Swiss watch retailer taps blockchain to deliver authenticity

Max Finkel Second, a Swiss watch maker, is utilizing blockchain know-how to offer patrons with a digital duplicate of the watch as proof of authenticity.

The corporate’s technique is to combat the growing counterfeit exercise within the market, based on a press launch that said some 30 to 40 million counterfeit watches are put into circulation annually. These counterfeits replicate 1.9 billion euros a yr in associated losses.

The watch maker’s WatchCertificate know-how makes use of the Ethereum blockchain.

“This blockchain know-how permits the only real proprietor of the certificates to entry it and to maintain a digital duplicate of his timepiece all through his life,” firm senior spokesperson Paul Stein stated within the launch. “The WatchCertificate know-how additionally allows quite a few further providers, similar to switch of possession, insurance coverage and theft reporting.”