You may recall an announcement last year from the Richemont Group about their plan to use blockchain for their supply chain, to track goods and materials, and fight counterfeiting.
In an update to this, Vacheron Constantin has been chosen by the Group to be its testing ground for a pilot project into the use of blockchain to keep track of watches throughout their lifetime. The digital certification process is intended to offer a guarantee of authenticity, provenance, and identify fakes and grey market sellers, the final point a problem that has increasingly beset the luxury watch market in recent years.
The brand stated : “Blockchain certification has the potential to replace paper authentication, which can easily be forged. This new technology makes it possible to create a forgery-proof digital certificate of authenticity, which follows the watch throughout its life, even if that involves several changes of owner. A unique number is assigned to a unique object, making the two inseparable and securing data relating to the property, value, nature and authenticity of the timepiece.”
The first collection to feature it will be the Vacheron Constantin’s vintage Les Collectionneurs timepieces, which are currently available only at dedicated events organised in Vacheron Constantin boutiques. As well as the core blockchain features, Vacheron Constantin will also add some additional information about Les Collectionneurs and the brand.
If the pilot is successful, Richemont will look at rolling out blockchain across its other watch brands.