Bitcoin inheritance tool to use cloud service by Russian Sberbank

A group of Russian experts is working on a new blockchain-based service to allow users to bequeath their cryptocurrency holdings and digital rights to the next generation.

The National Technological Initiative (NTI), a global technical leadership program in Russia, announced a new digital inheritance tool based on blockchain technology, local news agency RIA Novosti reported Tuesday.

The initiative brings together experts from three local universities, including Lomonosov Moscow State University, the National Research Nuclear University and the Moscow State Institute of International Relations.

Dubbed “Time Capsule,” the service would allow users to store digital data and assets like social media passwords and Bitcoin wallet keys, according to the NTI. The service would also allow the transfer of other digital possessions like images, texts, videos, or location coordinates, NTI representatives reportedly noted.

Project manager Dmitry Izvekov said that the working group is now building a website that would allow users to store their digital possessions in encrypted form before the data is ready to be transferred to specified persons only on the specified date. The transfer of this information is only available if certain conditions are met, effective not earlier than six months after the data was uploaded on the website, Izvekov added.

According to the report, the expert group plans to store the encrypted digital inheritance data on SberCloud, a cloud-based service run by state-owned Sber (formerly known as Sberbank), the largest bank in Russia.

Users would be able to duplicate the data over cloud services like DropBox, the report notes. The project creators reportedly intend to raise up to 3 million rubles ($40,000) to finance the initiative, expecting to monetize the platform as soon as it grows more popular and offers additional services.

Related: Russian central bank policies stop Tinkoff from offering crypto trading, CEO says

Despite Sber’s cloud-based platform is reportedly expected to be involved in storing digital assets like Bitcoin (BTC) as part of the project, Russia’s largest bank is not a big fan of the cryptocurrency, at least within the country. Last month, Sberbank CEO Herman Gref argued that cryptocurrencies like Bitcoin are probably the riskiest type of investment alongside the equity market. As reported, Sber previously planned to set up a cryptocurrency exchange through its Swiss subsidiary in January 2018.

#News View this post here {link}



Become A Fearless Crypto Investor 🚀 Not sure how to excel in the world of cryptocurrency? Urban Crypto has got everything sorted for you!

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

How to earn a stable return with Orion Money

Polygen Fixed Price — All You Need to Know

Symphony of the Week: A Song of Ice and Fire

Bitcoin mining in Kazakhstan, Maximalists located in Africa and Wilshire Phoenix files for BTC Fund

What is Legal Tender in Barbados?

Port x Satoshi Club AMA Recap from 10th of August

Finding The Rhythm

Omni x Satoshi Club AMA Recap from 12th of March

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Urban Crypto

Urban Crypto

Become A Fearless Crypto Investor 🚀 Not sure how to excel in the world of cryptocurrency? Urban Crypto has got everything sorted for you!

More from Medium

Using AI to promote biotech innovation: Dr. Maria Luisa Pineda (Envisagenics)

How to Launch a Lucrative NFT Marketplace Like Rarible- A Beginner’s Guide

Asymmetrical Bets: 3 Areas Where I’m Looking To Invest Capital For Impact and Profit

Deep Dive with Hive — George Cheng, CEO of Viewabo