You may have come across different applications of cryptocurrencies. Some business owners are accepting cryptocurrencies as payments. Apart from that, the technology that drives these virtual currencies has wide application in various industries.
Moreover, some people are earning significant profits by trading cryptos. Although cryptos are highly profitable, they also involve high risk. You can visit ventsmagazine.com where you will learn about crypto investing.
Anyway, have you ever imagined that Ethereum6 will be used for wedding contracts? Remember that smart wedding contracts have not become a full-featured product; it’s a prototype; read more to know about it.
Smart Wedding Contract
Smart wedding contract is a project built using a special testing framework in the Ethereum network called Truffle. For communication with the Ethereum blockchain, MetaMask and Web3 frontend are used.
You probably know that Ethereum is the best Blockchain network for smart contracts. These intelligent contracts have several applications, such as in the supply chain industry, finance, voting, etc.
Recently, a prototype was introduced to implement smart contracts for weddings. Take a look at why smart contracts can bring a change in the way we were managing wedding contracts.
Purpose of Smart Wedding Contracts
One of the crucial parts of marriage is the management of the assets. The idea behind smart wedding contracts is to create an equivalent digital version of the conventional marriage contracts.
Block 42, the team behind the smart wedding contracts aiming for building a superior version of the conventional wedding contracts. They want to build digital contracts so that they can manage the funds and assets dynamically.
Implementation of Smart Wedding Contracts
There are three crucial steps for the implementation of smart wedding contracts, and they are:
- Contract Deployment
- Uploading the Written Contract
- Signing the Contract
Let’s understand every step briefly.
Contract Deployment
The first thing to do is adding the digital wallet address of the spouses. The smart way to deploy this contract is by adding them as contractor arguments. The addresses won’t change ever in the future.
Uploading Written Contract
The next thing that the team Block 42 wants is to upload the written contract. However, you might think that there is no need to upload the written contract if the goal was to build a superior contract.
The reason is simple since they want to create the digital contract in a legal context, it’s essential to upload the written contract. So, the conventional written contract will be uploaded with their sign.
However, the main concern with uploading the written contract is highly expensive in Ethereum Blockchain. It will cost you around 0.0526 ETH that is more than 10$ for uploading a 100KB PDF document.
Signing the Contract
After the deployment of the contract and uploading of the document, it needs to be signed by the spouses. Both the spouses have to sign the contract with their private keys, which will allow them to solicit further processes.
The interesting thing about these smart wedding contracts is the multisign part. The contract becomes true only after both spouses sign the contract. Now, let’s know about the benefits of smart wedding contracts.
Benefits of Smart Wedding Contracts
There are several benefits of smart wedding contracts, and the primary advantage is dynamic asset management.
Dynamic Asset Management
The best thing about these contracts is they allow you to manage your wealth, property holdings dynamically. That means you don’t need to visit a notary or legal advisor for adding or removing the assets. Moreover, it also helps you to know who owns what and what will happen after the divorce.
Savings Account
The digital contract also allows them to save their digital currency. For example, both spouses can pay and receive ETH through the contract. It will be beneficial when they want to make payments for holiday vacations, food, etc.
Final Thoughts
Although it sounds fascinating, it’s still in the development stage. I hope you enjoyed reading this article, and it has given you a glimpse of how marriage contracts will be in the future.