|Dec 01, 2018 07:20 PM||By: John Patrick Mullin | 2216 Views|
Austria has noticed the first marriage contract with smart separation of business sealed on the blockchain. However, notwithstanding the novel approach, Austrian law needs a physical document to improve the legal status and distribution of property, according to TheBitcoinNews.
The paper record points to the “smart wedding contract,” which links to two Ethereum wallets so that the assets can be combined and separated according to portions. The smart wedding contract was implemented by the groom, Lucas Götz’s company, Block42.
According to Götz, one of the benefits of a smart wedding contract is that physical assets like cars and houses can be combined or removed with comparative ease. Moreover, the contract also symbolizes the share ratio of their assets.
According to Götz, having your marriage saved on the blockchain means that the method automatically logs every deposit and withdrawal. But Götz states that the smart wedding contract is just the start. “We believe in technology and that it will enhance the colors for all types of records in the future. The blockchain-based marriage agreement determines what is possible and how we can use the technology to work everyday legal matters.”