Life as we know it is full of surprises and unexpected situations can take place at any moment. Take 2020 for instance. The global economy was hit by a pandemic and for a brief period of time, the financial landscape was as bad as 2008. Securing your investments and assets is the main priority in such a scenario and in the event of an important person’s demise, facilitating an easy transfer to the nominee is vital. This is where digital inheritance comes into play today.
A significant amount of assets these days are in the form of a digitalized medium. Aside from real estates, commodities like gold, silver, and cold-hard cash, people are also diversifying and storing their wealth in the form of digital currencies, such as Bitcoin, Ethereum, etc. Certain banking information is also deemed necessary to make important offshore transactions and in order to access them, an individual requires private keys and passwords.
Take the example of Gerald Cotten. The owner of Canada’s largest cryptocurrency exchange, Quadriga, passed away a while back and he left behind a massive problem for his loved ones. At the time of his death, Quadriga had over $145 million in digital currency under its management and only Mr.Cotten knew about the password to access the digital assets.
Mr.Cotten’s laptop was highly encrypted, as reported by his wife, who did not know the password and the recovery key. Right now, Mrs. Cotten is answerable to over 100,000 investors, whose capital now, is as good as gone and it could have been avoided with the placement of digital inheritance by Gerald Cotten.
So what exactly is a Digital Inheritance?
Digital Inheritance is a process to let your loved ones access your digital footprints in the events of death and also in the case of carelessness, or even misplacement of passwords. At the moment, various online providers handle accounts in a different manner, and securing assets on the blockchain has emerged as the prime alternative to secure once encrypted digital assets.
This is where Inheriti.com comes into place.
In the world of digital assets such as Bitcoin, Ethereum, private keys are lost on a regular basis due to mismanagement, demise and at times, blockchain failure.
Keeping that in mind, the Inheriti platform was developed to protect an individual’s digital footprint from getting lost in an uneventful situation. Inheriti is a digital inheritance service provider which allows an individual to set-up a position where his or her family/stakeholders can access their logins/passwords/private keys when it is necessary.
What makes Inheriti’s digital inheritance solution standout?
To be fair, Digital Inheritance has been developed earlier but they haven’t been done in the right way. One major flaw that follows other services is the factor of safety. In order to create a sound digital inheritance, it is important that the service provided by the organization is trustworthy and with Inheriti, a solution of such standards is facilitated.
Safe Haven’s Inheriti allows the creation of an inheritance that permeates the flow of assets in such a way that the individual in question (creator of the inheritance) is not bypassed based on questions. Inheriti takes security one step further and does not maintain any critical information to misuse or increase the chances of “foul play”; it is in this area, where standard custodial services fail.
For example, after the creation of the inheritance, if one of the benefactors tries to access the shares of their digital assets with the person in question still around, they would not be able to configure that. The creator would receive a “dead man switch” email, which would notify the person to ensure the shares are not distributed.
However, in a situation that the creator of the inheritance did pass away, the number of benefactors would then be able to come together and merge their individual SafeKeys together to access the digital shares left behind. Although 10 benefactors can be named in the inheritance, it is advised to choose only 3-4 people, in order to avoid logistic complexity.
With the help of Safe Haven’s platform, Inheriti incorporates advanced technologies while utilizing a secured blockchain, smart contracts, and patented-pending hardware solutions. All these different elements together allow to secure control over the digital assets of the insurer, until such a scenario should arise that would require the insurance of Inheriti to protect those designated by the policyholder.
Inheriti is not just limited to individuals, for it can be utilized by business owners, investment groups as well. With the help of Inheriti, various personal data can be protected which includes the likes of
- Passwords (Gmail, Facebook, Instagram)
- Private Keys
- Any random CBOR data string
SafeKey makes Inheriti blockchain extremely special and safe
Powered by SafeKey, It is a premier U2F hardware device providing secure logins to websites (e.g. Google, Facebook) and personal systems. Simply configure your SafeKey FIDO2 once with all account(s) information, and login confirmation is done by a simple push on a button.
In the event of compromised data (logins and/or passwords), SafeKey continues to secure the account(s) through its authentication standards. SafeKey enables strong two-factor, multi-factor, and passwordless authentication in conjunction with secure data share cold storage.
The main unique feature of SafeKey is that they use a U2F as a transport layer for their Secure Storage features and to integrate with their Secure Share Distribution Protocol (SSDP). In order to understand the functionality of FIDO in detail, please click on the following link.
Since SafeKey’s FIDO are cryptographic keys, they are uniquely configured into each internet site, hence they cannot be used to track users across different web pages.
SafeKey and Inheriti together is a complete package that allows the creation of a strong digital inheritance for an individual or operation. With the durability and third-party integration provided by SafeKey, good-compatibility is assured with all platforms and web-browsing platforms.
Why is it necessary to create Digital Inheritance and utilize Inheriti’s services?
At the root of creating a digital inheritance, Inheriti’s solution is not just any other solution that safeguards your assets during the time of your demise. It is much more than that because it ensures multiple levels of functionality, making it in-dismissable in real life. As explained earlier, after the creator has passed away, each benefactor receives a piece of information of the encrypted data, and the keys together can only access the inheritance.
One nominee would not be able to access the shares for themself, giving the entire product a sense of security unlike any other.
However, it is also extremely important and preferred that another legal entity is hired to verify the demise of the creator of the inheritance, who will also validate the distribution of the inheritance and undertake the process of merging the SafeKeys.
Safe Haven’s Inheriti checks all the right features that protects one’s digital inheritance and makes sure it reaches loved ones.
The thought process manifested into the project comes directly from the CTO of Inheriti. The CTO of the company formerly handled security measures and protection for the Belgian Parliament. Hence the people in charge of Inheriti have an acute knowledge of what works in the decentralized and centralized form of storage information.
When it comes to digital inheritance, Inheriti’s product stands out in terms of security, assurance, and trust.
This article was originally posted by AMB CryptoBack to news