BlockchainCommons / BlockchainCommons/SmartCustodyWhitePapers

safety deposit box in base scenario

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Description

### Context

Currently the base scenario suggest the smart custodian to store all backups of their seed phrase in a safety deposit box

### problem with current approach

Safety deposit boxes are not foolproof[[1]](https://nltimes.nl/2018/03/09/millions-stolen-rabobank-safety-deposit-boxes-report), [[2]](https://www.losaltosonline.com/news/sections/news/216-latc-sections/community-archive/1009-J195), [[3]](https://www.nytimes.com/2019/07/19/business/safe-deposit-box-theft.html) and are not FDIC insured[[4]](https://www.fdic.gov/consumers/consumer/news/cnwin18/fivethings.html).

### solution

the base scenario should in my opinion include at least one of the following suggestions:

1. obtain proof of safety deposit box contents & value and get some form of insurance.

2. have a second safety deposit box for redundancy.

3. consider alternatives for having a backup of instructions for heirs in the safety deposit box in case of theft.

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