WIME (Wealth Inheritance Made Easy)

WIME is a smart contract-powered wealth inheritance service that automates the inheritance process and lowers costs. It empowers financial institutions to transfer digital assets upon inheritance.

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Inspiration

We were inspired to create WIME to address the growing need for secure and efficient inheritance management in the digital age. With the increasing amount of digital assets, such as cryptocurrency and NFT, traditional inheritance methods are becoming outdated and vulnerable to fraud or hacking.

Goals

We wanted to create a solution that would provide peace of mind for individuals, while also reducing the need for intermediaries and lowering costs.

Solution

Our solution is creating a comprehensive and secure digital inheritance system for any financial institutions. We apply the smart contracts that provide security in storing the information throughout the procedures.

Fig 1. WIME Logic Flow Fig. 1 WIME Logic Flow

Key stakeholders of WIME: Financial Institutions, Clients and Validators

WIME SECURE

WIME SECURE is an API to insert beneficiaries' wallet addresses and specified amounts or percentages into the smart contract. This is applied when the client wants to create a will in any financial institutions.

Link to view the user flow chart-> Fig. 2 WIME SECURE - Will Creation

User flow for WIME SECURE:

  1. User comes to financial institution physically with user's private key
  2. User creates a will by adding beneficiaries' wallet address and the percentage of distribution.
  3. User inserts the data to the interface of WIME by accessing the API.
  4. User deploy the Will Smart Contract with user's private key

Secure & Encrypt

To secure a private key physically, we keep it in a safe location that is accessible only to authorized individuals. The private key is not accessible via the internet or other networks to prevent it from being hacked or stolen. Then, the encrypted vault password is stored in a smart contract on the blockchain.

Link to view the user flow chart-> Fig. 3 Secure the private key physically and save encrypted password on-chain

User flow for Secure & Encrypt:

  1. Financial Institution keep the physical private key in vault
  2. Financial Institution uses its own encryption key to encrypt the vault's password and create a contract on the spot and deploy the WIME-SECURE smart contract

WIME ONE

WIME ONE is an API to trigger smart contracts to transfer the assets of the deceased to the listed beneficiaries' wallets upon their death.

Link to view the user flow chart-> Fig. 4 WIME ONE - Assets transfer

User flow for WIME ONE:

  1. In an event of death, Financial Institution triggers the WIME-SECURE smart contract by sending the encryption key
  2. The smart contract verifies the death by calling API to notify the validators and by using Multi-Sig to approve the asset transfer
  3. The smart contract confirms that the user has passed away, it decrypts the ciphertext and get the vault's password
  4. WIME-SECURE Smart Contract send the password back and the smart contract could not be used anymore
  5. Financial Institution uses the private key to make transactions on Will Smart Contract, the smart contract transfer to assets based on allocation set during deployment

What it does

WIME is a smart contract-powered wealth inheritance and protection service that automates the inheritance process, reduces the need for intermediaries, and lowers costs. WIME aims to offer a secure and transparent means of transferring digital assets upon inheritance, including cryptocurrency, online accounts and other digital assets. With WIME, everyone can be protected by digital inheritance.

How we built it

We built WIME using Solidity and the Ethereum blockchain, which allows for the creation of smart contracts that can handle the inheritance process in a secure and transparent manner. We also utilized ethers.js to interact with the smart contract from our front-end, and React for the user interface.

Challenges we ran into

One of the main challenges we encountered was ensuring the security of the smart contract, as any vulnerabilities could potentially lead to the loss of digital assets. The current law policies do not support a digital inheritance through a fully digital solution because it requires third parties to verify and make an official will. We also had to navigate the complexities of blockchain technology and smart contract development, which required a lot of research and testing.

To counter the challenges, we proposed a solution with two smart contracts(Will Smart Contract & WIME-Secure Smart Contract) and a physical vault to implement the comprehensive and secure digital inheritance system. Will Smart Contract will be used to record the list of beneficiaries wallet address and the percentage of the inheritance. On the other hand, WIME-Secure Smart Contract will encrypt and store the password to access the physical vault. A physical vault is required as an additional layer of security by storing the private key of deceased physically to prevent crime of accessing the key.

Accomplishments that we're proud of

We are proud of creating a functional and secure smart contract-based solution for inheritance management, as well as designing a user-friendly interface that makes the inheritance process easy and straightforward. We believe WIME can make a positive impact on the way people manage their digital assets and plan for inheritance.

What we learned

Through this project, we gained a deeper understanding of blockchain technology and smart contract development, as well as the importance of security in these types of projects. We also learned the importance of user experience in creating a successful and widely adopted solution.

What's next for WIME

We plan to continue developing and improving WIME, with a focus on adding more digital assets and supporting more blockchain platforms. We also plan to conduct more user testing and gather feedback to ensure that we are meeting the needs of our users. Additionally, we are exploring partnerships and collaborations with other companies and organizations in the field of inheritance management and blockchain technology. By collaborating with government agencies, we could speed up the death verification process and ease the digital inheritance procedures.

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