Periodic Reporting for period 1 - LIV (LiV is a platform that leverages the power of Blockchain to democratise access to inheritance management, reducing inefficiencies and ensuring compliance.)
Okres sprawozdawczy: 2023-07-01 do 2024-06-30
Inheritance processes are traditionally complex, expensive, and emotionally taxing, having remained largely unchanged for over a century. On average, these processes require six months, cost €10,000, and involve around 15 entities, leading to significant bureaucratic inefficiencies and errors. This complexity often necessitates the involvement of third-party law firms or advisors, which are not accessible to everyone due to their high costs. Furthermore, the rise of cryptocurrencies and digital assets has introduced new legal challenges that neither governments nor third-party advisors are fully equipped to handle.
Consequently, about 50% of the population avoids engaging with inheritance planning, resulting in substantial asset losses during probate, with an estimated €50 billion in assets and over 20% of crypto investments lost. Additionally, 15% of heirs reject their inheritance due to associated costs, debts, and taxes, and inheritance disputes are a leading cause of family breakups, exacerbating social inequality.
LiV is a platform designed to address these issues to democratise access to inheritance planning and ensure compliance with web3 regulations.
LIV’s platform aims to simplify estate planning and probate processes, making them more accessible and efficient. It empowers individuals to make informed decisions about their estates, protect their digital assets, and prevent family disputes. LiV also provides tools for third parties to manage inheritance and digital assets more effectively, moving away from traditional, paper-based processes.
LiV's solution is expected to increase the adoption of inheritance planning from 50% to 66%, reduce estate and crypto investment losses to near zero, prevent family disputes, and cut probate time and costs by 90%. This represents a significant leap in efficiency and transparency, reducing fraud and abuse, and offering a solution unmatched by any competitor globally.
The application of blockchain technology in this context is transformative, offering a secure, transparent, and efficient solution to the inheritance and legal industries.
Consequently, about 50% of the population avoids engaging with inheritance planning, resulting in substantial asset losses during probate, with an estimated €50 billion in assets and over 20% of crypto investments lost. Additionally, 15% of heirs reject their inheritance due to associated costs, debts, and taxes, and inheritance disputes are a leading cause of family breakups, exacerbating social inequality.
LiV is a platform designed to address these issues to democratise access to inheritance planning and ensure compliance with web3 regulations.
LIV’s platform aims to simplify estate planning and probate processes, making them more accessible and efficient. It empowers individuals to make informed decisions about their estates, protect their digital assets, and prevent family disputes. LiV also provides tools for third parties to manage inheritance and digital assets more effectively, moving away from traditional, paper-based processes.
LiV's solution is expected to increase the adoption of inheritance planning from 50% to 66%, reduce estate and crypto investment losses to near zero, prevent family disputes, and cut probate time and costs by 90%. This represents a significant leap in efficiency and transparency, reducing fraud and abuse, and offering a solution unmatched by any competitor globally.
The application of blockchain technology in this context is transformative, offering a secure, transparent, and efficient solution to the inheritance and legal industries.
During the course of the LiV platform project, several technical and scientific activities were undertaken to enhance and validate its offerings, resulting in significant achievements:
1. Platform Launch and enhancement: The initial focus was on refining the MVP 1.0 through comprehensive product analysis and improvements to improve product adoption and address user needs. This involved conducting focus groups, interviews, technical testing, and marketing A/B campaigns. The insights gathered were compiled into UX and User Reports, which included metrics, changes, and observations that guided the enhancement process. Multiple marketing campaigns were launched, analysed, and iteratively refined, contributing to the platform's initial traction and user engagement.
2. Blockchain consolidation: LiV focused on consolidating and improving web3 capabilities and protocols based on our research, feedback and implementing new legal requirements. Among our key technical advancements we included the integration of a protocol for crypto asset recovery for third parties, enhancing security and user experience.
A detailed assessment report was created, addressing critical aspects such as the legal and compliance framework, estate planning deficiencies, and inheritance process challenges. This report served as a roadmap for stakeholders, outlining innovative solutions and a clear implementation path. Research also explored new decentralised structures for managing crypto delegations.
3. Pilot and Collaboration Initiation: A pilot was completed and conversations were initiated with potential partners in the countries. All insights and feedback had been summarised into a UX and User Report that includes metrics, changes and observations. This report was used to refine platform functionality and identify promising partnership opportunities.
4. Securing Private Funding: Efforts to secure private funding were successful to complement EU grant funding. This financial support allowed the project to address unforeseen challenges and refine its business strategy. The revised pitch deck and business approach have facilitated conversations with a new profile of investors.
1. Platform Launch and enhancement: The initial focus was on refining the MVP 1.0 through comprehensive product analysis and improvements to improve product adoption and address user needs. This involved conducting focus groups, interviews, technical testing, and marketing A/B campaigns. The insights gathered were compiled into UX and User Reports, which included metrics, changes, and observations that guided the enhancement process. Multiple marketing campaigns were launched, analysed, and iteratively refined, contributing to the platform's initial traction and user engagement.
2. Blockchain consolidation: LiV focused on consolidating and improving web3 capabilities and protocols based on our research, feedback and implementing new legal requirements. Among our key technical advancements we included the integration of a protocol for crypto asset recovery for third parties, enhancing security and user experience.
A detailed assessment report was created, addressing critical aspects such as the legal and compliance framework, estate planning deficiencies, and inheritance process challenges. This report served as a roadmap for stakeholders, outlining innovative solutions and a clear implementation path. Research also explored new decentralised structures for managing crypto delegations.
3. Pilot and Collaboration Initiation: A pilot was completed and conversations were initiated with potential partners in the countries. All insights and feedback had been summarised into a UX and User Report that includes metrics, changes and observations. This report was used to refine platform functionality and identify promising partnership opportunities.
4. Securing Private Funding: Efforts to secure private funding were successful to complement EU grant funding. This financial support allowed the project to address unforeseen challenges and refine its business strategy. The revised pitch deck and business approach have facilitated conversations with a new profile of investors.
The LiV platform project has made substantial progress towards delivering significant scientific, economic, and societal impacts. By democratising access to inheritance processes, LiV has simplified estate planning, probate processes, and digital investment management, aligning with the goal of providing efficient and cost-effective legal solutions.
The platform's ability to onboard users within 15 minutes highlights a significant improvement in efficiency and user experience, setting a new standard for digital legal services.
LiV promises to reduce the costs, time, and errors associated with inheritance processes, contributing to economic efficiency and potentially saving billions in lost assets. The increased adoption rate to 75% indicates a positive shift in consumer behaviour towards digital platforms for legal services, reflecting broader acceptance and utilisation of technological innovations in personal finance and estate planning.
LiV's integration of Web3 technologies represents a novel application in the legal domain, advancing the use of blockchain technology for practical applications. This integration facilitates digital asset management and compliance, demonstrating the transformative potential of emerging technologies in traditional sectors.
Additionally, the platform's non-paper-based processes contribute to environmental sustainability by reducing CO2 emissions
To ensure further uptake and success, several key needs must be addressed:
Further global consensus on blockchain standards to facilitate easier platform selection and integration. This will help align LiV's technology stack with industry norms and expectations.
Likewise crypto recovery and management adoption is expected to increase in the next few years as these assets become widely accepted by the general public.
The platform's ability to onboard users within 15 minutes highlights a significant improvement in efficiency and user experience, setting a new standard for digital legal services.
LiV promises to reduce the costs, time, and errors associated with inheritance processes, contributing to economic efficiency and potentially saving billions in lost assets. The increased adoption rate to 75% indicates a positive shift in consumer behaviour towards digital platforms for legal services, reflecting broader acceptance and utilisation of technological innovations in personal finance and estate planning.
LiV's integration of Web3 technologies represents a novel application in the legal domain, advancing the use of blockchain technology for practical applications. This integration facilitates digital asset management and compliance, demonstrating the transformative potential of emerging technologies in traditional sectors.
Additionally, the platform's non-paper-based processes contribute to environmental sustainability by reducing CO2 emissions
To ensure further uptake and success, several key needs must be addressed:
Further global consensus on blockchain standards to facilitate easier platform selection and integration. This will help align LiV's technology stack with industry norms and expectations.
Likewise crypto recovery and management adoption is expected to increase in the next few years as these assets become widely accepted by the general public.