Recently Turner Wright presented a profound and very important analytics. (https://cointelegraph.com/news/study-89-worry-what-happens-to-their-crypto-after-they-die) It was posted on Cointelegraph and is based on The Cremation Institute research (https://cremationinstitute.com/crypto-estate-planning-study/).
The key point of this research was to find out the behavioral patterns of cryptocurrency investors. What will happen in the future if they lose passwords from crypto wallets or they pass away? Who will inherit that money?
The online survey was conducted between October 20, 2019 – June 3, 2020. In total, there were 1,150 participants between the ages 19-73.
Research reveals that 89% of cryptocurrency investors worry about what will happen to their assets after they die. Yet, despite this concern and real threat of losing their hard-earned crypto assets, only 23% of investors have a documented plan.
So people understand that their property, assets or other digital data can be lost or stolen, but still don’t pay enough attention to this problem.
Maybe they even don’t have to… Bank of Memories, startup in crypto and data storage area, is ready to provide them with the solution (or give them the solution). We are talking about blockchain based technology which combines reliable storage of any type of personal digital information and possibility to create personal digital testament so that relatives can inherit digital assets.
Blockchain and decentralization were chosen as core technologies Bank of Memories uses. It is the only system that is protected from data falsification, hacker attacks and viruses.
You can always find out who made the record, for whom, when and under what conditions the right to own a digital asset was awarded. For us, this is just an encrypted file. In the future this encrypted will will reduce in the cost of arbitration and will add clarification of relations between relatives.
We provide a convenient and reliable tool for digital assets transfer. Transparent, protected from fraudulent schemes, fakes. If a person does not agree, you can always see when the record was made, for whom.
Loss of data in the system is impossible, for several reasons.
- Connections in a family tree. Family is responsible for the accounts themselves and confirms only those people who are relatives. From a psychological point of view, relatives and friends are ready to pay for the data for the relatives who passed away.
- Digital testament (paid function of transferring rights to data).
- When clients create an account, they connect relatives and friends, and can also communicate with friends. As soon as this happens, an emergency key is created ( in blockchain), which will become the key to digital assets in the future.
The Launch of the Bank of Memories application is expected in September, 2020.