Smart contract use case for the yachting industry

With the deployment of our own native currency we make it possible to provide pre-coded smart contracts with certain degrees of customization for example each type of renting agreement. Further, our collaboration with EOS provides the possibility of creating smart contracts in a relatively more technical and cost efficient way. Therefore, it enables Elitium to automate the smart contracts precisely as we envision it for the users of our platform.

The introduction of a smart contract solution would highly improve the efficiency of this process as nearly all the steps are suitable for implementation trough smart contracts. If a smart contract solution would be deployed between the tenant, owner and a broker, the smart contract will behave logically based on its algorithm and will guarantee that all the agreed terms and conditions will be fulfilled. An example of a smart contract application for a yacht rental process will be executed as follows:

Current process

Elitium’s Solution

Multiple internationals payments (up to 2 working days)
Confidential documents not secured (e.g. e-mail sharing)
Outdated contract settlements (e.g. copying, scanning)
No transparency on transactions and parties involved
Instant payment on the blockchain with EUM
Confidential documents encrypted on mobile app
Public & instant verification of contract settlement
Full transparency on transactions and (smart) contract details
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