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Hello,

Great question, Luxreum will utilize a hybrid blockchain solution providing both crypto affluents and 3rd party merchants a platform for transacting goods and services. Right now the issue with Crypto is use case and without that cryptocurrency will never see mass adoption. 

How Blockchain Technology Can Revolutionize Our Industry

Blockchain technology represents a paradigm shift for the Internet of
Things. It is already being dubbed as Web 3.0 by tech pioneers. Over the
past couple of years, it has demonstrated its potential for wide-scale
adoption, especially in industries that put security, authenticity, and
Transparency at their core. At the same time, it has effectively
accomplished something that has never been done before in human
history, creating a trustless digital economy with no centralized authority
or intermediaries.

Blockchain technology offers the technological tools necessary to
confront the primary challenges faced by the premium goods and
services industry.

Ensuring the authenticity of products: The premium segment is
threatened by counterfeiting and incurs multiple losses worth millions of
dollars globally. Using blockchain technology, it is possible to document
every single detail of the product including its origin or manufacturing
details, transit information, previous ownership history, and other
sensitive information which is otherwise not available through regular
retailers.

Creating a trustless financial environment without intermediaries:
There is a lot of ambiguity when defining a trustless financial
environment, especially with blockchain technology. Cryptocurrencies
distribute the centralized control, otherwise witnessed in the traditional
financial institutions, among multiple players within the network. These
network players validate the authenticity of money and the financial
transaction, eliminating the need for any financial institution.
Instant financial transactions: An average international wire transfer
request takes between 2 to 5 days to reach the recipient’s account, and in
turn, lengthens the overall processing time frame. Cryptocurrencies, on
the other hand, take less than a fraction of a second to reach the
recipient’s account. Using cryptocurrencies for premium purchases, or
any other business will expedite the entire business transaction.

Devising an advance shipment tracking strategy: Using smart contracts
provisioned in blockchain technology, it is possible to track every single
movement in a supply chain and update the details in real time. Providing
access to a mobile application to input these details to all the parties
involved in a transaction could offer end-to-end coverage. Some
technology firms and startups have initiated smart shipment tracking
projects using blockchain technology. The alliance between IBM and
Maersk is an indication of the growing interest in the implementation of
blockchain technology in transportation.

Lower processing periods: An online ecosystem running on blockchain
could significantly shorten the overall transaction period for all purchases.
Using blockchain for payments, shipment tracking, and maintaining
accounting or business documents is a decisive strategy for any
commercial ecosystem.

Automating multiple tasks through smart contracts: A regular e-
commerce product transaction, either sale or purchase, involves numerous

steps and requires a significant amount of time and efforts for completion.
The Smart Contract feature of Ethereum blockchain, or similar
functionality available in other blockchains, can automate a majority of
these tasks, especially ones that do not require human intervention. The
overall system becomes much more efficient and cost-effective.
Ensuring platform security and integrity: Businesses lost close to $400
billion to cyber hacking in 2015, and these figures continue to grow with
most of the businesses digitizing their operations.

The blockchain technology is an answer to these cyber threats. Blockchain platforms use
cryptography, which is a potent barrier against cyber attacks. Furthermore,
blockchains use personal and private keys for operation, which makes
them virtually impassable for hackers. The decentralized nature of
blockchains adds another layer of security against cyber threats, making it
immune to targeted attacks.

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Thank you for the addition

Thank you

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Luxreum Team

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