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Cryptocurrencies

Luxury watchmaker to use blockchain to authenticate timepieces

Monday 27 May 2019 | 10:38 AM CET

Vacheron Constantin, a luxury watchmaker, has announced plans to use blockchain tech to track timepieces.

Founded in 1755, the Swiss luxury watch manufacturer revealed that it will discontinue the usual paper method and switch to a digital lineage that will follow the watch’s entire life, including service records and ownership changes, the Token Post cited lifestyle magazine Robb Report.

The emerging technology will be first integrated into its Les Collectionneurs program and aims to eliminate counterfeiters and assure the authenticity of its watches. It also aims to protect its customers from purchasing fakes one and increase the value of its products on the secondary market.

According to Forbes, a simple click on “change of ownership” on an app will immediately and digitally transfer the watch’s certificate to each new owner. A QR code will be generated, and the new owner will scan it on his or her phone. As soon as the transfer is completed, Vacheron Constantin will automatically be informed, although, the owners will remain anonymous.

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