Swiss fine watch manufacturer Vacheron Constantin will use blockchain technology to follow the trail of high-end timepieces in its Les Collectionneurs show.
According to lifestyle magazine Robb Report (May 24), the watchmaker intends to release a paper document of authenticity along with a digital certificate to each of its luxury watches. The company will adopt blockchain to gather extra data into the certificate, including a transaction record of the watch and manufacturer. Each new watch would be tracked from the manufacturer to individual retailers and through to the end consumers.
Vacheron Constantin reportedly hopes that the move will help combat fakes, prevent customers from buying counterfeit goods, as well as potentially raise the value of Vacheron Constantin watches on the secondary market.
“Blockchain certification serves to avoid paper authentication, which can easily be forged,” the company said in the press release. “This new technology makes it possible to create a forgery-proof digital certificate of authenticity, which follows the watch throughout its life, even if that involves several changes of the owner. A unique number is thus assigned to a unique object, making the two inseparable and securing data relating to the property, value, nature, and authenticity of the timepiece.”
Founded in 1755, Vacheron Constantin is recognized as the world’s oldest watch manufacturer. If success, use of the blockchain technology could spread to its sister companies, including Jaeger Le Coultre, Cartier, Panerai, and A. Lange & Söhne.
As The Crypto Sight reported lately, French luxury fashion brand Louis Vuitton announced their partnership with Microsoft and US-based crypto firm ConsenSys to establish a blockchain-based system for tracking luxury goods.