DIFC Courts Leads with Innovation: The New Era of Digital Assets Inheritance

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The DIFC Courts’ innovative Digital Assets Will service is officially live. This groundbreaking service is set to revolutionize the way digital assets are managed and inherited, offering both domestic...

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This groundbreaking service is set to revolutionize the way digital assets are managed and inherited, offering both domestic...</p>\n\n<a href=\"https://coinmarketcap.com/community/articles/6719c0400482240391019447/\">Source Link</a>\n\n</div>\n","source":"coinmarketcap_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>DIFC Courts Leads with Innovation: The New Era of Digital Assets Inheritance</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDIFC Courts Leads with Innovation: The New Era of Digital Assets Inheritance\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-24 11:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://coinmarketcap.com/community/articles/6719c0400482240391019447/><strong>CoinMarketCap</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The DIFC Courts’ innovative Digital Assets Will service is officially live. This groundbreaking service is set to revolutionize the way digital assets are managed and inherited, offering both domestic...</p>\n\n<a href=\"https://coinmarketcap.com/community/articles/6719c0400482240391019447/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4585","symbol_name":"ETF&股票定投概念","start_time":0,"source_url":"https://coinmarketcap.com/community/articles/6719c0400482240391019447/","article_id":"2477424615","we_media_id":null,"thumbnails":["https://academy-public.coinmarketcap.com/srd-optimized-uploads/a868116926a442588c3e29520959aa03.jpeg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2477424615","pubTimestamp":1729740863,"sourceInfo":{"source_id":"coinmarketcap_highlight","name":"CoinMarketCap"},"weMediaInfo":null,"summary":"The DIFC Courts’ innovative Digital Assets Will service is officially live. This groundbreaking service is set to revolutionize the way digital assets are managed and inherited, offering both domestic and global users a secure, streamlined solution for managing and distributing their digital wealth. Unlock Blockchain is proud to release this comprehensive case study, following the service’s public launch, to provide readers with an in-depth understanding of how the DIFC Courts’ forward-thinking approach will impact the digital assets landscape.“We are proud to be at the forefront of transforming government services with cutting-edge blockchain technology,” said Jesse Jarvis, CTO at Deca4 Advisory. “Integrating Hedera’s high-performance network into the DIFC Courts’ Digital Asset Will and Digital Notarization services demonstrates the practical impact of distributed ledger technology. This innovation ensures secure, t","collect":0,"end_time":0,"defaultTopTitle":"coinmarketcap.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","LU2346227817.USD":"BGF SUSTAINABLE GLOBAL INFRASTRUCTURE \"A2\" (USD) ACC","BK4588":"碎股","LU2637428348.USD":"NORDEA 1 GLOBAL SUSTAINABLE LISTED REAL ASSETS \"MP\" (USD) INC","BK4208":"复合型公用事业","CMS":"CMS能源"},"translate_title":"DIFC法院以创新引领：数字资产传承新时代","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CMS":1},"content_text":"The DIFC Courts’ innovative Digital Assets Will service is officially live. This groundbreaking service is set to revolutionize the way digital assets are managed and inherited, offering both domestic and global users a secure, streamlined solution for managing and distributing their digital wealth. Unlock Blockchain is proud to release this comprehensive case study, following the service’s public launch, to provide readers with an in-depth understanding of how the DIFC Courts’ forward-thinking approach will impact the digital assets landscape.\nA Visionary Path to Legal Innovation\nThe DIFC Courts’ journey toward offering the Digital Asset Will is part of a long-standing commitment to innovation and unlocking emerging technologies for government legal services. While the Digital Assets Will addresses the pressing need for distributing digital wealth, it builds on years of forward-thinking digital transformation that has positioned the DIFC Courts as a leader in court tech and innovation.\nRooted in common law, the DIFC Courts has consistently introduced solutions that respond to the evolving demands of the business community. Early on, the Court recognized the value of digitization and set a significant precedent by establishing the region’s first fully integrated eRegistry and online Court Management System (CMS). This initiative made legal services accessible remotely, a move that transformed how businesses and individuals interacted with the court’s portfolio of services. This early adoption of technology became the foundation upon which the DIFC Courts fast-tracked its rise to join the world’s leading commercial courts.\nThe launch of the tejouri service—a secure digital vault—further cemented the DIFC Courts’ reputation as a forward-thinking organization. tejouri allows users to securely store critical documents and multimedia files, providing a modern, efficient solution for document protection in a globalized, tech-driven world.\nThe introduction of the Digital Assets Will is not an isolated leap but the culmination of these forward-thinking steps. While it stands as a significant innovation in managing digital assets, it is the second major service by the DIFC Courts that capitalizes on distributed ledger technology (DLT). After research and cross-party discussions, the DIFC Courts moved cautiously, prioritizing security and trust in their choice of technology, including selecting Hedera Hashgraph as the Blockchain for the services, rooting reliability and transparency at the core of these sensitive services.\n\n\n\n\n\n\n\n       Jesse Jarvis, CTO at Deca4 Advisory\n      \n\n\n\n\n“We are proud to be at the forefront of transforming government services with cutting-edge blockchain technology,” said Jesse Jarvis, CTO at Deca4 Advisory. “Integrating Hedera’s high-performance network into the DIFC Courts’ Digital Asset Will and Digital Notarization services demonstrates the practical impact of distributed ledger technology. This innovation ensures secure, tamper-proof records and streamlines complex legal processes. Hedera’s consensus service offers a secure and transparent way to manage digital assets, such as cryptocurrencies and NFTs, utilizing immutability and multi-signature capabilities for precise asset distribution and official notarized document provenance.”\n\n\n\n\nDECA4 Advisory played an important role in guiding and mapping the DIFC Courts through this technological journey, ensuring that each step was taken with precision. From advising on the technological foundations to supporting the Courts’ gradual adoption of blockchain, DECA4 Advisory has helped shape the current offering, contributing valuable expertise to the project’s success.\nProblem Statement: The Gap in Traditional Wills for Digital Assets\nWhile the UAE is a global hub for foreign investment, its legal framework has traditionally followed Sharia law, posing challenges for non-Muslim expats in asset inheritance. These complexities are magnified when digital assets, such as cryptocurrencies, are involved.\nGlobally, as of 2024, over 580 million people own cryptocurrencies, a figure that has grown substantially with rising institutional and individual adoption. However, due to the nature of digital assets, significant portions are often lost permanently. It is estimated that approximately 20% of all Bitcoin—around 3.7 million BTC—is irretrievably lost, largely due to forgotten keys or inaccessible wallets.\nThe DIFC Courts’ Digital Assets Will helps fill this gap by providing a secure, clear, and streamlined method for managing digital assets.\nThe DIFC Courts’ Digital Assets Will: A Revolutionary Solution\nThe DIFC Courts’ Digital Assets Will is a tailored solution specifically for managing digital assets, ensuring they are passed on securely and transparently to beneficiaries.\nKey Features:\n\nNon-Custodial Wallet Integration: The non-custodial wallet system provides users with complete control of their digital assets, allowing them to manage, trade, or move assets during their lifetime, with automatic inheritance triggered upon their passing.\nFull Transparency and Traceability: A key advantage of the Digital Assets Will is the full transparency it offers to beneficiaries. Upon the passing of the asset holder, the transaction history for all assets in the wallet is made visible, enabling beneficiaries to see the movement of assets and trace any that may have been transferred to external platforms such as VASPs or trading platforms. This traceability is vital in helping beneficiaries identify and potentially claim assets they were previously unaware of. If needed, clients can draft additional Wills to provide credentials for accounts on these external platforms to ensure all assets are properly accounted for and passed on.\nFocused Digital Asset Coverage: The Digital Assets Will is specifically designed for digital assets and is not mixed with other types of assets like real estate, bank accounts, or company shares, which are covered by separate types of Wills by the DIFC Courts. At launch, the non-custodial wallet will accommodate the top 10 digital assets by market cap, with plans to expand to other digital assets in the future as market demand and regulations evolve.\nRemote Access and KYC Compliance: The entire Will process, including asset registration and KYC verification, can be completed online, making it accessible to investors globally, regardless of their location.\n\n\n\nTechnology Behind the Innovation\nAt the heart of the DIFC Courts’ Digital Assets Will service is Hedera Hashgraph, a Blockchain platform renowned for its security, scalability, and transparent governance. Hedera’s consensus and token services ensure that the Digital Assets Will can handle sensitive inheritance management processes with speed and reliability.\nOne of the key aspects that drew the DIFC Courts to work with Hedera is the platform’s governing council model, which includes major global institutions like banks and telecom companies. This structure guarantees transparent, predictable decision-making and ensures the platform’s long-term stability, aligning with the DIFC Courts’ need for a secure and sustainable solution.\nHedera’s advanced services bring several key advantages to the table:\n\nGoverning Council Model: Hedera’s council-based governance model offers transparent and trusted oversight by globally respected organizations. This provides the DIFC Courts with confidence in the platform’s security and stability for inheritance management over time.\nPredictable Fees: Unlike many other blockchain solutions, Hedera provides predictable transaction fees, an essential feature for users managing digital assets who require transparency and consistency in their cost structures.\nHedera Consensus Service (HCS): The HCS logs events with verifiable timestamping, enabling a decentralized and auditable record of transactions, which is crucial for ensuring trust and transparency in inheritance processes. This service also allows for high-throughput transaction processing with rapid finality, making it ideal for sensitive, time-bound applications like digital inheritance.\nSecurity and Scale: Built to handle millions of secure transactions per second, Hedera ensures a smooth, efficient, and scalable experience for the DIFC Courts, allowing them to handle large transaction volumes with minimal delays.\nEnergy Efficiency: As a Proof of Stake blockchain, Hedera consumes significantly less energy than traditional blockchain systems, making it a more sustainable choice. This aligns with DIFC Courts’ commitment to using responsible, forward-thinking technology.\n\n\n\nMicha Roon, Head of Engineering at The Hashgraph, noted, “Hedera Hashgraph offers three key services that enable developers to build powerful decentralized applications: Hedera Consensus Service (HCS), Hedera Token Service (HTS), and Smart Contracts. HCS provides a decentralized, auditable log of immutable and timestamped events, ensuring trust and auditability, high throughput processing of thousands of transactions per second, fast finality of transactions, and asynchronous Byzantine Fault Tolerance (aBFT) for robust security and network resilience with cost-effective messaging at $0.0001 USD per message.”\n\n\n\n\n\n     Micha Roon, Head of Engineering at The Hashgraph\n    \n\n\n\n\nBy combining these cutting-edge technologies with the DIFC Courts’ legal expertise, the Digital Assets Will offers users a highly secure and scalable platform for managing their digital inheritance in a transparent and responsible manner.\nThe Future of Tokenization and Regulation\nTokenization—the process of converting real-world assets into digital tokens—is expected to reshape global markets, but regulatory clarity is still evolving. As the world moves toward tokenizing assets like real estate, art, and securities, the DIFC Courts is positioning itself ahead of the curve with its Digital Assets Will. This service could play a significant role in the future of tokenized assets as global regulations catch up.\nAdditionally, the DIFC Digital Assets Law (DIFC Law No. 2 of 2024) provides a clear regulatory framework that complements the launch of the digital assets will service. This law enhances the DIFC’s position as a leading jurisdiction for digital asset management, aligning with broader efforts by VARA (Virtual Assets Regulatory Authority) in Dubai and ADGM (Abu Dhabi Global Market) in Abu Dhabi to create a robust ecosystem for digital asset growth. Together, these regulatory advancements provide a supportive environment for local and international clients to confidently manage their digital assets.\nUse Case Examples\nScenario 1: Digital Asset HoldersAn investor holding Bitcoin and other assets can securely manage these assets using the Digital Assets Will. The non-custodial wallet ensures full control during the investor’s lifetime, with automatic distribution to beneficiaries upon their passing. Beneficiaries can trace the transaction history, allowing them to uncover assets that may have been transferred to external platforms and take action to claim those assets.\nScenario 2: Uncovering Unknown AssetsA digital asset owner who actively trades on various platforms may not inform their family about all their accounts. Through the transaction history feature in the Digital Assets Will, beneficiaries can trace the movement of assets that were moved to VASPs or exchanges, giving them the opportunity to recover unknown assets. Clients can later draft additional wills to provide access credentials to these platforms, ensuring that beneficiaries can claim the remaining assets.\nScenario 3: Expanding Coverage in the FutureAs the DIFC Courts expands the wallet’s digital asset coverage, new cryptocurrencies or assets may be added. This ensures that investors with diversified digital portfolios can register their assets without restriction, making the Digital Assets Will future-proof, as market demands evolve.\nStakeholder Reactions and Market Impact\nSince the launch of its Digital Assets Will, the DIFC Courts has received praise for its forward-thinking approach. Legal professionals initially met the court’s push for digitalization with some resistance, especially regarding the move to paperless courtrooms. However, the success of the digital initiatives has since won over many skeptics, showcasing the value of innovation in the courts service space.\nThe introduction of the Digital Assets Will service reflects the DIFC Courts’ commitment to addressing the unique legal challenges of digital asset inheritance. This innovative service offers a secure, efficient framework for managing digital assets like cryptocurrencies, ensuring beneficiaries can claim and manage inherited digital wealth. By integrating this service, the DIFC Courts strengthen Dubai’s reputation as a progressive hub for digital innovation and legal technology, further supporting the UAE’s long-standing efforts to attract international investments and promote robust regulatory frameworks.\n\n\n\n\n\n     H.E. Justice Omar Al Mheiri, Director, DIFC Courts\n    \n\n\n\n\nHis Excellency Justice Omar Al Mheiri, Director, DIFC Courts, said: “In our new digitally driven societies, individuals and businesses are demonstrating increased desire for easily accessible public services. The strong growth momentum arising from the implementation of the Dubai Economic Agenda D33, and the Dubai Digital Strategy, has touched a diverse range of sectors, including government legal services. Our obligation is to deploy the latest emerging technologies to facilitate this growth and demand. Breaking down the boundaries of access to justice sits at the core of our operations and these new digital services provide ease of process across administrative tasks, such as notarization, to more complex matters involving alternative dispute resolution and inheritance. The DIFC Courts, together with its public and private sector partners, is proud to spearhead some of the UAE’s most progressive government legal services, supported by smart technology implementations.”\n\n\nBuilding On This Momentum: Future Expansion Plans\nBuilding on this momentum, the DIFC Courts plan to build on the success of its Digital Assets Will by introducing additional services such the Digital Notary Service and the Mediation Service Centre. These offerings will provide even more flexibility and convenience for individuals and businesses in the UAE.\nPioneering Legal Frameworks for Digital Asset Management\nThe DIFC Courts’ Digital Assets Will is a landmark achievement, offering a global, secure, transparent, and user-friendly solution for managing and distributing digital assets. By providing a reliable framework for inheritance, the DIFC Courts has not only addressed a critical gap in the market but has also set new standards for how government legal services can embrace technology to serve a global, digital-first community. This service demonstrates the DIFC Courts’ commitment to innovative legal frameworks, placing them at the forefront of digital asset management worldwide.\nAs the global regulatory landscape for digital assets continues to evolve, the DIFC Courts’ forward-thinking approach ensures that it remains a pioneer in court tech and innovation, continuously adapting to meet the needs of both domestic and international users. With the Digital Assets Will service, the DIFC Courts is paving the way for secure, transparent, and efficient digital asset inheritance—ensuring a legacy of leadership in the rapidly advancing field of digital assets.\n\nDownload in PDF\n\n\nThe post DIFC Courts Leads with Innovation: The New Era of Digital Assets Inheritance appeared first on UNLOCK Blockchain.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2477424615"}