Swiss luxury watchmaker Vacheron Constantin will implement using blockchain technology for timepiece tracking. The firm will switch from the usual paper method to a digital lineage that will follow the watch’s entire life, including service records and ownership changes.
“Blockchain certificates serve to avoid paper authentication, which can easily be forged,” the company said in a press release.
Vacheron Constantin said, the blockchain will help fight counterfeiters and guarantee authenticity of its watches, as well as protect potential customers from purchasing fakes.
“Blockchain 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 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,” the company stated.
Dale Chrystie, the senior blockchain executive of FedEx expressed skepticism about blockchain in the company’s processes.
“At the moment, traditional shipping data systems are superior to blockchain-based ones, as distributed ledger technologies are purportedly too nascent,” he said.