How To Charter
A Yacht On The Blockchain, Today.
People want to see how the blockchain works in the real world. They want tangible examples, not abstract concepts. At Elitium, we’re all about the here-and-now. And that’s why we’ve created the perfect use case on the blockchain — but first…Download Whitepaper
What is a smart contract?
First, let’s cover what a smart contract is. Simply put, it’s a few lines of computer code that executes a contract automatically. But what makes it so… smart?
Well, the contract conditions are delivered by the blockchain, making the process both transparent and secure. Why? Because every party has to complete the process when the agreement is met: be it payment terms, a refund, or the delivery of services.
The contract is managed via a decentralized service (meaning there’s no need for a lawyer, a bank, anyone) giving smart contracts three big benefits:
In yacht charters, smart contracts help charterers get on-board quicker. And they help businesses save time and money by eliminating most of the admin.
A Smart Contract-Powered Yacht Charter
Thanks to EUM, Elitium can create bespoke smart contracts for different types of rental agreement. Thanks to smart contracts, we can automate most of the process, including for yacht charters.
Here, the smart contract handles the interactions between the charterer, the owner, and the brokers involved — so chartering a yacht with Elitium looks something like the below:
Create a contract on the blockchain
A contract is created on the blockchain, mirroring the terms of industry-standard charter contracts.
Customize the terms to the yacht
The contract for each yacht charter is updated to reflect unique, yacht-specific terms — for example, ‘no pets’ or ‘maximum number of people on-board.’
Tweak the conditions of a charter
Owners can adapt a contract for special conditions relating to a particular charter — for example, adding a deposit surcharge if chartering for an event.
All parties sign the smart contract
The client, owner, broker, and key stakeholders sign the smart contract, which is then stored on the blockchain as an encrypted version in its final form.
Transfer funds into an Escrow account
Clients pay the funds due as per the terms and schedule of the contract into an Escrow account using cryptocurrency, credit card, Apple Pay, Google Pay, BACs, SEPA, or any traditional payment method.
The smart contract triggers disbursements
The funds are then automatically disbursed to the parties from the Escrow account upon triggers in the contract.
Smart Contract Innovation
Smart contracts do more than automate processes. They unlock a raft of innovations that used to be near-impossible. When combined with aspects like the Elitium card, you can expect an even richer yacht charter experience.
avoid one person footing the entire bill, share a link to split the tab with the other people on-board
Simpler Advanced Provisioning Allowance: with the Elitium card, you can calculate spend at the end of the charter, then settle the balance or refund
We joined forces with the Elitium team to create a blockchain solution for Yacht charters that will greatly enhance the experience of our clients, by drastically improving efficiency and increasing security, whilst making our internal processes more simple and smooth.
The deep rooted expertise of the Elitium team has made this complex & innovative project possible and I am looking forward to continuing working together!”
Smart Enough For Anything
Smart contracts can handle more than yacht charters. Elitium also uses smart contracts to manage:
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