While Safe Haven is geared towards passing digital assets to heirs/ children, a user still has control of his/ her assets and can make changes as necessary. However, as the mortality of the user is unknown, and God forbid, the user can die at a moment’s notice. The question now becomes who will monitor and access the user’s assets if it isn’t scheduled for distribution yet.
Safe Haven has a key Escrow option, whereby upon a user’s untimely death, a third party is granted access to the assets. This third party is chosen by the user while he/she is alive and is used as a fial safe in the event something happens. It’s only logical that the third party be someone the user trusts, or even an intended heir.
However, what about if a third party consists of multiple individuals? Safe Haven’s solution is to use a passphrase to access the data from the blockchain, which is split between more than one trusted person. With this option, a user chooses a trusted group, who is each given a part of the passphrase, but not the entire passphrase.
Thus, as a measure of security, all passphrase holders would have to agree to combine their slit passphrase to re-create the original passphrase, which can then be used to access the data. With this security measure, it means that the more the passphrase is split and distributed, the harder it would be for those passphrase holders to collude and scam the original user out of his/ her assets.
This entire Escrow process is done by first encrypting the data using 256 or 512 bit encryption algorithm, and securing this with a passphrase. The passphrase is then distributed among its intended recipients, thus protecting the data.
Contingencies are a dime a dozen and are needed in this digital age. There’s no telling what can happen and when. It’s best to be protected in all aspects, and be prepared in case of unexpected events. Safe Haven is showing that they are prepared. Are you?
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