This probably will be a game changer in the legal profession. I suspect it will also be a problem for future genealogists who want a copy of an ancestor’s will.
Blockchain Apparatus is a start-up company in Denver that is working on several legal areas, including property and trusts. Its mission is to provide new developments in the legal services industry. The company has found a new application of blockchain technology (see Note #1 below) that works with data available with the federal government database (especially from the US Social Security Administration). This new product makes self-executing digital wills possible.
In the near future, Blockchain Apparatus expects to have a software/network combination which is the executor of a deceased person’s last will and testament. The process will be automated, will run on thousands of computers simultaneously (thereby guaranteeing reliability), and will be visible to everyone (thereby ensuring there will never be a difference of opinion as to the will’s existence).
For the first time in history, it will be possible to hand out the entire process of will administration to a software program running outside of human control. This process will be executed by the code running this software.