Max Finkel Moment, a Swiss watch maker, is using blockchain technology to provide buyers with a digital duplicate of the watch as proof of authenticity.
The company’s strategy is to fight the increasing counterfeit activity in the marketplace, according to a press release that stated some 30 to 40 million counterfeit watches are put into circulation each year. Those counterfeits reflect 1.9 billion euros a year in related losses.
The watch maker’s WatchCertificate technology uses the Ethereum blockchain.
“This blockchain technology allows the sole owner of the certificate to access it and to keep a digital duplicate of his timepiece throughout his life,” company senior spokesperson Paul Stein said in the release. “The WatchCertificate technology also enables numerous additional services, such as transfer of ownership, insurance and theft reporting.”
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