Copy link
Increase text size
Decrease text size
Link copied

Luxury watchmaker Vacheron Constantin to use blockchain technology to authenticate timepieces

Mon, 27 May 2019, 03:33 am UTC

Vacheron Constantin, the oldest watchmaker in the world in continuous production, will begin using blockchain technology to track timepieces, according to lifestyle magazine Robb Report.

Founded in 1755, the Swiss luxury watch manufacturer revealed that it will ditch the usual paper method and switch 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.

The blockchain technology, which will be first integrated into its Les Collectionneurs program, will help combat 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.

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.

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.

Last week, Franck Muller, another Swiss luxury watchmaker, unveiled the first functional bitcoin watch in the world called the “Encrypto.” The watch was made in partnership with cryptocurrency trading firm Regal Assets.

The dial of this limited edition timepiece has a sports bitcoin’s logo and a QR code of Satoshi’s Genesis Block address. The face boasts of a laser-etched QR code for a public wallet address that can be used to deposit bitcoin and check its balance. It includes a sealed USB stick, which stores the private key. The newly released Encrypto is also equipped with a cold storage wallet that utilizes offline generated, non-deterministic True Random Numbers Generated (TRNGs), which cannot be hacked.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,116.56 (+2.85%)
  • Ethereum (ETH) $175.46 (+3.95%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $353.33 (-1.96%)
  • Bitcoin SV (BSV) $266.31 (-0.21%)
  • Bitcoin (BTC) $9,116.56 (+2.85%)
Jan 17, 2020 (Friday)
13:42
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:42
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:50
Crypto dealer SFOX announces new service for investors and wealth managers
11:10
Binance in talks with TaoTao and Z Corporation for strategic partnerships in Japan
10:09
Crypto Technicals: NEO/USD set to scale new highs, 200-DMA breakout confirms bullish trend
10:08
Crypto exchange Gemini launches own insurance company "Nakamoto"
09:29
eToro, Radar and OKCoin join Coinbase-led Crypto Rating Council
08:55
Huobi joins Blockchain Turkey Platform (BCTR)
08:21
U.S. authorities urged to investigate crypto use in funding domestic terrorism and extremism
07:38
Calibra, Anchorage, Bison Trails executives elected to Libra’s new technical steering committee
07:01
Crypto Technicals: LTC/USD bounces off 5-DMA support, eyes next major hurdle at 200-DMA (65.43)
07:01
U.S. lawmakers seek tax exemption for crypto transactions under $200
06:19
Former CFTC Chair launches Digital Dollar Project in partnership with Accenture
05:56
Crypto Technicals: ETH/USD resumes upside after brief pause, eyes 23.6% Fib at 174.83
04:46
Uzbekistan to launch national mining pool and licensed cryptocurrency exchange
04:27
Crypto Technicals: BTC/USD extends sideways below 200-DMA, bias bullish
04:21
Garanti BBVA conducts real-time blockchain transfers using Takasbank's BiGA Platform
Jan 16, 2020 (Thursday)
13:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:21
Litecoin Foundation, BlockFi partner to bring more liquidity to users
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft