Blockchain still allows people to do a wedding in style and register them in smart contracts long after David Mondrus and Joyce Bayo’s marriage on October 5, 2014, in a private Bitcoin conference at Disney World in Orlando, Florida.
The couple scanning and confirming the QR code and their marriage was written, legally on the Bitcoin blockchain and the oath read:
“Life is not eternal and death can separate us, but the Blockchain is forever.”
Theirs was a cross-border love. It means blockchain, in addition to sending and receiving money, can be using for much more.
“It also allows us to commit to each other in a public, transparent way, and in a way that will be enshrining forever. As long as Bitcoin exists our commitment will be visible”.
Last year Jul. 17, 2016, Bitcoin activist Oles Slobodenyuk and Irina Dukhnovskaya’s recorded their marriage certificate on the Weddingbook.io platform on a Blockchain. The platform allows people to encode hidden messages into the Bitcoin Blockchain using a special online interface. People can register vows, witnesses and certificates permanently.
With some platforms, couples can also prescribe conditions of family life in the marriage contract.
Perhaps the most famous marriage contract on the blockchain was between IT-developers Gaurang Torvekar and Sayalee Kaluskar in 2016. They downloaded a marriage contract template to the cloud-based file system and digitally signed it using Ethereum-based Attores platform. The contract became active after each party sent a coded message from their IP addresses, which was reflected in the contract.
“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 Prenup With Love agreement spells out conditions for cohabiting including frequency of shopping, amount of chore done at home, series they will watch together and the time spending on night dating.
Also Read: SatoshiPay to phase out Micropayments for Bitcoin Blockchain
Vasily Lifanovsky and Alla Tkachenko’s was Russia’s first marriage on the blockchain. It took place in October this year. They combined their crypto savings into a single family budget on the MyWish Platform. The platforms help people manage crypto assets in various life situations such as marriage.
The savings can be dividing in half in case the contract ends. Terminating a contract would take three months just in case a wrong decision is made. This agreement also includes death and the money is transferred to the heir. The husband said he wanted to use the system to ensure the protection of family finances from various circumstances.
Moscow-based team Evolve Team is working on Wedding Chain, a marriage contract that comprises of the registry office, marriage contracts and management of the family budget. The family can keep funds on the smart contract, manage it together and divide in case of divorce. Therefore, smart contracts will be using to manage funds, define marriage conditions and automate divorce processes. For marriage, it makes things easier and cheaper.
The contracts do not require the participation of a notary and if allowed, would help costs for divorcee, ease and quicken the process, and reduce the burden on the courts and registry offices.