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Yes, your idea reminds me of stringing natural seeds as prayer beads and crafting folksy, personalised, remembrance bracelets from bright, acrylic alphabet beads with children.  Also, love the idea of connecting the bracelet to an app that stores and reveals the meaning and significance of each bead to the wearer, as well as providing a daily reminder to Live for Today.

Did you know, there is also a tradition of Faery Beads in the Queer (LGBT) community, usually given one at a time by different friends as gifts. These are strung together in long, beautiful strings and kept as a memento of gatherings, distant friends and in remembrance those that have died.

On the commercial side, I recently came across a jewellery design company called 'Origami Owl' in Arizona US, who may be able to help scale your idea. They design, manufacture and market (through party plan) personalised 'Living Lockets', made of charms, chains and custom designed beads.