When a will is created, the conditions are set and this allows the investor to change the will if he/she chooses in the future. Safe Haven devised a four step solution to allow an investor to maintain control of their digital assets while they’re alive. The original contract will exist in the blockchain as will any revisions that are made while the investor is alive.
Thus the investor can distribute his/ her assets while she is alive. Upon their death, a registered member of TAN is given the power to get the remaining assets and distribute it to the investors’ heirs. This is done in a four step process as mentioned above.
The initiator secures the services of someone from TAN. The chosen member from TAN is hereby called the validator. The validator has the authroity to divide and distribute the digital assets to the heirs of the investors, using specialized options on the Safe Haven platform. No data is kept on the Safe Haven application. The only recorded information is the fee for the validation which is sent via the blockchain.
The algorithm for encrypting and decrypting the digital assets would not be published anywhere for security reasons. The only form of security used between validator and the smartcontract is an ID string to map the validation to the smart contract that they was asked to preside over.
The TAN representative distributes the digital assets to the heirs via alegal certificate. This is done when the TAN representative uses the Safe Haven app to encrypt the heir’s share, and a smart contract is used to deploy the assets on the blockchain.
The heir’s shares would be stored either on a legal certificate or a hardware ledger which Safe Haven is developing along with Nitrokey.
If an investor suddenly dies, the heirs can access the inherited digital assets by providing the necessary documents to the TAN representative as proof. The TAN rep liases with Safe Haven, and once verified, the shares can be released to the heir’s as long as the shares aren’t linked to a time smart contract.
This security layer is used to strengthen the trust and faith in investors. and show that all possible contingencies have been considered and that Safe Haven have the best interest of all their investors/ clients at heart.
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