Digital data to be transferred by succession in Russia

Russian engineers will create a blockchain based “time capsule” service, which will allow digital information to be transferred by succession, RIA Novosti reports with reference to the Russian National Technology Initiative Platform.

The new service will be capable of storing various digital information: from passwords for social media accounts to cryptocurrency wallets keys. You can also place photos, text files, video messages or whereabouts of valuables into the “time capsule” in order to transmit them by heredity.

To transfer information to the heirs, the user will send a link to the recipient, who will have to create a personal account on the service website. However, the “time capsule” itself will open no sooner than the specified date.

The encrypted data will be stored on SberCloud and duplicated on DropBox and other sites.

The project implementation will require about 2-3 million rubles (USD30,000-40,000) to be raised.

According to the developers, sending the first two capsules will be free. The developers plan to cash in on the new tool through gaining popularity of the service and offering value added services.