World’s Oldest Watch Manufacturer to Use Blockchain for Tracking Timepieces
Ana Alexandre's original article for cointelegraph.com reduced by 77%
Swiss luxury watch and clock manufacturer Vacheron Constantin will start using blockchain technology to track its timepieces, lifestyle magazine Robb Report reported on May 24.Founded in 1755, Vacheron Constantin is recognized as the world's oldest watch manufacturer. The company plans to issue a paper and digital certificate to each of its vintage watches, and will use blockchain tech to integrate additional information into the certificate, including a complete history of the product and manufacturer. Vacheron Constantin reportedly said that 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. Earlier in May, major global fiber producer Lenzing announced it will implement blockchain to bring more transparency to its fiber supply chain.
Lenzing expects to launch its supply chain traceability platform in 2020.While blockchain has been widely deployed to revamp supply chains through the tech's potential to improve efficiency and transparency, a senior executive at United States-based logistics firm FedEx expressed skepticism about blockchain in the company's processes.
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