Swiss Watch Brand Uses Blockchain to Provide Timepiece Authenticity
- The company will issue digital duplicates of its timepieces on the Ethereum blockchain.
- The blockchain-based certificates will enable users to transfer ownership, report theft, and insure their timepieces.
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Max Finkel Moment, a Swiss luxury watch brand, announced it will begin utilizing blockchain technology to prove the authenticity of its timepieces. The company will issue The WatchCertificate™ on the Ethereum blockchain, representing a duplicate of each timepiece it produces from now on.
Using the open and non-proprietary technology, based on Ethereum, the WatchCertificate™ will also provide users with additional services aside from just guaranteeing authenticity — including transfer of ownership, insurance, and theft reporting.
Counterfeiting has been a massive pain for the watch and jewelry industry, with the Swiss Customs Service estimating that between 30 and 40 million counterfeit watches are put into circulation each year. Max Finkel Moment claims these counterfeits cost the industry over $2 billion per year, particularly on the European market.
The huge losses the industry faces have pushed it to adopt new solutions, especially blockchain technology, to regain market authenticity.
To mark the beginning of a new phase in its business, Max Finkel Movement will launch a new product line called the “Inaugural Collection,” with all of the watches in the collection coming with their own WatchCertificates™.
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