Smart contracts are use on the blockchain and they self-execute according to the condition written on the contract. The statements usually are a mixture of if this, then that statements. They are generally used in any industry where a contract is required. One of the key aspects of smart contracts is that it requires no lawyers or executioners for the contents of the contract to be fulfilled.
In Safe Haven, smart contracts are what will be used to store the contract/ last wishes of a user. Users will be able to specify any conditions that they want executed, any limits, tasks etc, for their heirs to attain the contents of the will.
Based on the protocols used by Safe Haven, a user may have a different set of conditions for his/ her smart contract. As stated before, smart contracts can have anything in them, but since they’ll be based on the mortality ecosystem, it makes sense to have set parameters or conditions in those contracts.
Some examples can be that they digital assets be released in stages and not all at once. This stipulation would increase the odds that whoever gets the inheritance, does not waste it all at once. These stages can be staggered based on time, tasks, milestones etc.
Also, since these smart contracts are self-executing, they require no middle man to pay a fee to execute the will. Furthermore, there need not be any disputes with regard to the state of mind of someone creating a smart contract. The contract while binding, it’s not traditionally legal and as such, cannot be contested.
Smart contracts exist on the blockchain and are thus hard to hack and manipulate. They’re also stored in multiple locations, protecting the validity of the contracts and the data stored. Traditional contracts can be forged, damaged, shredded and leaving behind no trace to them. With smart contracts, a hacker would have to hack the entire blockchain to change the data, and create multiple copies of the blockchain to have it used as the main chain. Seems impossible.
Safe Haven made an excellent choice by using smart contracts to store digital inheritance contracts. Both require the same level of trust be placed in them, they represent new projects and can accomplish great things together. I’m looking forward to this project. Are you?
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Also, you can read their FAQ for more information.