Russian researchers in Moscow are developing a new ‘time capsule’ service using blockchain to facilitate crypto and data inheritance.
In a joint venture by three Russian Universities, experts from the National Research Nuclear University, Lomonosov Moscow State University, and Moscow State Institute of Relations are working on a blockchain-based “time capsule” service. The Russian “time capsule” service will be able to store and pass on to heirs crypto keys, images, text, whereabouts of valuable items, and digital information. The service will be based on blockchain technology. RIA Novosti reported quoting Russia’s Technology Initiative Platform.
According to Dmitry Izvekov, project manager, the joint team will be creating a website with blockchain tech to facilitate the storage of precious data and give possession to specified persons by inheritance. The possession process can only be complete after certain conditions are met and not earlier than six months after the data is uploaded. The report further adds:
“It will allow secure storage of digital data and assets – from passwords for social networks to keys to bitcoin wallets,”
In addition to storing encrypted passwords, photographs, text, video messages, coordinates of valuable items can be placed in the time capsule to pass them on by inheritance. The encrypted data will be stored on SberCloud, a Russian cloud service provider backed by Sber, one of the largest banks in Russian. Backups of the data can be duplicated on Dropbox and similar cloud storage platforms.
How will the service work? The user who uploads the encrypted data must send a link to the recipient, who must create a personal account on the service website. The “time capsule” will only open at the specified time set by the uploader.
According to the report, the service will allow sending the first two capsules free of charge and will later be monetized as the service gains popularity. The developers hope to raise 3 million rubles ($40,000) to finance the project.
The blockchain “time capsule” service will give an option to crypto holders for passing down their digital assets to their piers as an inheritance in case of unforeseen events.