Breitling to Combat Fake Watches Using Ethereum-Based Digital Passports
Swiss luxury watchmaker Breitling, known for its aviation chronometers, has enlisted help from Ethereum in fighting the fakers.
In conjunction with the Paris-based digital identity firm Arianee, the Breitling Top Time (reference A23310121G1X1), which launched in March 2020, was the first of its kind to comes with a blockchain passport.
The original Top Time, from the 1960s, features a cushion case typical of the styling at that time.
However, the modern reinterpretation comes in a rounded 41 mm stainless-steel case paired with a brown nubuck strap. It houses the Breitling Caliber B23 movement and has a limited production run of 2000 pieces.
Luxury Goods Market Needs Blockchain-Based Identity Solution
The digital identity concept is one of blockchain’s most obvious use-cases. But so far, blockchain-based digital identity products have struggled to break into the mainstream.
Part of the reason why is because of cost. However, it’s estimated that luxury goods manufacturers lose $100 billion each year to counterfeiting.
As such, the luxury goods market is screaming out for a solution. This is a view shared by Arianee, who is looking to bring trust and transparency to the sector using blockchain technology.
“global standard for the digital certification of valuable objects by promoting and supporting the adoption of the Arianee protocol.”
The Arianee protocol is a collection of Ethereum ERC-721 based smart contracts that can emit, track, and manage real-world assets.
In the case of the Top Time, each watch comes with a unique e-warranty card. The owner scans the card to download an encrypted private wallet where the passport is stored.
The passport also contains the details of the watch, such as the serial number and the warranty information.
This is accessible only by the owner through the wallet. However, a transfer feature allows the transfer of ownership.
Few watch brands can boost of price appreciation on the secondary market.
But Arianee Co-Founder Emmanuelle Collet spoke about how digital identities’ emergence will add more value to Breitling as a brand.
“We are proud to be able to offer an augmented ownership experience to Breitling’s Top Time clients through an enhanced warranty program. This project is a great illustration of how our open source protocol can add a layer of value to existing innovative programs.”
Breitling Rolls Out Digital Passports Across Entire Range
From October 13, 2020, every new Breitling watch will come with a digital passport.
Breitling CEO Georges Kern spoke of the benefits of the passport system. What’s more, Kern also teased the watch world by saying his firm is working on “another significant change.”
“as of today, we are offering the Breitling digital passport with every new Breitling watch without exception!
By offering a comprehensive range of innovative services for their watches, we are concretely providing our clients with the inclusivity that characterizes our belief and approach at Breitling. Stay tuned as we are about to announce another significant change for our clients, again increasing the value of our watches.”
Blockchain technology is impacting real-world consumers today. It’s only a matter of time before the trickle turns into a flood. And when it does, what could this mean for the price of Ethereum and other smart contract platforms?
Source: ETHUSDT on TradingView.com