Blockchain and divorce - mission possibleMarriage is an institution with a long history. But people in Austria want to totally change the idea of how it should work in the future. Lukas Götz, CEO of the austrian startup block42, has lately signed with his fiancée the first wedding contract, based on blockchain.

The divorce isn't a pleasant thing. Not only emotionally, but also administrative, in the process are involved many headaches. That is why Lukas Götz from Graz has decided to take the bold step and conclude a smart wedding contract.

The benefits:

In his words the benefits of such contract are many. First of all - it can be managed during the marriage - assets like new car, house or stocks can be added or removed easily. The dynamics of this option offers flexibility, which is currently almost impossible or at least such actions are connected with very long and time-consuming processes.

The transparency is the next key element of the so-called smart wedding contracts. Every change is recorded automatically by the system. In this way, on focus is a clarity of the asset management, which in future court or out-of-court sittings could have an immense importance.

Nevertheless, a meeting with a notary remains necessary. The current austrian legislation still requires a physical document that makes a contract binding and enforceable. Only in that way a court could make a judgment in a legal case with regards to the wedding contract.

Lukas Götz hopes though that anytime soon the smart contract will be enough for court proceedings and the digital will take the lead over the physical.

Slavina Petrova

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Tags: Blockchain