Blockchain Technology Already Protects over 2 Million Luxury Watches

A Swiss based cyber security company is using, as one of the first cybersecurity companies in the world, dual factor authentication to secure luxury watches and currently protects over 2 million luxury watches.

In 2010, the first implementation of this innovative technology for watches was based on a cryptographic key on a credit-card sized card and it was announced during the Baselworld 2010 event. Each watch leaving the factory was accompanied by a chip card, with the chip being activated once the watch left the factory. Once the watch was sold by a retailer, a second interaction with the chip automatically activated the guarantee.

This technology was then expanded to incorporate microprocessors installed on the watch or cards connecting the watch to the phone via NFC technology, the watch can be used as a unique personal key identifier and trusted device to access users’ smartphone, applications, and personal data and secured cloud storage. With this integration the technology offers a unique experience of interconnected objects and strengthens security while simplifying the user experience.

The next step was to start integrating additional authentication and verification layers of security using decentralized blockchain identity which allowed buyers of the watches to control when, where and with whom they shared their credentials stored on their watches and authenticate these watches using a forgery-proof digital certificate of authenticity which follows the watch during its entire life recording the history of the watch on its identity and ledger.

Purchasing an exclusive Swiss watch is always a matter of great joy and pride, but this purchase comes with the concern that the timepiece maybe stolen or that the watch itself may not be an original. While most high-end watch brands find it extremely difficult to stop such acts, the new technology allows to take steps to protect its watches. Reliable methods include the use of cutting-edge software or blockchain technology, which together with on-the-ground measures can ensure the authenticity of the watch. Moreover, if the watch is stolen, it can be traced thus making it difficult to be traded on the secondary market. This control is possible to practice because the identity of each watch is stored on an immutable ledger in the implemented system.

While most people consider BlockChain technologies as a vital component in securing cryptocurrencies such as Bitcoin, the cryptography and security inherent in the BlockChain system can be utilized for storing information, making transactions and performing functions for web-based services that demand high security requirements for an impenetrable global reach. 

Today it is possible to provide brands with the ability of: 

- issuing a storage device comprising of a digital certificate of authenticity

- checking, when required, the validity of the digital certificate of authenticity

- modifying, when required, the status of validity of the digital certificate of authenticity.

The blockchain platform integrates Semiconductor tags based on VaultIC154 NFC secured elements. These tags, when placed on any product and tapped by an NFC phone, securely authenticate and track the product much like an embedded ePassport and confirm the identity of the product on the BlockChain ledger.

Source: Globenewswire

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