Elitium is the first luxury trading platform to be built on blockchain technology. This platform aims to provide effective solutions that can break through the limitations currently present in the luxury sector and bring about a different level of satisfying services to the luxury lifestyle consumers.
Despite the obstacles to mass adoption of this technology, blockchain is discarding the bottlenecks surrounding the economic world. Elitium is a new blockchain inception built on blockchain technology and it aims to solve the problems being faced in the luxury sector.
The luxury market has attracted many business tycoons over the years years and this has led to a continued growth for decades. The last two decades saw this industry grow twice of what it used to be in size and market value. However, since 2014, things have changed and the luxury sector has suffered from obvious stagnation.
One of the challenges facing most of the luxury enterprises is their inability to undergo digital transformation. Technology has continued to evolve over the years and the way things are done nowadays is different from how they were done about a decade ago. Most luxury firms pay little or no attention to users experience on their platforms. While we still have some enterprises where contract execution, customer request, rentals, etc. are being processed manually; even the ones that have their operations processed in automation are still far from giving consumers the required satisfying experience.
Purchasing goods and services in the luxury industry is usually time-consuming and tiring. Consumers are required to go through various channels on various applications/websites so as to process a single transaction. There has been a need for a platform that makes transactions easy by centralizing every aspect needed for a successful purchase of goods and services. Elitium has now brought this most-sought-after attribute to the luxury industry using a decentralized means of operation through blockchain technology.
Elitium innovative solution aims at bridging demand and supply of goods and services in the luxury industry in an agreeable and harmonious way, thereby leading to fast and friendly transaction processing. They provide a wide range of products and services for consumers on their all-inclusive, easy to use platform.
Established in 2015, Boatsters is a celebrated yacht renting company with over 12,000 yachts in their possession across 60 countries. The team, alongside some blockchain experts worked together to bring about a platform that can provide a wide range of goods and services to luxury consumers directly by getting rid of the central units that controls things in other digital-based payment solutions. Their idea led to the birth of Elitium, which is built on blockchain technology.
Increased security
The inception of blockchain technology has brought about thousands of decentralized systems providing the highest possible level of data security. Blockchain technology uses thousands of blocks (systems) to store users’ data, thereby making it hard for intruders; hackers and internet thieves to force their way into the system. The use of this technology differentiates the security level on Elitium from traditional digital-based payment solutions where data is stored in a centralized system; be it on cloud or physical location that can be easily attacked.
Increased operation efficiency
Elitium is able to provide very fast operations to users thanks to blockchain technology. Smart contracts, one of the leading features of blockchain technology, sanctions very fast automated transactions that do not need manual interference. This leads to high efficiency of all operations carried out on Elitium such as goods and services purchase.
Lower transaction fees
Having this luxury platform built on blockchain gets rid of high transaction costs as seen on other luxury platforms. Elitium is the first and only platform built on blockchain technology for luxury consumers. This makes it the platform with the fastest operation rate. What is more, this platform provides lower transaction fees to luxury lifestyle consumers compared to other digital-based payment solutions in the sector.
Elitium will take the luxury industry to the next level. The team has identified some common problems disturbing the growth of luxury sector and ensured that Elitium is equipped with special features and technology that can provide integral solutions to these problems. Elitium's native cryptocurrency, EUM is playing a huge role in maintaining a sustainable economy in the platform.
The information contained here shall not be used as a guide in your next crypto trade. The writer is not a financial advisor but a crypto trader just like you. Information presented in this blog is for educational use only.
