InheritanceChain

This project attempts to create a system which would bring in an order to the process of transfer of CryptoCurrency to the surviving benificiaries of the deceased. The system of will and testament is non-existant in the crypto-currency world and given the anonymity and decentralized nature of the organization the system of asset-transfer is great concern. This was built during the FantomCode at RVITM May-2023.

The problem this Application solves

Post the demise of a person, the transfer of the assets of the person are governed by the laws vested in the interpretation of one's will. The share of the financial and immovable assets received by each beneficiary too lies in therein.
During the decipher of the transfer one's crypto assets, when there is no centralized institution or body codifing the regulation here, How do we identify and regulate transfer ?

Technology Stack

Web Application

Flask (Python)
React

Blockchain

Ethereum
Ganache
Web3
Solidity

Getting started

Install the pre-requisite modules namely Flask, Web3 and other modules as applicable Running the Detection Code independently

Asset transfer

python main.py

File Structure

The runnable file, hosting the Application

contract.py

The contract- details and benificiaries

contract.json

Problems with the traditional system

Lack of due execution i.e. procedural inadequacy
Lack of testamentary intention and capacity
Undue influence
Fraud or forgery
Revocation: Claims by family

Solution

Working and Features

Time-lock One can lock the assets for a certain period of time following which the resources are transferred. While still there he may modigy the running time in the contract
Key-lock A two key system is used in the transfer of assets. The first key is common among the benificiarires while alive; This prevent those apart from this list to access it. The second key is in trusted source or contract determines the proportion of inheritance to be recieved
Key Features A novel solution considering crypto- currencies Balanced principle and concept of working of Will interpresentation

Snapshots of the Working Web Application

Challenges we ran into and Acknowledgements

We faced issues in the interface of blockchain and the python application.

Further Enhancements

Methods to validate the occurance of the event of Death.
Secure third-party which preserves the validity of keys.

Team

Sujan Reddy

https://github.com/sujan-reddy

N.Dharshan

https://github.com/NDharshan

ndharshan / rip_engineers_fc36 Goto Github PK

rip_engineers_fc36's Introduction