Blockchain Apparatus, a voting system based on the Blockchain, providing a transparent and secure and voting system, has founded a new application of Blockchain that works with data available with the federal government database, especially from the US Social Security Administration. The new product makes self-executing wills possible.
The product is linked to Social Security Office’s Death Master File that keeps records of verified death reports. Anyone can create a digital crypto-will with particulars of beneficiaries and terms of execution. Once the person dies, and the records appear on Death Master File, the will gets activated to be executed according to his/her wishes as mentioned in the document.
It will be possible to perform the whole process of will administration to a software running out of human control. The process will be executed by the code running the software.
Blockchain Apparatus is one of the companies founded by The Blockchain Technologies Corp. The company has been developing several innovations and working to put software in control of will execution for a big amount of time. Besides, Blockchain Apparatus is working on several legal areas such as property and trusts. The company’s mission is to provide new developments in the legal services industry.
“The Blockchain will or broader Blockchain document goes to the heart of most family and surrogates’ court litigation. It provides better evidence of the actual intent, at a definable, fixed time, of the person making the will or the ‘testator’ in legal parlance,” said Eric Dixon, member of the Blockchain Technologies Corp’s legal counsel.
“What the Blockchain can do is, to make it much easier for a genuine will to be upheld, for a bogus challenge to be dismissed, and for courts to come to factual findings much more quickly,” added Dixon.
The Blockchain has given the ability to develop trustless systems and to store arbitrary information securely. Besides, the technology can be used to manage assets and financial affairs, social relations and everyday life.
Moreover, Blockchain Apparatus efforts are going towards implementing solutions that are set to change the way governments, businesses and people are going to manage their documentation in the future. The service offers a way to establish the authenticity of documentary evidence and protect data from being altered, hidden or destroyed.
Mr. Dixon commented: “The technology makes it easier to prove the existence of a will or other document, because the Blockchain preserves the record of its creation and submission to the Blockchain. No more do you have to guess whether a will that ‘just shows up’ was signed five or ten years ago. The Blockchain gives you solid and better evidence.”
A new product still does not have the whole process automated yet: at the moment it works as a hybrid model involving technology and lawyers. However, Blockchain Apparatus has already got one client who has signed up for the crypto-will service.