All You Need To Know About
The Blockchain Trust®
What is the Blockchain?
A blockchain is like an online record, or an online ledger that is shared amongst nodes, or computers that are in a network. The blockchain stores information electronically online and transmits this information across all the nodes, or computers connected on a network. Blockchains are popular for their use in cryptocurrency transactions. Cryptocurrencies are online currencies that rely on the blockchain, and can be used to perform high speed payment transactions globally without the interference of Governments or any Central Authority. The blockchain’s security relies on complicated computer codes that make it almost impossible for hackers to hack; also, the data stored on the blockchain are accessible by anyone on the network.
The need for third party trusts was to stand as sureties so that any party involved will not forge the agreement, or deny any involvement. With Blockchain, there is no need for third party verification, as the transactions, their history, and every other detail that should be known are clearly seen on the blockchain.
The blockchain as the name implies, is a chain of blocks. Each block contains information. When a transaction happens, or when a person or corporation registers their Blockchain Trust® on the blockchain, their corporate details are stored in a block, and every transaction that they perform is stored on that block related to their Blockchain Trust®. If the block is full, another block is created, and linked to the previous block. This process forms a chain of blocks that contain history of transactions, and interactions of the user on the network. With this, people quickly verify if the claims that the user is making are true or not, providing 100% proof of work that their Blockchain Trust® is legally registered on the blockchain.
Activities on the blockchain cannot be reversed; rather a new block will be created every time a person performs a new transaction containing the new data. The blockchain therefore doesn’t provide for alterations. Time stamps are assigned to blocks, or to every transaction that is created on the blockchain, as there will be no record, without time. These timestamps are essential to the security of the blockchain. The blockchain is decentralized, and this means that the blockchain doesn’t need third parties to validate requests or transactions; it links the individuals who want to perform a transaction together. The transactions are extremely fast, and do not require a high fee.
The use of the blockchain is very vast for example for cryptocurrency transactions, which is just one of the uses. Blockchain can be used in any industry and can be applied in many ways; it can be used for voting, since the ledger is un-editable. Companies and organizations can keep their records online; manage inventory and even employee data on the blockchain. Healthcare data, real-estate, etc, can use the blockchain to compute their data. One of the most important uses of the blockchain is what is called a smart contract. As the name implies, it is an agreement between two bodies, and that agreement is created on the blockchain. As each party completes their part of the agreement, the blockchain is updated, and more blocks are created.
What is a Trust?
A trust is an agreement between two parties; the creator of the trust called a settlor or grantor, the person or organization to which the asset is committed to their trust called the trustee, and a third party that benefits from the engagement of the two above, is called a beneficiary. The blockchain can be used to draw up a contract between the grantor and the trustee, and a trust can be formed on the blockchain without the interference of a regulatory body, 100% decentralized, yet based on international common law.
Mode of Operation for the Blockchain Trust®
The Blockchain Trust® is built on multiple Blockchain networks, and just like the blockchain technology functions, blocks of information are used to assemble a unique trust for each of our clients. As soon as there are transactions or changes whatsoever, they are recorded on the network to remain forever verifiable by any party.
While we assemble each Blockchain Trust® for clients, triggers are built into the smart contracts which permit the alteration of its structures should certain unforeseen circumstances occur. With this, flexibility is achieved, allowing for strategic actions in the face of indeterminable situations.
The flexible nature of the Blockchain Trust® allows it to metamorphose into a global trading company, investment fund, wealth management trust, or an irrevocable income only trust should our client need to apply for Medicaid. Also, the Blockchain Trust® has an original position of being an irrevocable Asset Protection Trust, which places clients in the safest position against lawsuits, creditors, and asset predators generally. Such uniqueness makes it possible for your Blockchain Trust® to function as any type of legal Trust that fits your needs.
The Blockchain Trust® is completely digital with users having unrestricted access to all the information through a secure login. Also, trustees, beneficiaries, and protectors may access relevant information and documents in order to execute all their duties on the platform.
ARE CORPORATE SHAREHOLDERS & DIRECTORS ALLOWED?
In situations where the Blockchain Trusts® gets challenged, it goes to no issue because all information regarding operations is always recorded on the blocks. This includes amendments made to documents, who accessed documents at every point in time, directives given, the time of each activity, and dates for every action.
The Blockchain Trust® allows for asset registration as well as giving the users the ability to record every transferred asset to the trust on the Blockchain networks. In situations of death, since the records are there to show, successor trustees won’t encounter difficulties since they have both instantaneous access to the trust, as well as complete and updated records of both accounts and activities.
The Blockchain Trust® with the aid of advanced technology – the Blockchain, provides for estate management and the legal requirements involved for preparation. This makes the whole asset protection journey simpler than traditional estate planning.
Estate planning Attorneys are not left out since the platform makes it less cumbersome to manage the plans of their clients. With the Blockchain Trust®, attorneys and related parties are given the opportunity of a master plan for customizing their clients’ Trusts, as well as managing them effectively over a long period. An outstanding quality is that there are no hard copy printouts or physical signatures needed since everything is done online. Should changes be required, its implementation and verification will be carried out electronically via the established Blockchain Trust® Protocol.
The Blockchain Trust® also accommodates the creation of new blocks to contain necessary information like instruction sets or banking information that can be physically removed from the client’s estate planning portfolio. Things like transferring assets for real properties, investment options, and related services that will be useful to users are also offered within the Blockchain Trust®. Also, there is unrestricted access to cryptocurrencies like ether, bitcoin, and other digital currencies. Assets can also be converted into cryptocurrencies, which is particularly useful for protecting assets.
With the ever changing revolution in both technology and law, the Blockchain Trust® is built to take advantage of the existing situation to protect clients from wanton disturbances. The future of the estate and asset protection strategy has been brought to our doorsteps.
The Benefits Of Blockchain Asset Protection Trust® Is Endless
There are tons of benefits you get while using the Blockchain Trust® in comparison to the traditional trust. Through the Blockchain Trusts® assets can now be secured on the blockchain without forgery, or editing. Every action taken on that contract will be transparent and easily accessible.
The Blockchain Trust® also offers tax exemptions due to its decentralized nature, with no hidden charges, and takes less than 30 MINUTES to register. It also allows registered clients to perform unhindered transactions globally. It also offers anonymity, which means those registered on the blockchain can only be identified using a unique Transaction Hash code, and not by their names or anything as regards their assets. This protects the owners of the assets from creditors, lawsuits, and litigation. The registration process is smooth and quick, in comparison to traditional methods.
The Journey of a thousand miles begins with a step. Start your wealth protection Journey with the right step NOW.