Swiss Watch Manufacturer Vacheron Constantin to Employ Blockchain for Timepiece Tracking
Vacheron Constantin, popular Swiss luxury watch and clock manufacturer, has decided to adopt blockchain technology to monitor its timepieces. Established in 1755, Vacheron Constantin is identified as the first watch manufacturer.
The company intends to publish a document and digital certificate for all of its vintage watch collection and use blockchain technology to include further information in the certificate, including a complete history of the manufacturer and product.
Vacheron Constantin supposedly stated that blockchain will assist in fighting fake products and ensure genuineness of its watches, and also safeguard prospective clients from buying duplicate goods. The company stated:
“[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.”
Back in May, prominent international fiber manufacturer Lenzing stated that it will deploy blockchain to increase the level of transparency to its fiber supply chain. Lenzing anticipates unveiling 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.
Dale Chrystie claimed that, at the moment, traditional shipping data systems are superior to blockchain-based ones, as distributed ledger technologies are purportedly too nascent.