Online contracts have brought the Blockchain back to reality. After a deal is sealed, it’s permanently stored as a safe record. This agreement has led to the establishment of a variety of services like blockchain weddings, for instance) that allow marriage contracts to be stored on the Blockchain.
Forever is Blockchain
On October 5th, 2014, the first marriage was registered in the public archive of Blockchain. The wedding of Joyce Bayo and David Mondrus was held at a private Bitcoin conference in Orlando, Florida. The couple was required to scan and approve the QR code to legalize the marriage. The system was later precisely written to the Bitcoin Blockchain. The newlyweds vowed:
“Life is not guaranteed, and death can divide us, but the Blockchain is forever.”
Witnessing to love
Another incident has occurred on July 17, 2016, where Bitcoin enthusiast Oles Slobodenyuk and Irina Dukhnovskaya held hands to celebrate the marriage. At the ceremony, the host presented a marriage certificate to a Blockchain system titled Weddingbook.io
The site uses the characteristic of Cryptograffiti, an online service that enables people to conceal hidden messages into Bitcoin Blockchain provided by a unique online channel. Not only this interface can be used to record wedding certificates permanently, but it also allows users to maintain a list of witnesses and vows on a Blockchain.
Developers anticipate a growing number of blockchain weddings being registered on Blockchains, despite the fact that some marriages are likely to succeed. Some systems assist couples not only in registering marriages, but also determine the aspects of family life in a marriage contract.
In 2016, the first and most popular Blockchain marriage was signed by tech developers Gaurang Torvekar and Sayalee Kaluskar. The couple used the Ethereum-based Attorney system to digitally sign their contract, after downloading the marriage contract via a Cloud-based documents system.
The agreement further explains the conditions for coexistence, regarding details about the amount of household activity and the intimate lives of the newlyweds.
Both parties sent encrypted messages from the IP addresses to activate the contract. This contract has a public code, and any newly married couples can use it. Notably, such agreements lack any legal power yet. The couple wisely commented on their decision stating:
“We made this decision to use Blockchain to solve family problems with its endless possibilities. We believe a marriage on Blockchain is a wise choice.”
The first wedding in Russia was registered in October 2017 with the help of Blockchain platform.
Alla Tkachenko and Vasily Lifanovsky merged their cryptocurrency savings into one family budget. This method was implemented on the MyWish platform, aiming to maintain the management of cryptocurrency assets in several life situations, even after marriage.
This agreement’s idea and establishment are significantly different from the Prenup with Love definition. The characteristic of a marriage contract on MyWish is that the couple’s financial savings will be merged by an implicit digital contract, where it allows them to send funds in the future. In case of cancellation of the contract, all funds stored on the account will be split in half. To end this contract, the removal of the contract will be assigned a three months period, in case of a mistake or an error. In the following case of death of one of the participants, the funds will be sent to the account of the children or the spouse. The husband explains:
“The system inspired greatly that I decided to become part of the everlasting future, and also leave a long impact. I want to create a family that is surely protected and safe from various circumstances.”
Many existing platforms allow marriages to be contracted now, in addition to new projects for the married couple that are scheduled to appear. On June 2017, the Moscow Evolve Team has presented a unique platform for marriage contracts in the Hackathon forum in Skolkovo. The project, named the Wedding Chain consists of a formula that combines marriage contracts, registry office and the maintenance of family budget. Wedding Chain contains a financial component that will allow storing funds on a digital contract and manage it with consent from both parties to divide the gained revenue during the divorce.
Various favorable motives for romance and lifelong marriage have appeared on the Blockchain, but smart contracts have a completely linear aspect. Unfortunately, the data shows that the divorce rate ranges from 40% to 50% of the marriages. Smart agreements will assist to decrease the efforts taken regarding divorce.
Various conditions can be assigned that allow divorce hearings to be established automatically. Such applications do not require the participation of a judge or a public figure, thus making the entire process much simpler and less costly. Smart contracts can also fabricate the operation of a divorce agreement.
It is entirely possible that government law will allow the contact of marriage on the Blockchain. It could reduce the costs of divorced couples, and reduce the heavy load on the courts and offices. It’s explicitly considered that smart contracts are the most effective form of marriage contracts. It can only assume in that context that following the named platforms that are wholly devoted to this subject.