Renters are not owners, and while they may own the contents of their apartment, they have no ownership of common areas, the land the building stands on, or the real property assets.Įstate planning attorneys and financial advisors have begun to recognize the value of this new asset class and have started addressing it in estate plans and business succession plans.įor end users to successfully protect their digital assets, a password protection vault is not good enough, or worse, they can create bigger problems.ĭirective Communication Systems offers professional advisors, individual users, and content providers a means to keep digital assets visible and accessible and protects account holders with a proprietary system that delivers compliance, security, and efficiency. The big tech companies create the infrastructure and own it-the end user who enjoys the benefit of access to the infrastructure is like a tenant in a large apartment complex. The relationship between the platforms that hold and control access to the digital assets (data and content) and end users is still fraught with problems. Almost all states now understand that digital assets have value: financial, operational, and sentimental. But anything that relies on a password is vulnerable, whether it’s a $200 million cryptocurrency account, business documents or family videos.Ī growing awareness of the importance of protecting digital assets of all kinds is starting to enter the mainstream. But the same technology that makes Bitcoin untouchable by governments makes it vulnerable to humans, who are known for losing important things like passwords.īitcoin and other cryptocurrency exchanges rely on heavily encrypted tools like the IronKey to protect multi-million dollar assets. At the heart of Bitcoin is the concept that anyone can open a digital bank account and no government can regulate it. According to a recent article from The New York Times, around 20% of all Bitcoin –about $140 billion – evaporates because of lost wallets or keys.
Last week we learned about Stefan Thomas, a man who is on the brink of losing $220 million because he can’t find the paper where he wrote down a password for his IronKey, the secure device holding the password that lets him open his digital wallet.
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