• Russian Sberbank will employ a cloud service to host a Bitcoin inheritance tool

  • A group of Russian professionals is developing a new blockchain-based service that will allow users to pass on their bitcoin holdings and digital rights to their children.

    According to the local news source, Russia’s National Technological Initiative (NTI), a worldwide technical leadership initiative, has revealed a new digital inheritance tool based on blockchain technology.

    Experts from three local universities, including Lomonosov Moscow State University, National Research Nuclear University, and Moscow State Institute of International Relations, are part of the effort.

    According to the NTI, the service, dubbed “Time Capsule,” would allow users to save digital data and assets such as social media passwords and Bitcoin wallet keys. According to NTI executives, the service would also allow the transfer of other digital assets such as photographs, texts, videos, and position information.

    Dmitry Izvekov, the project manager, said the working group is now developing a website that will allow users to keep their digital goods in encrypted form until they are ready to be handed to specific people on a specific date. Izvekov noted that the transfer of this information is only possible if specific requirements are met and that it takes effect no sooner than six months after the data is placed on the website.

    The expert panel intends to store the encrypted digital inheritance data on SberCloud, a cloud-based service operated by state-owned Sber (previously known as Sberbank), Russia’s largest bank, according to the report.

    Users will be able to duplicate data using cloud services such as DropBox, according to the article. According to reports, the project’s designers plan to gather up to 3 million rubles ($40,000) to fund the initiative, with the goal of monetizing the platform as it becomes more popular and offers other services.

    Despite the fact that Sber’s cloud-based platform is expected to be involved in holding digital assets such as Bitcoin (BTC) as part of the initiative, the country’s largest bank is not a huge supporter of cryptocurrency. Sberbank CEO Herman Gref stated last month that, alongside the stock market, cryptocurrencies like Bitcoin are perhaps the riskiest sort of investing. Sber had planned to open a cryptocurrency exchange through its Swiss subsidiary in January 2018, as previously reported.

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