Blockchain Apparatus Launches a New Trusted Will System
Blockchain Apparatus is a voting system based on the Blockchain, providing a transparent, secure and incorruptible voting system. Blockchain Apparatus has been developing several innovations and working to put software in control of will execution. The Denver-based startup announced this week their latest developments and their innovations are bound to change how people manage their estates.
Blockchain Apparatus is one of several startups incubated by The Blockchain Technologies Corp. The US based startup aims to deliver new technologies working on top of the Blockchain. The startup is working on several legal areas such as property and trusts, among others. Its mission is to provide new developments in the legal services industry.
The future of will administration
For the first time in history, it will be possible to hand out the whole process of will administration to a software running out of human control. This process will be executed by the code running this software.
The company believes that in a near future we will have a software/network combination which is the executor of the decedent’s last will and testament. Bitcoin 2.0 protocols are used to make actual dispositions and disbursements of the assets in an estate, and are able to do so while taking into consideration many facts which are indeterminate at the time of the will’s creation, similar to traditional trust frameworks.
Eric Dixon, member of the Blockchain Technologies Corp’s legal counsel argues:
“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.”
Using the Blockchain to prove authenticity
Most of the will-related litigations involve many challenges to what is said to be the authenticity of a will. There are also challenges based on the interpretation of a will and what could be commonly mistaken by the vagueness or unaddressed issues, as well as the competence of a testator.
Dixon stresses that:
“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.”
With the Blockchain the company offers an improvement in the quality and admissibility of evidence, moving such litigation from a process requiring some degree of trust in old documents, uncertain signatures, uncertain notarizations and uncertainty over the existence of any subsequent documents are deposited, where the identity of the depositor, the time of the deposit and the “original state” of the document are all confirmed and preserved through the Blockchain. The technology allows for revisions, with each revision being stored in its own original state. It enhances the ability for swift justice without compromising legal due process. It offers a way to establish the authenticity of documentary evidence and protect data from being altered, hidden or destroyed.
Eric Dixon explains:
“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.”
The Blockchain has given us the ability to develop trustless systems and to anyone securely store arbitrary information. This technology can be used to help us manage our assets and financial affairs, our social relations and everyday life. Besides having already introduced a trusted voted system based on this technology, 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.
This technology can also be used by governments to register citizenship among plenty of other things. What’s your opinion on this matter? Let us know on the comments bellow!
Source: Press Release sent from Blockchain Apparatus