<center><img alt="" src="https://www.elitium.io/wp-content/uploads/2019/03/stex-image-846x498.png" ></center><center>[source](https://www.elitium.io/blog/)</center>

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Ever since the emergence of the disruptive blockchain technology, there have been tons of arguments over whether or not it should become a mainstream means of processing financial transactions since it is constantly being marketed on the basis of security, safety, speed and transparency. However, we are yet to see a single project that stands alone to prove the true worth of blockchain technology. Instead, they all show or express different applications of this immutable technology.

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Elitium stands at the core of this technological revolution known as blockchain technology and introduces a global platform (interface) where consumers in the luxury industry can purchase goods and services using a cryptocurrency solution. In other words, Elitium will add style to what’s already tagged a luxurious lifestyle. Thus, Elitium aims to remove any barrier for mass adoption of blockchain-based solutions in the luxury industry.

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If we as cryptocurrency enthusiasts can get those who spend in a luxurious manner to start using cryptos as a mainstream mode of facilitating their financial transactions, then a large volume of the world’s financial market will be crypto-based. This is with no doubt, what every crypto enthusiast longs to see.

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One good question that one may ask is this “why target the luxury industry of all potential fiat entry points?”. Well, that’s a good question and also a logical one since we have hundreds of potential application for cryptocurrency adoption in a market worth over [200 billion Euros](https://www.researchgate.net/post/Who_creates_value_in_the_fashion_luxury_sector) as of 2013. 

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While consumers in the luxury industry are faced with a great disparity in channels and means of paying for goods and services in the e-commerce space, Elitium has provided a solution where consumers in the luxury industry can through one platform have access to a wide-range or say and all-inclusive luxury platform where they can find all sort of goods and services. The implication of this is that Elitium will be reducing the stress and hurdles of consumers having to go through time-consuming processes just to get their favourite products and services.

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The sole aim of Elitium is to create a good network for an easy transaction between both players of the free market system in the e-commerce space. In other words, to create a frictionless connection between supply and demand sides of one market as users find ease using their platform.

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As of now, there so many aspects of the luxury industry that need improvement. This is as a result of inefficiencies in the process through which activities take place; leading to the incurring of more cost and spending of unnecessary time due to delay in response time.

There are several examples of businesses that are still dealing with a high level of manual processing of contract execution, customer request handling, rentals or refunding and so on.

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One very good example of renting process is that of yacht renting, this involves exchanging several confidential documents with third-parties, processing international payment and a lot of communication takes place in-between among the concerned parties.

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With Elitium, consumers in the luxury industry will not have to go through that level of stress since they will get to enjoy the benefits of leveraging on blockchain technology and those benefits will include the following;

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<div><h4>Increased security</h4></div>

The utilization of a blockchain-based payment system leads to increased security for transactions of users as well as transparency among all concerned parties compared to other traditional digital payment systems where transactions are typically stored to a cloud server or uploaded in a set of centralized locations; which exposes these individuals to risk of having intruders or hackers take advantage of their information or even funds.

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<div><h4>Lower transaction fees</h4></div>

A peculiar characteristic or feature of blockchain technology is that it enables companies to operate a lot quicker while minimizing cost; which of course implies a reduction in risk bearing and lower capital requirements. Therefore, with the aid of blockchain technology, Elitium will be able to maintain reduced transaction fees compared to other traditional or conventional payment solutions. This will of course, be of huge benefit to both consumers and producers on the platform.

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<div><h4>Increased operational efficiency</h4></div>

As I have said before that most enterprises still make use of the manual method of processing transactions with customers. Therefore, resulting to delay and more cost. So, the adoption of blockchain technology for processing and collection of data will speed up things for these enterprises and this will lead to improvement in the process of executing transactions with consumers. The implication would be efficiency in their pattern of operation.

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Elitium will solve a lot of problems in this industry and using a native token system for payment of transaction, Elitium will create more incentive for consumers to keep patronizing enterprises in the luxury industry.

The team also has a lot of benefits to offer including their [ambassador project](https://www.elitium.io/ambassador-program/) where you can currently apply to be on in order to enjoy a wide range of benefits.

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<center><h6>References</h6></center><center><h6>[1](https://www.elitium.io/whitepaper.pdf), [2](https://www.elitium.io/whitepaper.pdf), [3](https://crowdlitoken.com/what-are-security-tokens-and-how-are-they-changing-the-future-of-investing/)</h6></center>