Clocr announces estate planning and disbursement platform in India for digital assets
New Delhi, March 30, 2021
Clocr Inc., a computer software company based in Austin, Texas in the United States, short for Cloud Locker and founded by an Indian father-daughter duo of entrepreneurs, has designed India's first all-in-one estate planninng and disbursement platform specifically for digital assets.
"The company established in 2018 simply focuses on a better solution to the problem of passing on digital assets the right way. It eliminates uncertainty and removes the obstacles of cost, procrastination, and frustration. Having its unique diversity spotlight and award-winning presence in the US market, Clocr, founded by the daughter-father duo -- Apoorva Chintala and Sree Chintala, officially enters the Indian market," a press release from Clocr said.
The release said the COVID-19 pandemic had underlined even more the need for an all-in-one Legacy Planning online tool for passing on a person;s digital assets.
"Everyone in this 21st century, across all social strata, owns dozens of different online accounts and conducts online transactions. The account details, passwords, and the data stored within are the digital assets that everyone tries to keep safe and secure. If anything were to happen to any of these people, all of his/her online accounts would be stranded without a designated owner, making these accounts easy targets for hackers and identity thieves, even potentially exposing the person’s family to financial risks," it said.
Clocr, a SaaS (Software as a Service), is the first-of-its-kind tool for arranging digital assets after a loved one's death, now available in India.
According to the release, Clocr empowers its users to efficiently organize their digital assets, including all accounts (social media and others) and files, identify their heirs, and provide these heirs access to such digital legacies. The company also provides an array of instructions on how any user’s assets can be disbursed to their selected beneficiaries.
"Clocr offers Digital Estate Solution with an easy-to-use online tool to create a will for digital assets, set up, manage, and pass on all digital assets the legal way. Clocr also facilitates a Time Capsule, where they capture memories, messages, advice to pass on to their client’s loved ones. Most importantly, Clocr's Digital Vault extends a personal, digital safety deposit box with state-of-the-art encryption and security. Clocr is a 21st century Digital Cloud space, where one can keep track of one’s beneficiaries and vice-versa.
"This proprietary, patent-pending, multi-layered security protocol is built on IPFS and blockchain concepts. If one delves into their work-process, the company marks its steps as -- digitally shred the encrypted files, encrypt the pieces, and spread them across different cloud storage locations. Even if someone hacks into a single storage location, they will not be able to view the file," the release said.
Apoorva Chintala, CEO and co-founder, Clocr Inc, said, "The very foundational concept of Clocr is close to my heart. I lost my grandfather in 2015, and I saw my father painfully executing the role of accessing and protecting his father’s digital assets. My grief turned to my inspiration and Clocr is the result that we have today. Clocr, with an intuitive user interface and its patent-pending security platform, has created an impressive digital asset storage and distribution platform with the most secure personal storage available to its users. The dawn of the digital age has empowered society to effectively and creatively solve all sorts of life issues, and I think, we’ve dealt with an extremely 'sensitive’ one with Clocr, forever.”
A successful serial entrepreneur and the CTO and co-founder of Clocr Inc, Sree Chintala said, "Clocr is an all-in-one digital legacy planning service for families to safely store their digital assets and be able to share them the right way. It is like having a safety deposit box in cloud storage, and that’s where the name Clocr comes from. Management and protection of digital assets after death have become intensively complex since the COVID pandemic. This painstaking and woeful task will be a word of the past. In a short span, Clocr has made an impressive case of its ‘Digital Vault’ feature internationally, and now we see the befitting time to enter the Indian market with our unique services.”
The release said that Clocr, founded on November 18, 2018, offers customizable onboarding that makes it easy to create more than 150 of the most used online accounts and creates alerts if one’s estate becomes incomplete, beneficiaries deny a bequest, or if an account is disbursed due to incapacity or death.
"The system can even track who has assigned an individual as their beneficiary to get a more nuanced understanding of assets. Clocr is working with the mission to provide peace of mind to its customers around the world by eliminating the pain and frustration in creating and managing their digital assets through personalized AI/ML-powered predictive and suggestive insights," the release added.