Favre-Leuba AG, the centuries old Swiss brand of watches has been the latest incorporator of a blockchain based platform by partnering with WISeKey International Holding, a company that employs software and hardware in order to safeguard physical assets. The integration of a DLT will not only allow for the timepieces to be tracked but also identify if the piece a customer is purchasing is a real or a fake.
This blockchain platform will ensure that their customers watches are protected from being stolen as well as to avoid purchasing the fake ones. Each watch that will be purchased from the company will have a warranty card which will hold a unique number in addition to unique electronic identity that is provided by the WISeAuthentic blockchain platform. This identity is etched into a WISeKey Secure Radio-Frequency Identification (RFID) hardware chip through which the watch can be identified on the blockchain.
The warranty of the watched need to be activated in order for that particular luxury piece to be listed in the company’s highly secure SAP database which is powered by WISeAuthentic blockchain. This warranty is extended to a time period of 5 years only. Additionally these warranties can only be activated by authorized dealers listed on the official website of Favre-Leuba. Upon registration, the owner of the new Favre-Leuba become members to the exclusive club and the registered watch can be tracked down easily by the Favre-Leuba’s 24/7 online fraud prevention unit. Carlos Moreno, VP Corporate Alliances and Partnerships said,
WISeKey has long been recognized as a leader in providing luxury and other product manufacturers with reliable means to protect their brands against counterfeiting. The combination of blockchain technology with our secured NFC chips and our WISeAuthentic PKI platform further leverage the unified manner that shield these brands from the harmful effects of counterfeit products, while enhancing transparency into their end consumers and the entire ecosystem.
In case of a theft, the watch owner just has to let the company know, so that it can be tracked down with ease through the blockchain platform. The unique identification number of the watch will play an essential role in tracking down the stolen timepiece. Additionally the watch will be flagged ‘stolen’ in the warranty activation system, so when the watch enters the Favre-Leuba registered service center it is subsequently identified and the owner is notified as well.
The incorporation of a blockchain based distributed ledger will make it extremely hard to trade these watches in the secondary market. The transparency and immutability of blockchain will allow for these cherished luxury timepieces to be safeguarded and to be worn without worrying about it being stolen.