Decentralized Inheritance

DeIN

Introduction

In its most simple form, Decentralized Inheritance (DeIN) is a concept where (legal & financial) inheritance services are available on a public decentralized blockchain network making them open for anyone to use rather than going through middlemen like lawyers or notaries.

When dealing with lawyers or notaries; a government-issued ID, social security number, or proof of address are needed. Identification and local laws make inheritance matters complex. With DeIN these issues can be resolved. DeIN refers to a system where software on blockchains enables a testator and their beneficiaries, legatees, devisees, custodians or executors to interact with strictly software-based middlemen rather than a lawyer or notary facilitating a transaction. Identification, directives, terms and assets are stored on the blockchain.

Multiple technologies and protocols are used to achieve the goal of decentralization. For example, a decentralized system can consist of a mix of open-source technologies, blockchain, and proprietary software. Smart contracts (e-will) that automate agreement terms between testators and their beneficiaries and executors make these inheritance services possible. Regardless of the technology or platform used, DeIN systems are designed to remove intermediaries between transacting parties.

DeIN is an incipient industry whose infrastructure is still being built. Regulation and oversight of DeIN is minimal or absent. In the future, however, DeIN is expected to take over and replace modern inheritance.

Key takeaways

• Everyone dies at some point, yet death is not the end. Myend sees inheritance not only as the assets one leaves behind, but as the total influence we can have on the world when we are no longer here.

• Decentralized Inheritance, or DeIN, aims to use technology to remove intermediaries between parties in an inheritance case.

• The components of DeIN are stablecoins, oracles, smart contracts, and a software stack that enables development of online services.

• The infrastructure and use cases for DeIN are still in development, while the first online services are already being rolled out.