Elitium is a Blockchain-based platform focused on providing luxury lifestyle solution to its clientele through a secure, fast and easy to use payment service on the Blockchain.
The problem and Elitium’s Solution
There is a current problem in the luxury industry where consumers are faced with a highly dispersed landscape of different channels and sources for purchasing goods and services. These consumers are often times required to access multiple websites or applications and manage multiple user accounts to complete purchases which is something that is a very cumbersome and time-consuming process in their search for their favorite products and services. Elitium is therefore a great solution to such a problem as it’s focused at delivering a new customer experience in the luxury industry through offering consumers an all-inclusive luxury platform with access to a wide range of goods and services.
The Birth of Elitium
Elitium was innovated out of Boatsters new payment solution. The Boatsters team possessed a wider visionary concept in which a wider range of luxury goods and services could be offered on a single platform. This concept resulted into an innovative platform which connects consumers and providers in the luxury industry, in a secure and easy to use environment, hence the birth of Elitium, marking the further development of this idea.
Reasons for the use of Blockchain Technology
Elitium is established as a Blockchain-based platform for processing of payments and purchases in the luxury industry. This usage of Blockchain technology is enabling Elitium to offer a wide range of benefits for consumers and businesses in the luxury industry compared to traditional, digital-based payment solutions, including:
Increased security
A Blockchain based payment system facilitates increased security for transactions of users compared to other traditional digital payment systems. Transactions in the traditional payment solutions are typically uploaded to a cloud server or stored in a set of locations, which inherently possesses a security risk as cyber-criminals can technically break into these networks and retrieve/corrupt sensitive data in a single repository, Blockchain technology makes the opportunity for a malicious attack unfeasibly hard as the data is decentralized, encrypted, and cross-checked by the whole network of nodes.
Lower Transaction Fees
Blockchain technology enables Elitium to maintain reduced transaction fees compared to other traditional payment solutions, which benefits both the consumers and providers on the platform.
Increased operational efficiency
Various enterprises are faced with a high degree of manual processing of contract executions, rentals or customer inquiries, something which is also applicable to Boatsters. The Boatsters’ team consequently identified the opportunity that blockchain technology could offer for improving operational efficiency. These picked up interest in Blockchain technology due to the analyzed potential for highly automated business processes through the use of smart contracts. This provided such a great example that led to Elitium’s collaboration with EOS, a developed unique technology that has the solution to enable major efficiency improvements for businesses in Elitium’s network.
Reasons for the use of an own native currency?
On top of the adoption of Blockchain Technology on Elitium platform as one of its key design elements, Elitium is also deploying its own native Cryptocurrency called “The Elitium Coin” (EUM). The following are the merits of its deployment of EUM instead of 3rd party Cryptocurrencies;
- Sustainability of the ecosystem
The ecosystem of Elitium is dependent on EUM for its proper functioning and long term sustainability of the platform. EUM boosts the stability of the platform as Elitium is not dependent on the viability of other Cryptocurrencies. This independence from other cryptos helps to mitigate the potential risks and security flaws that may be associated with other Cryptocurrencies.
Additional services
The Elitium native currency avails opportunities for the implementation of additional services, for its users, which are already well-known in traditional payment solutions:
• Instant conversion to/ from fiat
• Loyalty programs
• InsuranceCustomization of smart contracts
The deployment of EUM makes it possible to provide pre-coded smart contracts with certain degrees of customization, for example, each type of renting agreement. It also enables Elitium to automate the smart contracts precisely as the Elitium team envisions it for the users of its platform.
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