Abstract
Unclaimed inheritance retards the economy as well as the continuity of life, especially for beneficiaries who are less capable. Recorded cases of unclaimed inheritance have seen a yearly rise, and this also has an effect on the Malaysian economy, mainly due to the failure to distribute immoveable property, such as the failure to transfer the ownership of land and houses. This causes the land to become abandoned and underdeveloped. Hence, various measures are needed to solve the unclaimed inheritance problem and contemporary technology should be fully utilised to overcome this problem. This study intended to explore the benefits of blockchain technology for solving the unclaimed inheritance problem. Blockchain technology is a database system that replaces the traditional system with various advantageous, which makes organisational management more effective and systematic. This technology supports the implementation of a smart contract, which acts as a medium for managing inheritance distribution to ensure no beneficiaries is left out and receives the rightful share. A smart contract is an agreement in digital form that uses a certain protocol and only applies to the relevant parties. This study applied the qualitative approach and a descriptive research design. Data collected through document analysis and interview methods. Data from the document analysis method involved primary and secondary sources, while the semi-structured interview method was used for field studies. Findings showed that the blockchain technology is an appropriate solution for solving unclaimed inheritance problems. However, a blockchain based smart contract requires the cooperation between the party authorised to distribute inheritance property and the banks as well as other government agencies in order to ensure that the inheritance distribution process is carried out smoothly. This study benefits the authorities in charge of inheritance management as well as act as a guide for future researchers. This study offers a theoretical solution for solving the distribution of unclaimed inheritance by using blockchain based smart contract.
Highlights
IntroductionNot all of society is aware of the procedures regarding the distribution of inheritance property as well as which authority should be approached when a death occurs (Ahmad et al 2018)
Malaysia has authorised three institutions to manage the distribution of inheritance property, namely Amanah Raya Berhad (ARB), the Small Estates Unit in the Department of the Director General of Lands and Mines (JKPTG) and the High Court
Blockchain technology supports the building of a smart contract, which involves an agreement in digital form that uses a certain protocol between the relevant parties (Mukhopadhyay, 2018)
Summary
Not all of society is aware of the procedures regarding the distribution of inheritance property as well as which authority should be approached when a death occurs (Ahmad et al 2018). A smart contract functions in when an event and its implication occurs according to a specific logic code that has been developed (Mohanta et al, 2018; Karamitsos, 2018; Mukhopadhyay, 2018). This will facilitate the automatic transfer of ownership of inherited property to the beneficiaries after a death occurs
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