Twelve words in your head? These are the challenges when it comes to inheriting blockchain assets
Updated: Sep 20, 2022
Blockchain based assets are posing challenges to many sectors of the economy. This is the case for inheritance law too. The inheritance of unseizable assets on an immutable blockchain is unlike anything the traditional inheritance law has seen up until now. The CEO and co-founder of basenode.io, Oliver Schantin, was giving the opening speech at the German national summit of lawyers for inheritance law “Deutscher Erbrechtstag”. He explains: “The main difference compared to traditional assets is, that whoever holds the private key to a blockchain asset, is by definition also the owner.”
Proper accounting of crypto assets is crucial
Because there is neither a company, nor a person, that has the power to seize the assets, inheriting a blockchain based token, means making sure, that the private key is transferred to the heir. This becomes especially difficult when it is unclear, whether the bequeathing person was holding crypto assets. Having a well documented report of all the wallets and transactions of a person can make the process of identifying the amount to be inherited much easier. The best practice is using a crypto portfolio tracker, such as basenode.io.
After his opening speech, Oliver was having an open question round with the lawyers in the audience at the Erbrechtstag. Seeing the increasing interest in digital assets is a telling sign of the emerging token economy.
At basenode.io, our mission is to eliminate the gap between traditional accounting and blockchain-based accounting. basenode.io is the easy-to-use accounting solution for digital assets that offers seamless crypto invoicing and portfolio tracking. We provide a self-explanatory user interface with a clean and modern look, that naturally supports your workflow. We support the most popular networks like Bitcoin, Bitcoin Lightning, Ethereum, Binance Smart Chain, Polygon, Ronin Chain, and more.
About Oliver Schantin
Oliver Schantin has been deeply involved in the blockchain and entrepreneurial space for several years. He founded his first blockchain startup in 2019 and is a frequent speaker and guest in various crypto-related podcasts, conferences, and summits. You can contact him via LinkedIn or Email.