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. 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Outdated contract settlements (e.g. copying, scanning)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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