SMART WEDDING CONTRACT
How does it work?
Generally, wedding contracts are nothing we perceive as positive. Why? Because once signed, the wedding contract usually remains untouched – until a potential divorce. By contrast, the SMART WEDDING CONTRACT is flexible and can be managed actively. Wife and husband both have their own Ethereum wallets (their assets) that are directly linked to the contract.
Different from usual, assets like a car can be constantly added and removed. That’s we it’s a dynamic contract that also manages the stakes of the assets.
Our Ethereum-based wedding contract demonstrates what’s possible and how we can use the technology for common legal affairs.
The advantages of the blockchain apply in the SMART WEDDING CONTRACT: security, decentralization and total transparency. Every activity like a deposit or a payout are automatically logged by the system.
Revolutionizing the future legal business
Stadler Völker attorneys have monitored the process from the beginning. Of course, setting up a smart wedding contract is a challenge for them as well. But they are well-experienced in the field of blockchain technology.
“This pilot shows what’s possible in the field of smart contracts – today and in the near future. There are many different questions concerning blockchain-based contracts. Smart contracts have the power to replace written contracts. The terms are deterministically coded and can – in case of certain circumstances trigger concrete actions. That means that a smart wedding contract is self-executing. That leads to an optimized legal certainty for the affiliates. Smart contracts will revolutionize the daily legal business of the future!"
(Mag. Urim Bajrami, Stadler Völker)
See the Smart Wedding Contract in action on the Ethereum Mainnet.
Click here for further details about the functionalities of the Smart Wedding Contract.
Find the official press release here (in German).