— ‘But why use the blockchain?’
It’s the question on everyone’s lips, the moment we describe what we do.
When you’re building a borderless ecosystem designed to process a range of payments and investments, there’s no better foundation on which to build than the blockchain. That’s why Elitium chose to use it.
In fact, we spotted three core reasons why the blockchain makes perfect sense.
Blockchains are secure by design. Their distributed nature reduces the risk of hacks and protects financial transactions, meaning users can make payments over the blockchain with confidence.
Lower transaction fees
Blockchains are also cost-efficient (at least, increasingly so: one user recently moved $450m worth of Bitcoin for just 25 cents). On a platform such as Elitium’s, where high-volume transactions are the norm, the cost-savings will be huge.
Our story started in yachting. Here’s why. Yacht rentals are hard work. They have lots of paperwork, identity checks, and payment back-and-forth. The blockchain can automate most of these processes and introduce other efficiencies as well.
It’s the solution our industry has been waiting for. And by pairing smart contracts with our native currency EUM, we can bring efficiencies to the luxury sector as a whole.
Remind Me: What Is Elitium Building?
Now you know why we’re using the blockchain, but what are we using it for?
Well, if you read the last post that asked ‘What is Elitium,’ then you’ve seen what we’re building at a high level. But let’s look at our solutions in a little more detail (we’ll deep-dive into every product over the course of the coming weeks).
A Global Platform
First up, we’re building a single, integrated platform that connects businesses and consumers across our network and lets them book exclusive products and experiences; invest in tokenized assets; stake our network for rewards — or, make on-demand concierge requests to our unique, AI-enabled concierge.
We’re also developing custom smart contracts on the Ethereum blockchain, powered by our own native ERC-20 coin. These are for use in the aforementioned yacht rental process, but also in several other processes across our business partners’ operations, which leads us to our final innovation.
We’re creating a white-label, blockchain-based product suite that partners can license via Blockchain-as-a-Service. It’s an all-in-one solution that any business can use to make the blockchain work for them — powering internal efficiencies to make a genuine difference on balance sheets.
We’ve seen what blockchain can do. It’s time to broaden the impact and help other businesses boost their revenues. We hope that, in doing so, we will help the world move towards the new digital economy.
Discover value. With Elitium.
Ultimately, Elitium aims to remove any barrier to the mass adoption of blockchain-based solutions across the luxury industry. That said, Elitium’s suite of products is by no means limited to luxury consumers.
Rather, Elitium’s mission is to fulfill the expectation of delivering premium-quality solutions from which any user can benefit. And Elitium exists to help the world discover value across all aspects of how people interact with money.
To do this, we need the blockchain.
Discover value. Discover Elitium.