Favre-Leuba AG, the centuries-old Swiss brand of watches recently introduced a blockchain-based platform to ensure the safety of their customers’ much-cherished and luxurious timepieces. In order to do so, Favre Leuba partnered with WISeKey International Holding, a company that manufactures software and hardware in order to safeguard physical assets. Every watch bought, comes with a Secure Radio-Frequency Identification (RFID) hardware chip through which the watch can be identified on the blockchain in addition to having a Warranty card that has to be mandatorily activated in order to hook it up with the chain.
The timepieces produced at Favre Leuba hold value for its owners and the information about every single timepiece ever produced synced up in a digitized decentralized platform. This can eliminate the need of storing their history on paper. The integration of a blockchain-based platform will provide transparency as well as traceability. The customers can be allotted complete transparency, and the watch can be tracked down if its warranty has been utilized. In addition to storing whereabouts of the watch, Favre Leuba also keeps tabs on the needs of their customers. Every watch holder is communicated with and notified about services that are best suited to their needs. This efficient personalization enables them to cater to every individual’s wishes.
Talking about the benefits that have been assimilated through this transition, Favre Leuba told BlockPublisher in an email,
Blockchain surely seems to have been a value adding approach to the challenging task of counterfeiting, and it has minimized this threat far more than any other approach so far done.
Blockchain has played a significant helping role, but the ever-growing black market of Swiss watches still poses a great threat and there are a bunch of scenarios where these inexplicably opulent objects are left unguarded and the threats that still prevail.
The Warranty card associated with each watch has to be activated once a purchase has been made. Without the activation, the watch if stolen cannot be flagged as stolen on the network, making it impossible to be tracked down, as there will exist no trace of it. Sole dependence on the paper-based warranty might not be the best way to go. Also, in case a customer misplaces his/her watch, nothing can be done about it as no flags will be raised representing the lost watch. There have been instances in which a stolen watch was resold on an e-commerce website, but it was ultimately tracked down and reclaimed. They also told,
We are aware of these challenges and are constantly working on finding solutions for the same We also need to ensure, like in case of any other software and development, hacks are monitored and curbed on a regular basis so that we can stay ahead of the curve at all times.
Blockchain is a helpful tool that is still in its stage of infancy. Even if it has helped curb the threat, it cannot be said that blockchain has entirely diminished the looming risk. However, fortunately for those few owners of the decadent timepieces, Favre Leuba seems to be eager and motivated to tackle all the menaces that may befall their customers.