What Are The Benefits Of A Smart Contract?

Smart contracts work without human intervention. This results in three benefits:

Cost-effective: no-one has to pay agent fees, unlocking savings

Quick: no waiting for email responses or payments to clear

Secure: blockchain is secure by design thanks to robust encryption

The above benefits apply to all industries. At The Luxury, we’ve considered how we could deploy smart contracts to benefit our users and we’ve come up with one idea.

— Private Jets.

How To Use A Smart Contract To Charter A Private Jet

You could automate most the private jet chartering process using a smart contract, meaning chartering a private jet could look something like the below:

Create a contract on the blockchain: mirroring the terms of a standard charter.

Customize the terms: reflecting any jet-specific requirements (e.g., no pets).

Tweak the conditions: adding a surcharge for an onboard event, for example.

All parties’ sign: before storing an encrypted version on the blockchain.

Transfer funds into an Escrow account: per the contract’s terms.

Trigger disbursements: paying funds automatically upon pre-coded triggers.

The technology is complex. But once available, it offers groundbreaking efficiencies. We’re yet to release our jet-centric solution, but if you join The Luxury on our journey…

You’ll be first to know when we do.