Hi Guys and Girls,
I went and had my will drawn up today and was quite surprised at the expense involved in the execution of it, when I finally kick the bucket. I appointed a public trustee to execute it and it was estimated that this would cost about about $6500 for my particular estate.
I was thinking that having a record of my identification, insurance, property titles, savings accounts, share portfolios and of course crypto holdings on a blockchain would make this whole process easier, if not automatic, if the right smart contract was drawn up.
Is this the one of the sorts of thing that the Cardano blockchain might be used for?
i think this is potentially a fantastic use case for blockchain tech
i wonder if such smart contracts could be setup in marlowe
politicians, accountants and lawyers are some of the most bloated roles in society, zapping real productivity from people who actually produce things, when these sectors shrink to relatively tiny levels we would have finally reached a world served by blockchain
It is too early for smart contracts to deal with that. However, I think it will possible in the future.
Smart contracts are able to take care about the execution part of the agreement. What must be delivered for your use case are mainly two things:
- Trustless Oracles connecting real and digital worlds.
- Property register in given country must be interconnected to Cardano.
We need a few years to get there. Once done, the service will be cheaper and more reliable.
Yes I understand these things will take time.
I am particularly interested in these things you identify as Trustless Oracles that connect the real and digital worlds. For me this is where the rubber hits the road in terms of adoption. I’m sure that there are countless talented types who can write the contracts, but how do we get the “real world” actually talking to the blockchain? Supplying it with reliable information?**
Could anyone help me out by expanding on what a trustless oracle is, how it works, who’s in charge of them etc? I find the concept fascinating.
I believe in general terms the answer is that’s mostly yet to be worked out. However, plenty of people are thinking about the issue: https://duckduckgo.com/?q=trustless+oracle
not sure about this trustless oracle idea
you will need a central authority, a state agent, in this case a coroner, to trigger the event… i can’t see how you could possibly get away from that… apart from bio-engineering some health monitor into everyone at birth and tracking our health in real time… hopefully it’s emp resistant
you guys are thinking way to far ahead
Not sure if it is trustless, but following service seems to be providing oracles, which are based on WolframAlpha and others:
Wolfram seems to be working on it extensively as they have dedicated labs for that:
Wills, Power of Attorney, Estate Planning
Has Any one created a Practical plan on how to deal with all these passwords and protection from bad actors and yet will let those that we need to financial support when we are unable due to health issues or dead?
Basically Wills and Power of attoney information.
After just rebuilding my cell phone after previous broken one. I realize how two set identification will really make life challenging for another to get to information they will need.
Even if we use basic habits like hard copies stored “safe some where” of Passwords, seed phrases and some level of what we have all been trying to keep up with as far as security and investments will be near impossible for some newbie IE family member.
Start to mix in security keys and hard wallets and wow things get really complicated.
I am at 198 Passwords and counting just to keep track of basic stuff.
I lost my Dad 81yrs old he changed his PW so many times and recorded them everywhere it was a nightmare and he was mostly mentally stable. Look out for those with some real issues.
Any one have a Plan worth sharing?