Which problems is Elitium trying to solve?

In the previous article it was explained that Elitium is planning in developing a platform that brings the benefits of blockchain technology to the luxury niche.

Some of the luxury markets that Elitium is planning to add were also mentioned in that article, such as yachts, private jets, luxury hotels, premium cars and private chefs, among many others.

The topic that is going to be covered today, are the several problems that Elitium is planning to solve. It must be noted that the people behind the Elitium project have a lot of experience and it is not the first time they have developed a digital solution for a luxury market. It is detailed in this blog post how they were able to design a digital platform to make it easier for people to rent yachts. The project was a total success and now Elitium is their latest, but much more ambitious project.

Problems that will be solved by Elitium

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• No integrated solutions in the luxury market: after they solved a problem in the yatch niche by developing an easy way for people to handle different types of transactions involving their yachts, the team at Elitium wants to apply the same principle but involving all sorts of luxury brands one can think of, so instead of catering only to the yacht market, they will be offering a new solution to the entire luxury industry, which is probably one of the most lucrative industries out there thanks to its high prices.

• Difficulty in converting cryptocurrencies to fiat currencies: despite the fact that cryptocurrencies have several advantages over traditional ones, for practical reasons we all need to use fiat currencies in our everyday activities. Sometimes, exchanging our crypto holdings for regular currencies can be a tedious process, which is why Elitium is planning to come out with a solution for its users that will eliminate these problems. Besides, there can also be other issues that could negatively affect the experience when doing this type of exchange such as excessive fees and Elitium is planning to eliminate them all.

^Source

• Lack of real-world uses for cryptocurrencies: there are a lot of cryptocurrencies but the same cannot be said about the real world uses that people have available, it is true that this market is still in its infancy, but this is a problem that needs to be urgently approached for the good of the entire industry. Cryptocurrencies need to offer some real-world advantage to the people because otherwise, these would just be speculative assets. Given the fact cryptocurrencies have a lot of potential to fuel next-generation platforms, it is important to release a lot of these solutions to the market and offer some actual benefits to the potential consumers.

• Inefficiency in the yachting industry: as mentioned before, Elitium has some experience developing digital solutions for the yachting industry and according to their whitepaper “there are several examples of businesses that are still dealing with a high degree of manual processing of execution of contracts, customer requests, rentals or refunding”. ^Source

Those are problems that can be solved with the automatic actions that smart contracts make possible, in today’s era, with all sorts of digital developments, there is no reason to continue to depend on manual processing, especially in the luxury industry.

Final thoughts

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In this article a very important aspect of Elitium was explored, each of these problems is meant to be solved by the Elitum platform, although it is clearly a very difficult feat to achieve, even by a team with a lot of experience.

In the next article, we are going to cover what are some of the solutions that Elitium will develop in order to solve the problems mentioned in this article.

DISCLAIMER

This is not a financial advice. Please do your own research before investing in cryptocurrencies or any digital asset. This blog post is done for entertainment and knowledge purpose only.