Put your Prenup on the Blockchain
If you liked it enough to put a ring on it… But you’re worried about couple’s disputes, or keeping date night a bi-weekly event, maybe this smart contract can more effectively keep you accountable. And no, we’re not kidding.
If you head over to the website, you will find an aesthetically designed site that introduces a young tech couple’s pre-nup-smart contract idea.
As written on GitHub:
This is the first ever prenup on Ethereum blockchain (to the best of my knowledge). You can take this code to write your own prenup too! I and my fiance, Sayalee Kaluskar are getting married on 10th December 2016, and thought that this was a funny way to prove a point!
Built by the couple Gaurang Torvekar, co-founder of Attores, and Sayalee Kaluskar, Creative Art Director for Ogilvy, this open-source smart contract (that’s so aptly named), PrenupWIthLove, has been stored onto the Ethereum network for anyone to use. Now, typically pre-nups are drafted and signed based upon the wealth and ownership of each respective person in the union. They’re created to determine, in the event of divorce- ownership and assets.
However, PrenupWithLove is more of an argument solver and legislator. Before being wed, the couple decides on solutions to some contingencies, and they may even create their own stipulations for each other.
Yes, it’s so very romantic. We most certainly can feel the love tonight.
Jests aside, this form of a smart contract is a good way to test out the technology. Once the couple has their Prenup-made-with-love-and-dictation, the template is uploaded onto the IPFS (Interplanetary File System) and the contents of the document are then encoded into a smart contract. Afterward, the couple has to agree to the terms by calling the method “accept” from their own personal wallet address. This acceptance is then stored in the contract so if one decides to say that they didn’t agree to “burrito night”, then the other can call upon the agreement to show otherwise. The list of the couple’s requirements is encoded into the contract, so diligence is most likely required when coming up with couple’s demands.
Smart contracts have certainly dominated conversations in the financial sector, especially with the possibility of stock transfers being automatically executed- but the legal sector has had a little more apprehension and debate. While smart contracts would certainly benefit legal issues, they still aren’t enforceable by law. Therefore it makes these “law binding contracts”… not so legally binding. However, as entrepreneurs and advocates of Ethereum push forward new innovations under the smart contract helm, this will drive it further into legal adoption.
In the meantime, head over to the PrenupWithLove site in case you decide to take advice from Beyonce and were feeling the need to get hitched.