Could Blockchain save the quickly drowning yacht industry

Blockchains are preparing to solve the problematic yacht market through companies like Boasters and OceanScape. Despite having only a few data points display blockchain industry’s full potential, the few that are their offer a possibility into the future of luxurious travel.

Despite having the sheer interest of the extremely affluent and well-off millennials, the yacht industry is still having a downturn. Over the last decade, the moderate number of commissions per week for every yacht has only decreased, causing these yachts to be out of business for 60-80% of the time in a year. Quite simply, there is an increase in supply but the demand is only decreasing.

One of the causes of this decline is that commission agents have spent some time encouraging costumers that their luxurious yacht vacations are rather expensive and timewasting.

One of the prime issues for the whole yacht market is the inconvenient banking systems. The delays in the currency conversion, payment streams, and bank charges are problematic for the stakeholders, managers, captains and the owners of the yachts. The major factors encouraging this inconvenience are:

  1. Globally emerging economies like India and China are producing vigorous and well-off middle classes
  2. The encouragement of collaborative consumptions
  3. Social media blooming across the web

All these factors are weighing towards a change in the mere thought of a luxury vacation. With the advent of Blockchain, many industries and even government level economies are nosediving to have the savior put new life in their drowning industries and yacht industry has just joined the bandwagon to have a go at it as well.