, entertainment and every other platform is being digitalized and the society is becoming paperless.
"Wills" are also now moving to the digital world. These Wills are a new form of digital documentation. Our paper is going to focus on how the Wills can be created digitally and moreover to add security, safety to it; how they can be created on a blockchain platform. Storing the will digitally on blockchain has many advantages over the traditional and paper Wills. These can be stored easily and can be retrieved in a convenient manner whenever required. Modification of the Will is also not a lengthy process as compared to the Paper Will and can be changed easily when needed. One of the greatest benefits of storing your will on the blockchain is that it becomes tamper-proof unlike the paper Will, where anyone can manipulate it.
Having said that, blockchain enabled wills are far more efficient and much quicker than the traditional Wills. The whole process of the Will Administration is carried out by a code (software) which is decentralized and distributed. These Wills are now secured because of the cryptographic process involved and the unique nature of immutability. The testator(owner of the Will) can make the will by dotting down the beneficiaries, assets(movable, immovable, digital, etc) and the execution process. As everyone on the blockchain platform are aware about the existence of the will, its public and cannot be tampered or lost. Furthermore, its also private in the sense that every beneficiary along with the testator is represented by an address and the address can only be decoded by them. If, for instance, anybody tries to manipulate the Will, everyone on the blockchain would be notified along with the timestamp and location of the update. After the death of the testator, the Will or Testament will get executed automatically by using smart contracts.
This characteristic of automatic execution makes it very easier for everyone by reducing the legal expenses and the time it consumes. Since there are no intermediaries involved, the occurrence of feuds and conflicts is very less.
