The Idea Incubator/Blockchain-Secured Power of Attorney
While it is important and customary to grant power of attorney (POA) to be exercised when the principal (grantor) is incapacitated, the possibility for abuse is always present. Two primary POA-related goals typically conflict. It is often important that POA be exercised quickly. It is always important that the POA be exercised responsibly.
This conflict can be resolved by securing the Power of Attorney with a Blockchain-secured record of the transactions performed each time the power of attorney was exercised by the agent. The POA authorization letter would include a notice that it is blockchain secured, and include a unique identifier, perhaps represented by a barcode or QR code. When the POA letter is used by the agent to authorize some transaction, the institution granting access would scan the code into an application that would create a blockchain record of the transaction. This record includes the time and date, identification of the agent, the identifiers of the institution and accounts accessed, a description of the transaction, and the transaction amounts.
This blockchain record of transactions could be accessed by the principle, other trusted individuals authorized by the principle, and potentially by courts. This record can then be used to monitor POA activity and resolve disputes.