The crypto Dead Man’s Switch – utilising smart contracts to transfer wealth automatically at death


It’s a movie trope you’ve probably seen many times before: “If I die, all that incriminating evidence is sent straight to the Feds!” Could the blockchain do this one day? The Apple Watch already has an automatic SOS feature where it will call emergency services with a latitude and longitude if the accelerometer registers a hard fall. Take this just a little bit further: the heartrate monitor detects asystolic cardiac arrest for 30 minutes. This triggers an oracle that tells a smart contract within your crypto on the blockchain to move it to a pre-determined wallet automatically.

Seeing some posts here about making provisions for your loved ones after death got me thinking about the volume of crypto that must be lost forever on the blockchain. Maybe a Dead Man’s Switch could help ensure this occurs just a little less.

Last thought: Could smart contracts also fulfil the movie trope scenario? If you didn’t interact with a blockchain asset within certain time parameters could it “move itself” to another wallet? Thanks for indulging my curiosity guys.

submitted by /u/1078Garage
[link] [comments]