Heir is the next generation distributed and decentralized blockchain solution for estate planning, management, and distribution.
The cryptocurrency market’s approximate half-trillion dollar market cap as of April, 2018 has spawned fortunes both large and small among current adopters. With the overall growth of the market, introduction of new cryptocurrencies, and the influx of new adopters, cryptocurrency holdings have and will continue to become sizeable portions of the global populations overall assets. A consideration generally overlooked in the here-and-now is what would happen to one’s assets when its holder ceases to exist, or simply put, upon death. Put into the context of cryptocurrency assets, a major gap is not only present, but if ignored can lead to dire and unfortunate consequences for holders and next of kin alike. Non-traditional assets require non-traditional estate planning and estate distribution solutions—Heir is the next generation distributed and decentralized blockchain solution for estate planning, management, and distribution. With a near-term focus set on protecting cryptocurrency assets, and a long-term vision to adapt all asset types to work in harmony with blockchain technology, Heir endeavors to become the standardized and holistic estate management solution for generations to come.
Estate planning, an industry with revenue figures exceeding $170 billion in 2017 within the United States alone, is an area riddled with flaws, gaps and pitfalls in its current state. With an average annual growth rate of 6.6%, this industry figure is on trajectory to rise to over $1 Trillion by the year 2046, and much sooner from a global standpoint. From present day traditional wills and estate trusts being open for potential corruption, manipulation and misinterpretation, to rampant price gouging tactics employed within the industry, the time to innovate and disrupt has arrived. Heir will spearhead the transformation from the current archaic estate planning methods and processes, to a next generation offering which will last the tests of time to ensure legacies are protected.
At the core of blockchain technology is the foundational belief in distribution, decentralization and elimination of intermediaries. In the context of cryptocurrency, specifically Bitcoin and other similar alternative coins, financial institutions are being removed from the equation of traditional banking. Accounting and transactional data traditionally logged and kept in a centralized bank- controlled ledger has now become property of the public domain. Anyone who desires to view, transact with, scrutinize, or own a copy of the distributed ledger can easily and simply do so without having to interface with any financial institution or bank.
With the advent of smart contract / logic based transactional technology introduced by Ethereum, Stellar and other similar blockchain platforms, the same principal of eliminating intermediaries can and has been applied to many other industries. Smart contract / logic based transactional technology takes the concept of cryptocurrency to the next level by allowing for transactions to be carried through only if and when a specific set of pre-programmed non-modifiable criteria has been met. The ability to rely on code as an intermediary has become a reality; ownership of critical decisions can be turned over from human to machine to eliminate biases, uncertainty, and corruption.
Heir’s vision is to apply the same decentralized, distributed and middle-man eliminating ideology and technology to estate planning via the use of five elements: blockchain technology, cryptocurrency, smart transactions, machine learning ,and artificial intelligence. Heir will leverage next generation technology to disrupt the estate planning industry and propel itself into becoming the global standard for individuals to secure digital, liquid and non-liquid assets alike.