Blockchain technology has been altering different spheres of life, from traditional financial activities, through supply chain management structures and down to marriages. As an immutable and transparent technology, many industries are seeing the need to incorporate it into their operations, as a way of breeding efficiency in their systems. Trust is an important aspect of this technology because of its level of transparency and immutability.
Smart contracts are present on the blockchain, and their importance has grown tremendously in recent times. With this technology, it is easy for different participants to create terms and conditions to a contract, and seal them. The technology automatically ensures that the terms added to the contract can’t be altered by anyone.
For a while, some people have played around with the idea of using smart contracts to draft a marriage agreement between two parties. Since the agreement can’t be altered without both parties coming together to change it, it will reduce the cost of marriages and also divorces as well.
Marrying on the blockchain may seem weird to many, but some outliers have already started the trend. With the transparency feature of this technology, once a couple marries on the blockchain, the data of their marriage is available on the chain for everyone to see. Marriage and blockchain may not be worlds apart because the underlying concept of both is transparency.
In 2014, a couple decided to start the trend of weddings on the blockchain because of the level of transparency that is offered. The couple, David Mondrus and Joyce Bayo decided to toe this lane because they didn’t want the government to have a hand in their marriage. Since the inception of crypto and blockchain, people in this field have seen this as a way to rebel against government control.
Their nuptials were written on the immutable blockchain, while Jeffrey Tucker, an Austrian school economist, hosted the ceremony.
Another reason blockchain marriage may be here to stay is the flexibility it ushers into a somewhat rigid ‘institution’ like marriage. Brock Pierce, a billionaire, decided to get married using smart contracts that allowed both parties to renew their marriage annually or dissolve it. It is important to note that though this may make sense to both sides, the government of the country that they reside in, the US, does not view it as legal.
Before a marriage is done through smart contracts, it is advisable to confirm its legality within the jurisdiction that the couple lives.
Smart contracts that cover marriage agreements may be complex because of the vows that are integrated into them. This may lead to risks of security threats if the couple doesn’t hire a coder to draft the contract or cut corners.
How smart wedding contracts work in marriage and divorce cases
Though smart contracts may need a coder to ensure it is done well, it is not as expensive as planning a traditional wedding. Before a smart contract is drawn, the parties involved have to decide on the terms and the action that should be triggered in the case of a divorce, or an amendment. The activities that may occur during the marriage and divorce aspects of a smart contract may vary.
- Deploying the contract.
The wallet addresses of every participant or spouse will be added to the contract as constructor arguments, and once added, they may not be altered.
- The contract is then uploaded.
The terms and conditions of the contract have to be uploaded on the blockchain. In some cases, the contract may be handwritten and uploaded to IPFS to cut the gas fees paid. Storing data on the Ethereum chain is expensive and it is more efficient to store the file on IPFS. The hash of the file can be saved on the chain. With the coming of more affordable blockchains, it may be easier and cheaper to store them on the network itself instead of IPFS.
- The couple signs the contract.
Once the hash has been uploaded on the chain, the couple will sign it through their private keys. Signing it makes the contract official and immutable.
A typical marriage smart contract discusses crucial issues that concern the assets of both parties. It should list the assets, their ownership, and the activities that should occur once divorce happens. A smart contract offers flexibility, as both parties can decide to alter the contract together. They can add new assets and even clauses to the agreement, as long as their private keys are used. If one party wants to alter anything in the smart contract, the other person should agree to it to ensure that it works.
The same thing happens when an asset needs to be removed from the contract. These smart contracts also act as a wallet, where the couple can decide to save their money. It receives funds and dispenses them based on the needs of the married couple. If dissolution occurs, the contract based on the tenets of the agreement will share the cryptocurrency that it holds to the individual wallet of the two signatories. It is automated.
What happens during a divorce?
In a traditional marriage contract, once divorce occurs, both parties usually employ the services of attorneys. The assets will be valued and a discussion on the way they will be split is held. A typical divorce may not be friendly and could be dragged for a long time, with both parties spending a lot on legal services. It is usually a stressful process that scares many people.
If a prenup has been signed before the wedding, it becomes a lot easier to share the assets and agree on a resolution. Marriage smart contract acts as the digital form of the prenup. During the drafting of the agreement, the couple will decide the actions that should be triggered when a divorce happens.
Immediately the divorce function has been chosen, the activities in the contract will be invoked. The assets in the wallet are split based on the proportion that was agreed upon at the time of creating the contract.
Based on the code that is added to the contract, once divorce occurs, it no longer interacts with any of the estranged parties.
In theory, it is efficient and cuts down on the tremendous costs that are incurred when the traditional divorce proceedings occur.
Though this may have its perks, there may still be some issues. Many countries do not view marriage smart contracts as legal, and if a party contests it in court, it could nullify the decisions of the contract.
In the past, smart contracts have been attacked. There is the risk that the contract guiding the marriage may be compromised, which could affect its operations. The risk of this happening is higher if a professional coder is not used.
How do NFT rings work?
NFTs are Non-Fungible tokens, meaning that they are unique and can’t be exchanged for one another. As long as it is a digital item, it can be tokenized into an NFT, and this can include arts, music, digitized sneakers, and even rings.
NFT rings are quite flexible, as the couple involved can decide to choose the ring or even art that showcases their love. Since it is a digital asset, it can’t be physically exchanged in the traditional sense. Minting an NFT ring means that anyone on the blockchain can search it up and find the data concerning the token. For instance, when Peter Kacherginsky and Rebecca Rose, who are employees in Coinbase, decided to marry, they tied the knots with NFT rings. They named their tokens, Tabaat, which means ring in Hebrew. Anyone can search for the NFT, but can’t mint an extra one.
According to The Verge, ‘She also said that their virtual rings now existed on the blockchain “for all to see as proof of our commitment to each other”, and share a screenshot of the Etherscan page.’
Use cases of blockchain technology in marriage
Blockchain weddings may not be popular, but there are examples littered in history.
- David Mondrus and Joyce Bayo
This couple is the first couple to host a wedding on the blockchain in 2014
- Lukas Götz and his wife
The popular CEO of block42, Lukas Götz, got married on the blockchain in 2018. This marriage happened in Austria.
” According to Götz, the advantages of a smart wedding contract are that he can constantly grow with marriage. Accordingly, assets such as a car or a house may be added or removed on an ongoing basis. In addition, the “dynamic” Smart Wedding Contract share ratios of the assets can be regulated.”
- Rebecca Rose and Peter Kacherginsky
In April 2021, Rebecca Rose and Peter Kacherginsky decided to do a blockchain wedding and exchange NFT rings after doing the traditional Jewish wedding.
How can one get married on the blockchain?
Getting married on the blockchain is possible with a smart contract. As long as a blockchain has smart contract features on it, a couple can marry on the blockchain. They may need a coder to draft the contract for them.
While marrying on the chain, a couple can decide to take it up a notch by minting NFT rings. It is important to check the legality of marrying on the blockchain in their region.
Pros and cons of getting married on a blockchain
Getting married on the blockchain comes with its advantages and disadvantages.
Pros
- It saves money. The costs of traditional weddings are more expensive than what is incurred in a blockchain wedding.
- Divorce is quite cheap and fast compared to its alternative.
Cons
- It may not be legal within your jurisdiction.
- For couples that value privacy, it is less private.
In Conclusion…
- Blockchain marriage is yet to catch up with other use cases of the technology.
- It is not legally binding in most parts of the world.
- It is cheaper than other alternatives for weddings.
- Smart contracts may have the risk of getting hacked.
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