PassOn and Synechron, Inc. have announced the successful completion of a succession-planning application based on Distributed Ledger Technology (DLT) capable of doing on-chain-transmission of blockchain-based assets. This development marks the completion of the first phase of the solution.
Through the partnership, PassOn has drawn on Synechron and its proven digital, user experience, blockchain, and fintech consulting expertise to create a Minimum Viable Product (MVP).
PassOn is now working with Synechron to move on to phase two of the initiative, which includes the development of a production-ready wallet and Application Program Interfaces (APIs) for integration of Business to Business (B2B) clients and exchanges.
PassOn uses the blockchain to track, store and exchange ownership rights and define succession triggers. For traditional assets, such as financial instruments or life insurances, which too often end up as dormant accounts or as unclaimed insurances, PassOn uses the blockchain to pre-register and maintain assets through a notarized environment with heirs/beneficiaries and patrimony.
By collaborating with regulators, infrastructure providers, lawyers, and notaries, PassOn aims to create the first, fully-regulated blockchain inheritance ecosystem, visible to the authorities and transparent to all stakeholders. PassOn plans to address the alarming absence of a solution to transmit digital assets easily, while at the same time to leverage inherent blockchain functionality to transform existing processes surrounding succession planning.
Synechron has worked with PassOn to support this DLT-enabled vision, with its creation of a digital, DLT application (DApp) interacting with the PassOn Smart Contract on the Ethereum blockchain. During phase two of the project, Synechron will continue to collaborate with PassOn to develop the Wallet and enable PassOn APIs offering B2B & B2B2C integration capabilities.
The partnership with Synechron allows us to source the best expertise during the ramp-up phase and to quickly scale integration capabilities to respond to the growing demand for our technology in the B2B/B2B2C space. We also felt it was important to partner with someone capable of helping us navigate the complex, fast-evolving and sometimes still immature world of Blockchain technology. Synechron has gathered significant expertise shaping the digital strategy of top-tier financial institutions in the permission-based blockchain space, ”
Stephan Wippermann, CEO of PassOn.
