Blockchain technology keeps getting better! We have heard about different companies using this technology to enhance their processes further. These breakthroughs in Blockchain technology also influence customer satisfaction. It only shows that we will see more integration in the future.
A few months ago, the educational system also experienced the Blockchain Innovation making everything more secure and user-friendly.
Now, we see another breakthrough in this technology. Did it ever occur to you that you can incorporate the Blockchain Technology when someone ties the knot, and when someone gets buried six-feet under? Yes, weddings and funerals and other real life events meet the Blockchain Technology.
Four Weddings and a Funeral, Blockchain Style
Smart contracts have brought the Blockchain closer to real life. After the smart contract is signed, it’s submitted for permanent storage as a secure record. This permanence has led to the development of a number of services that allow marriage and marriage contract on the Blockchain.
Blockchain is forever
The first marriage was registered in the public registry of Blockchain on Oct. 5, 2014. The wedding of David Mondrus and Joyce Bayo took place at a private Bitcoin conference at Disney World in Orlando, Florida. To legalize the marriage, the couple had to scan and confirm the QR code, which was then written directly to the Bitcoin Blockchain. The oath of the newlyweds was:
“Life is not eternal and death can separate us, but the Blockchain is forever.”
Witnessing to eternity
Another example of a wedding on registered on Blockchain is Bitcoin activist Oles Slobodenyuk and Irina Dukhnovskaya on Jul. 17, 2016. At the celebration, the presenter recorded a marriage certificate in the Weddingbook.io platform on a Blockchain.
The site uses the capabilities of Cryptograffiti, a web service that allows people to encode hidden messages into the Bitcoin Blockchain using a special online interface. It is possible not only to record the wedding certificate permanently but also to keep a list of witnesses and wedding vows on a Blockchain.
Despite the fact that not all marriages are successful, developers foresee a growing number of unions being registered on Blockchains. Some platforms help couples not only register a marriage but also prescribe the conditions of family life in the marriage contract.
IT-developers Gaurang Torvekar and Sayalee Kaluskar signed the first and most famous marriage contract on the Blockchain in 2016. The couple downloaded the marriage contract template to the cloud-based File System solution and digitally signed using the Ethereum-based Attores platform.
The agreement of Prenup With Love spells out the conditions for cohabitation. For example, the frequency of shopping, the amount of chores done at home, how much time should be spent on night dating, what series they will watch and so on.
The contract was activated after both parties sent a coded message from their IP addresses, which was reflected in the smart contract. This contract has an open code and all newlyweds can use it. It should be noted that such contracts do not have legal force yet. The newlyweds commented on their decision as follows:
“Speaking about the Blockchain and its endless possibilities, we decided to use it to solve family problems. We believe that to contract a marriage on Blockchain is a smart decision.”
The first marriage in Russia contracted with the help of Blockchain system was registered in October 2017.
Vasily Lifanovsky and Alla Tkachenko
Vasily Lifanovsky and Alla Tkachenko combined their crypto-savings into a single family budget. This procedure was carried out on MyWish Platform, aimed at managing cryptocurrency assets in various life situations, including during marriage.
The idea and implementation of this agreement are significantly different from the Prenup With Love agreement. The essence of the marriage contract on MyWish is that the couple’s savings will be combined by a smart contract, where they can transfer funds in the future. In case of termination of the contract, all funds stored on the wallet will be divided in half. To cancel the termination of the contract will be allocated three months, in case of an unwise decision. In case of the death of one party, the funds will be transferred to the account of the heir or the spouse. The husband explains:
“When I first learned about the Blockchain, I was struck by the thought that a certain network was created over the existing economic institutions, which we ourselves are influencing. The system inspired me so much that I decided not just to become part of the impending future, but also to influence it. Creating my family I want to make sure that our finances are protected from various circumstances.”
Getting ready for divorce
Aside from the existing platforms that allow contracting a marriage now, also new projects for married couples are expected to appear. For instance, in June 2017 on Hackathon forum in Skolkovo, the Moscow team Evolve Team has presented a new project for marriage contracts on Blockchain, the Wedding Chain. This project formula consists of a registry office, marriage contracts and management of the family budget. The financial component of Wedding Chain will allow keeping funds on a smart contract, to manage it by mutual consent and divide the accumulated funds during the divorce. Now this project is under construction.
Apart from the romantic motives for eternal marriage on the Blockchain, smart contracts have a completely pragmatic function. Unfortunately, the statistics show that the divorce rate ranges from 40 to 50 percent of the marriages. Smart contracts will help to minimize energy demands regarding divorce.
Certain conditions can be prescribed that allow divorce proceedings to be accomplished automatically. Such contracts do not require the participation of a notary by making the entire procedure more cost-effective and simplified. Smart contracts can also facilitate the process of a divorce settlement.
It is entirely possible that law will adopt the contact of marriages on the Blockchain. It could reduce the costs of divorcees, as well as reduce the burden on the courts and registry offices. It’s becoming clear that smart contracts are the most convenient form for marriage contracts. In that context, it can be assumed that following the listed platforms there will be a whole series of projects devoted to this topic.