CAPITAL INHERITANCE SYSTEM AND METHOD FOR FACILITATING TRANSFER OF DIGITAL CRYPTOCURRENCY
Disclosed is a capital inheritance system, when in operation, facilitates a transfer of digital cryptocurrency from a first party to a second party. The system comprising a server arrangement, wherein the server arrangement receives from the first client device of the first party, details associated with the digital cryptocurrency, a validation condition, identification information related to the second party, adds a smart contract to a blockchain, wherein the smart contract comprises the validation condition and a validation indicator, activates a ledger clock for the smart contract, and enables the second party to retrieve the digital cryptocurrency, in response to an execution of the smart contract at a completion of a ledger clock cycle, wherein the execution of the smart contract is based on activation of the validation indicator.
1 . A capital inheritance system, when in operation, facilitates a transfer of digital cryptocurrency from a first party to a second party, the capital inheritance system comprising a server arrangement communicably coupled via one or more communication networks with a first client device of the first party and with a second client device of the second party, wherein the server arrangement:
receives, from the first client device of the first party, details associated with the digital cryptocurrency, a validation condition, identification information related to the second party;
adds a smart contract to a blockchain, wherein the smart contract comprises the validation condition and a validation indicator, and wherein activation of the validation indicator in the smart contract indicates a satisfaction of the validation condition;
activates a ledger clock for the smart contract, wherein the ledger clock is configured to defer an execution of the smart contract to a next cycle of the ledger clock in response to absence of activation of the validation indicator in the smart contract; and
enables the second party to retrieve the digital cryptocurrency, in response to an execution of the smart contract at a completion of a ledger clock cycle, wherein the execution of the smart contract is based on activation of the validation indicator.
2 . The capital inheritance system of claim 1 , wherein the validation condition is satisfied upon receiving proof of occurrence relating to the validation condition.
3 . The capital inheritance system of claim 2 , wherein the server arrangement further provides an intimation message to the second party upon not receiving the proof of occurrence for satisfaction of the validation condition prior to completion of a cycle of the ledger clock.
4 . The capital inheritance system of claim 1 , wherein the server arrangement authenticates the proof of occurrence relating to the validation condition.
5 . The capital inheritance system of claim 4 , wherein the server arrangement further stores a validation block on the blockchain upon successful authentication of the proof of occurrence relating to the validation condition.
6 . The capital inheritance system of claim 1 , wherein the server arrangement stores a metafile block on the blockchain, wherein the metafile block comprises information extracted from the proof of occurrence.
7 . The capital inheritance system of claim 1 , wherein the server arrangement enables the first party to modify at least one of: the validation condition, the identification information related to the second party, and the details associated with the digital cryptocurrency, via the first client device.
8 . The capital inheritance system of claim 7 , wherein upon receiving a modification, the server arrangement:
associates a termination condition pertaining to the smart contract; and
adds a secondary smart contract to the blockchain for transfer of digital currency based on the modification.
9 . The capital inheritance system of claim 1 , wherein the smart contract comprises at least one of: a contract for the undertaking of the digital cryptocurrency, an identification information related to the first party, an identification information related to the second party, and a proof of witness.
10 . A method of facilitating a transfer of digital cryptocurrency from a first party to a second party, wherein the method is implemented via a capital inheritance system comprising a server arrangement communicably coupled via one or more communication networks with a first client device of the first party and with a second client device of the second party, the method comprising:
receiving, from the first client device of the first party, details associated with the digital cryptocurrency, a validation condition, identification information related to the second party;
adding a smart contract to a blockchain, wherein the smart contract comprises the validation condition and a validation indicator, and wherein activation of the validation indicator in the smart contract indicates a satisfaction of the validation condition;
activating a ledger clock for the smart contract, wherein the ledger clock is configured to defer an execution of the smart contract to a next cycle of the ledger clock in response to absence of activation of the validation indicator in the smart contract; and
enabling the second party to retrieve the digital cryptocurrency, in response to an execution of the smart contract at a completion of a ledger clock cycle, wherein the execution of the smart contract is based on activation of the validation indicator.
11 . The method of claim 10 , wherein the validation condition is satisfied upon receiving proof of occurrence relating to the validation condition.
12 . The method of claim 11 , wherein the method comprises providing an intimation message to the second party upon not receiving the proof of occurrence for satisfaction of the validation condition prior to completion of a cycle of the ledger clock.
13 . The method of claim 10 , wherein the method comprises authenticating the proof of occurrence relating to the validation condition.
14 . The method of claim 13 , wherein the method further comprises storing a validation block on the blockchain upon successful authentication of the proof of occurrence relating to the validation condition.
15 . The method of claim 10 , wherein the method comprises storing a metafile block on the blockchain, wherein the metafile block comprises information extracted from the proof of occurrence.
16 . The method of claim 10 , wherein the method comprises enabling the first party to modify at least one of: the validation condition, the identification information related to the second party, and the details associated with the digital cryptocurrency, via the first client device.
17 . The method of claim 16 , wherein upon receiving a modification, the method comprises:
associating a termination condition pertaining to the smart contract; and
generating a secondary smart contract for transfer of digital currency based on the modification.
18 . The method of claim 10 , wherein the smart contract comprises at least one of: a contract for the undertaking of the digital cryptocurrency, an identification information related to the first party, an identification information related to the second party, and a proof of witness.