A grouping of Russian experts is working on a new blockchain-based service to allow users to bequeath their cryptocurrency holdings and digital rights to the side by side generation.

The National Technological Initiative (NTI), a global technical leadership program in Russia, appear a new digital inheritance tool based on blockchain technology, local news agency RIA Novosti reported Tuesday.

The initiative brings together experts from three local universities, including Lomonosov Moscow State University, the National Research Nuclear University and the Moscow Country Establish of International Relations.

Dubbed "Time Capsule," the service would allow users to store digital data and assets like social media passwords and Bitcoin wallet keys, according to the NTI. The service would also allow the transfer of other digital possessions like images, texts, videos, or location coordinates, NTI representatives reportedly noted.

Project director Dmitry Izvekov said that the working grouping is now building a website that would allow users to store their digital possessions in encrypted grade before the information is set to be transferred to specified persons only on the specified date. The transfer of this information is simply available if certain atmospheric condition are met, effective not earlier than six months after the data was uploaded on the website, Izvekov added.

According to the report, the expert group plans to shop the encrypted digital inheritance information on SberCloud, a cloud-based service run by land-owned Sber (formerly known as Sberbank), the largest banking company in Russia.

Users would be able to indistinguishable the data over cloud services similar DropBox, the report notes. The project creators reportedly intend to raise upwards to 3 million rubles ($40,000) to finance the initiative, expecting to monetize the platform as soon as it grows more pop and to offer additional services.

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Despite Sber's cloud-based platform reportedly being expected to be involved in storing digital assets similar Bitcoin (BTC) equally function of the project, Russia'southward largest bank is not a big fan of the cryptocurrency, at least within the state. Last calendar month, Sberbank CEO Herman Gref argued that cryptocurrencies like Bitcoin are probably the riskiest type of investment alongside the equity market. Equally reported, Sber previously planned to set up a cryptocurrency substitution through its Swiss subsidiary in January 2022.