Finance and Proof of Existence — Accounts, Credit, and Inheritance

Key Message: The financial system is not only infrastructure for economic activity but also infrastructure for social proof that "this person exists." Having an account, having credit history, leaving an estate—these are proof of existence through finance.

This essay is an academic analysis and does not recommend any specific financial products or investments.

1. Bank Accounts — The Entry Point to Social Existence

Having a bank account is a basic condition for "existence" in modern society.

Account Opening and Identity Verification

Opening a bank account requires identity verification (KYC: Know Your Customer). ID documents, proof of address, signature—by submitting these, the bank confirms that "this person exists."

Account opening is "authentication" of existence by the financial system. The account number becomes a financial identity tied to that person.

The Unbanked

According to the World Bank, approximately 1.4 billion people worldwide do not have bank accounts (unbanked). They are "invisible" to the financial system.

Not having an account means not just being unable to use financial services but also lacking one means of proof of social existence.

2. Credit History — Credit as Proof of Existence

Credit history is a record of financial behavior and also proof of social trust.

Credit Scores

America's FICO score, China's Sesame Credit—credit scores quantify individual financial behavior. Payment history, outstanding balances, types of accounts—these are analyzed to determine "how trustworthy this person is."

The Problem of No Credit History

Young people, immigrants, those who haven't used financial services—they face the problem of "having no credit history." Having no history is different from "having low credit," but in practice, they are often treated the same.

Those financially "invisible" find it difficult to get loans or credit cards.

"Credit history is a certificate that you are 'a trustworthy member of society.' Without history, you are treated as if you don't exist in society."

3. Wills and Inheritance — Financial Existence After Death

A will is a form of proof of existence that continues after death.

The Function of Wills

A will is legal proof that "this person existed and had this intention." Distribution of assets, expression of wishes, messages—these remain effective after death.

Inheritance as Succession

Inheritance is financial succession of existence. As assets pass to the next generation, the deceased's economic "footprint" is carried forward.

Those Without Estates

Many people do not leave or cannot leave estates. However, even without financial inheritance, the fact of "having existed" should be preservable. Proof of existence through finance needs to explore forms that don't depend on wealth.

4. Insurance — Beneficiaries as Proof of Existence

Life insurance is a financial product that leaves an impact on others after death.

Designating Beneficiaries

Designating a life insurance beneficiary is a declaration that "this person is important to me." It is an expression of love, proof of relationship, and confirmation that one's existence has meaning to others.

Insurance Payouts as Traces of Existence

Insurance payouts are proof that the deceased "prepared." The will to protect family even after death is realized in the form of money.

Life insurance is a financial product and also proof that "my existence has meaning to someone." The beneficiary's existence continues to indirectly prove the policyholder's existence.

5. Cryptocurrency — New Financial Existence

Cryptocurrency has brought a new dimension to the relationship between finance and proof of existence.

Wallets and Identity

Unlike traditional bank accounts, cryptocurrency wallets can be created without identity verification. Wallet addresses are "anonymous financial existence" separate from personal identity.

Blockchain as Record

Transactions on blockchain are permanently recorded in a tamper-proof form. "When and how much a wallet transacted" is referenceable as long as the blockchain exists.

The Private Key Problem

However, cryptocurrency has the problem that "if you lose your private key, you can't access your assets." If the owner dies and the private key is lost, those assets are permanently frozen. This is a new challenge in the succession of proof of existence.

6. Donations and Foundations — Perpetuating Existence Through Finance

Establishing donations and foundations is a way to perpetuate existence through finance.

Foundation Establishment

Rockefeller Foundation, Ford Foundation, Gates Foundation—the wealthy have perpetuated their names and wills by establishing foundations. As long as foundations continue their activities, founders' existence continues to influence society.

Endowments

Endowments to universities and nonprofits are mechanisms that support activities with investment returns while maintaining principal. If properly managed, donors' wills can theoretically continue forever.

Accumulation of Small Donations

Even without being mega-wealthy, one can leave existence through donations. Regular small donations, legacy giving—their accumulation inscribes individual existence in society.

7. Financial Exclusion and Those Who "Don't Exist"

Those excluded from the financial system financially "don't exist."

The Reality of Financial Exclusion

Those without legal identity: Can't open accounts without documents
Homeless: Access to financial services is difficult without an address
Immigrants/refugees: Excluded from finance without proper identification
Elderly: Alienated from services by digitalization

Financial Inclusion Movement

Recently, the "financial inclusion" movement has been spreading. Mobile banking, microfinance, digital ID—these are attempts to make those excluded from the financial system "exist."

8. TokiStorage's Position — Proof of Existence Beyond Finance

Proof of existence through the financial system has structural limitations.

Wealth concentration: Financial existence is weak without assets
Access gap: Many cannot use financial services
Institutional dependence: Depends on financial institutions' survival
Privacy: Financial records are transaction records, not life records

TokiStorage provides proof of existence on a different axis from finance.

Wealth-independent: Usable regardless of wealth
Universal access: Does not presuppose access to financial services
Institution-independent: Does not depend on specific financial institutions
Life records: Records existence itself, not transactions

Even without money, without an account, without credit history—one can leave proof that "I was here." That is the significance of proof of existence beyond finance.

Conclusion — Beyond the Relationship Between Money and Existence

The financial system is important infrastructure for proof of existence in modern society. Having accounts, building credit, leaving estates, having insurance—all of these are proof and succession of existence through finance.

However, proof of existence through finance favors those with wealth and credit. Those excluded from finance become "non-existent" financially.

That is why proof of existence independent of finance is necessary. A system where everyone can leave proof that "I was here" regardless of wealth.

Money flows, systems change, financial institutions come and go. But the fact that "a person existed here" has value unaffected by financial fluctuations. That is the essence of proof of existence.

References

World Bank. (2021). The Global Findex Database 2021.
Demirgüç-Kunt, A. et al. (2018). The Global Findex Database 2017. World Bank.
Baradaran, M. (2015). How the Other Half Banks. Harvard University Press.
Graeber, D. (2011). Debt: The First 5,000 Years. Melville House.
Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System.
Morduch, J. & Schneider, R. (2017). The Financial Diaries. Princeton University Press.