“Blockchain Watch”: Manufactures Start Using Blockchain To Confirm Authenticity of Luxury Goods
A partnership that introduces the Blockchain technology into the manufacturing process of Raketa watches, making Raketa one of the the first companies in the world to record the production of physical goods in the Blockchain
A partnership that introduces the Blockchain technology into the manufacturing process of Raketa watches, making Raketa one of the the first companies in the world to record the production of physical goods in the Blockchain, has been instituted.
Under the backdrop of a wide range of services for e-business and network security as part of their platform, Emercoin’s Blockchain Engine is partnering with one of the oldest Russian enterprises, Petrodvorets Watch Factory.
The fight against counterfeiting
The introduction of the Blockchain technology in manufacturing is aimed at fighting counterfeiting, which has become a major problem in the luxury goods industry.
Speaking to Cointelegraph, the COO of Blockchain Engine, Stan Polosov, says that the use of Blockchain will allow confirmation of the authenticity of each watch, virtually eliminating the possibility of forgery and that the project will capitalize on the blockchain behind the cryptocurrency Emercoin.
Polosov says to Cointelegraph:
“All luxury watches have a serial number, issued in the production stage and applied directly to the products themselves, making them the perfect candidate for a digital registry. For each watch, information will be recorded in the blockchain in regard to the date of manufacturing, its assembler and about any repair history, as well as information about the owner, if the owner chooses.”
The Blockchain eliminates the need for certificates
The prevailing worldwide standard to prove the authenticity of luxury goods has been by the issuance of physical certificates (e.g. product data sheet, warranty card). Entering this information into the blockchain removes the need for for such procedures.
Such certificates have long been fraught with problems as they can be forged and used to enable the sale of counterfeit goods, or they can simply be lost.
Raketa watches, according to Polosov, is pioneering the Digital Proof of Ownership Technology which will likely appeal to producers and sellers of other luxury goods like jewelry, art, luxury cars and other products that have traditionally relied on certificates to prove authenticity.
He also says that Blockchain Engine plans to create an app that will allow owners to make changes to the blockchain records themselves.
Digital proof of ownership
Defining the technology to be used by Raketa, Polosov reveals its name; ‘Emc DPO’.
He describes this as a service that can be used to confirm ownership rights of all types of property for which there are fixed unique numbers, for example, VIN number of vehicles, public registry of land titles, software license numbers, serial number of luxury products like watches, and more.
Upon the sale or transfer of assets, the original owner performs a simple operation on the blockchain to automatically transfer their right to ownership to the new owner.
The ownership of any unique object can be managed safely and securely using Emercoin’s DPO service, which opens a lot of new ways for Blockchain to be used in manufacturing.