Project description
Blockchain technology for fast and secure inheritance processing
Inheritance processes are often complex, leading to numerous instances of time loss, legal disputes, and fraud. Blockchain technology can simplify and secure these processes. The EU-funded LIV project introduces a blockchain-based platform to democratise access to inheritance procedures. This platform aims to streamline decision-making regarding inheritance plans, safeguard assets against loss, prevent family conflicts and fraud, and facilitate seamless inheritance processes after a person’s passing. Furthermore, the platform is designed to handle, recover, and regularise cryptocurrency inheritances. LiV optimises inheritance management for financial institutions, governments, and third parties. These outcomes will establish the groundwork for innovative legal-tech services, positioning the EU as a leader in legal-tech advancements within the inheritance market.
Objective
LiV is a platform that leverages the power of Blockchain to democratise access to inheritance processes, reducing complexity, inefficiencies and ensuring legal compliance. LiV allows any person to:
-Make informed and simple decisions about their inheritance plan
- Protect their assets and inheritance from getting lost
- Prevent families’ fights and protect them from fraud
- Complete simple inheritance processes after death
- Manage, recover and regularise crypto inheritance
LiV also allows 3rd parties, Financial Institutions and Governments to manage inheritance processes more effectively
and to better support their customers’ during distressful times.
LiV is creating a new seamless ecosystem which will completely reformulate the way these entities interact, work and engage. This will mean instant, transparent, cheaper and secure transactions for people and institutions. Our research has revealed that our blockchain approach is a game changing innovation that can potentially:
- Increase inheritance planning adoption from a current 50% to a 75% (3/4 interviewees would use LiV) Part B - Page 2 of 10
- Reduce dormant assets (€50bn) and crypto (20%) to potentially “0”
- Reduce time, costs and eliminate errors during inheritance processes by an average of 90%
- Enable web3 compliance
- Avoid sanctions to Financial Services and other entities
With this, LiV will set the foundations for further legal-tech services that will put the EU at the vanguard of legal- tech innovation in a market valued at ~$500 Bn (2028).
LiV provides access to legal services and contributes to build stronger institutions. With this LiV aims to contribute to the 16th United Nations Sustainable Development Goal and the European 2030 Digital Agenda.
LiV also provides a sustainable non-paper-based process, which we estimate could reduce CO2 emissions by 5 million kg per year just in the EU.
www.livcare.co
Fields of science
Keywords
Programme(s)
- HORIZON.3.2 - European innovation ecosystems Main Programme
Funding Scheme
HORIZON-CSA - HORIZON Coordination and Support ActionsCoordinator
28005 Madrid
Spain
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.