The use of decentralized digital ledgers, such as the one shown in the video (Linked below), can have a significant impact on the watch industry in a number of ways. The video explains how decentralization can be used to authenticate luxury watches and prevent counterfeiting. Each watch can be assigned a unique identifier, which is recorded on the ledger along with information about its origin, ownership and maintenance history. Anyone can then access this information, increasing transparency in the watch market and giving consumers greater confidence in the authenticity of their purchases. The decentralized nature of the ledger can also help reduce the risk of fraud and theft in the watch industry and create a more secure and reliable system for tracking transactions and ownership.
VIDEO: Horology and how blockchain and decentralization can help the watch world.
As is well-known in the world of horology and watch trading. The warranty card or card of authenticity is worth depending on the watch anywhere from a few hundred, to and upwards of +100’000. This is because a card as shown in this video, once lost is difficult to replace. Just recently the Swiss watch house Audemars Piguet released a statement that customers will only receive archived papers of their watch once. Meaning that if you were to lose the paper or card, you can request it one more time and from then on, not again. Making that piece of paper worth so much more money, Rolex will not release another set of papers until the watch is Serviced. Making these papers even more valuable for people who look at watches as assets.
As an introduction to the current issue, as described in the video. It also suggests the possible solution of using a decentralized ledger that is fully transparent. Not only with the transaction but also with the watch company. More importantly, it protects the value of the assets more, as the “paper” can no longer be lost as it will be stored on-chain.
