Hello, in this lesson we are going to cover the blockchain use case of last will and testament, because there is lots of money they is spent on wills and testaments. There's always a whole heap of argument that always a lot of things are on clear as well, who gets what when do they get it? And using blockchain we can help alleviate If not, if not all of them, most of the problems. So the great thing about using some for a blockchain based system and smart contracts is automatic. So automatic execution. And a very popular concept for this is using a timer.

So imagine if we have Bob For example, and Bob has to his name, he has $100,000. He also had, let's say, two houses. So he has two houses and let's just say for argument's sake, they are equal literally everything about them value, location, apart from obviously, they can't take the same space. But apart from that they are all equal. That's everything that Bob owns in the world. So imagine if Bob were to pass away so if we have Bob, no more.

Imagine if I also want to mention that he has two children, and he doesn't have any spouses, actually only saying this example his spouse has passed away. So there's no claim apart from the claim that the children Mike make and Bob passes away and the children are arguing who should get what how much they should get. One child says that I didn't go away to university I stayed at home. And as a result, I should get more than money. I was here looking after him and where the child is like, well, I went, I became successful. I fulfilled my father's wishes, and I should get more.

But Bob actually loved them both equally. And He always was adamant that they both should get half of whatever he had. so in this situation, using a smart contract, he could have you on a timer. So let's say after six months have passed that give ample time to get Bob buried and to shore up for everything to die down, no pun intended, and after Six months have passed automatically 100 I mean, automatically $50,000. So half of web rehab for $50,000. And one house is given to each child or toe, Mattingly.

So imagine if obviously, we're using the dollar system here. But imagine if this was on cryptocurrency, he could automatically as soon as that condition occurs though, him dying, and six months pass in the six months is obviously more optional but it's usually a good idea to have something timer based. So all your affairs can be made in order and maybe anything else outstanding can be handled and sorted out. So imagine if it's Bob owns 1000 bitcoins as soon as These conditions are met those either Bitcoin or I mean half of the Bitcoin would automatically go to the chart. Imagine if the houses are secured using a blockchain network by a separate lesson covering that, then one of those houses will automatically be put into the other child name. So that is the some of the great advantages of using a blockchain based system.

What one may argue, is with a system like this, with the money, it doesn't really matter, but with the houses, like I said, they're essentially equal but maybe child one wanted the first half, the first half, whoever that is, maybe that's number maybe they literally number one on a particular road and and but he gets The second is maybe child two. Isn't that first about it. But if it's automatically executed, then there isn't any sort of preference here. Unless, Bob, as the guy who makes the will and testament specifically puts these conditions in I know the child children can handle it afterwards. But obviously, when you start dealing with a lot more asset, yes, it's a lot fair up because you essentially, and this block or this is all of the assets of somewhat unnecessary to three people. It will just be split equally between those free people, which is obviously fantastic.

But maybe one of the children or one of the parties wanted assets from here. And this person wasn't first if they got assets from either here or here, but they're not first initially, but after it's all said and done, and maybe because of their parent, whoever passing away, they're upset and they don't want to swap stuff. So that's one of the disadvantages. But again, that's still really a problem in current Will and Testament as well because unless it specifically specifies who exactly gets what, if it's just an equal split, then if it's properly executed, it will just be the same as this. So that is that for the examples of what could worry code a couple of them, what could be put within a will and testament pretty much anything but the big ones are property, can be houses or maybe art for example, property doesn't have to be houses, people think of the other home but it can be any form of private property.

When you own something money. Wherever that hit from dollar base or a cryptocurrency based, maybe the person Passed Away have a company and they want to hand the shares over on that company to other individuals, and particularly future omens, maybe they have something that is earning him a passive income. And he wants that. He wants to make sure that that doesn't just basically go twice actually goes to him because he doesn't know or she doesn't know they might pass away anytime. So they want to make sure it is all sorted out just in case it happens that way. And this ultimately, will reduce arguments.

Because it will be immutable cannot be changed. It will be cheaper than the conventional system of wells and testaments. It will be easier to update than always having to deal with a lawyer, for example, obviously still good to have some sort of intermediary, like a lawyer to mediate even if it's just you setting your will just to be there, make sure it's all properly done, but overall going to be easier to date. And often it is going to be more secure than the conventional system, which a lot of stuff is still paper based or initially paper based and he won't, won't, I don't like this triangle, let's do a better one better, won't be them found by a single entity. And that will help prevent anything like that to see where to go down or it will help reduce delays regardless of what you're dealing with whatever country you're in, it could be executed regardless of country so that is amazing as well.

So most secure, and all of this would actually be used, or it would all be stored on a DMF, which is a death master file. So unless the death is recorded on the death master file, then essentially in a public ledger or maybe a private ledger that has public aspects of it. So, unless it's stored on the death master file, then obviously none of these conditions will execute but that's sort of like a death record anyway, so unless there's a proper death record, and I mean a death certificate, then otherwise you won't be getting your stuff with a conventional Will and Testament so it's no different to that. Obviously, you need to make sure the person dead and maybe the off and make sure the offspring isn't saying Oh, yeah, they're dead and I just want all this stuff and they're gonna run over to ye be impressive that run over to it and Can also be useful for non existent parties, non existent parties, or non existent parties, I mean, oh II this can come in many forms.

But the obvious one is like children, for example. So it might be Bob, he has those two children, and a first child is born and maybe he or she is born literally just before Bob dies. It's verify that Bob is the father. He's in automatic execution if he had said that it's going to be split equally, or just get equal, equally be put into that individuals name, you won't have to go through any other system because again, it's automated. You have to go through all this sort of hassle of because one of the children child of the exist. I mean, the existing children might say oh, no, because that child is on Come along, it's unfair that they get further money.

Or maybe they are say they can only have 5% or they can only have or they can't have any at all. But it is the father's wishes that they should get equal, regardless of age then yet they will be automatically executed. So that's how last will and testaments could be improved using the awesome lock chain. Let me just do a white circling thing here. So yeah, if you have any questions, feel free to reach out. And as usual, thanks for watching, and I look forward to seeing you in my next lesson.