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Smart testaments will be a reality in Spain

Smart testaments will be a reality in Spain

Spanish startup “My Digital Legacy” announced the launch of a smart contract-based initiative on the blockchain that will allow legal transfer of digital content and crypto-assets from the owner to their heirs, via what is called a smart testament.

Via an official statement in its website, the company’s CEO Judith Giner has pointed out that the project is currently in its beta version, and it is being developed in collaboration with NODALBLOCK, S.L.U., experts on the blockchain technology with a great reputation on Spain. In addition, said project has the support of Alberto Bravo Olaciregui, notary of Madrir; and Ricardo Oliva Leon, lawyer specialist in disruptive technologies and legaltech.

Oliva Leon – who carefully analyses digital contents that are not contemplated in the Spanish civil code, in the recommendations of the European Commission, nor in the provisions of industrial or intellectual property – expressed:

“It should be noted that ‘things’ that cannot be subject of ‘appropriation’, ownership or belonging by the human being are not considered goods… Having said that, where do we locate Internet domain names, digital photographs, music and video files, and any other content created or distributed via mobile devices, electronic contents stored in the cloud, virtual cash and, in general, any digital content?”

The press note highlights the fact that death is a reality everyone should be prepared for, and this involves thinking about our presence on the Internet; as a whole, it represents a patrimony heirs should have access to if ever contemplated beyond a traditional instrument like a testament.

Smart testaments in Spain

On the other hand, it was known that the development team is coordinated by Óscar Domínguez Merino, expert developer of complex digital platforms. Also, the “smart testament” will have the support and financing of the European Regional Development Fund (ERDF).

It should be noted that, right now, both the legal instrument and the procedure of granting and modifying a testament is still impractical when the assets of the inheritance are digital contents, especially cryptocurrencies, since a notary cannot guarantee total control over passwords and data related to the access of a wallet.

Because of that, the premise of Mi Digital Legacy is to contemplate every aspects related to the digital presence of the testator and to include the will and decisions should the person is not in a healthy mental or physical state, in addition to guarantee total respect to these last wills without visiting a notary more than once.