Vacheron Constantin has been chosen by Richemont to be its test pilot for using blockchain technology to keep track of its watches throughout their lifetime.
The pilot project could lead to a revolution in the way watches are authenticated over many decades and could become an industry standard way for pre-owned specialists to prove the provenance of watches. This would root out fakes and potentially increase the value of Vacheron Constantin watches on the secondary market.
The incorruptible blockchain tracking could also be used identify grey market operators because the movement of each new watch would be tracked from the manufacturer to individual retailers and through to the end consumer.
“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,” Vacheron Constantin explains.
If the pilot is successful, it is expected that Richemont will roll out blockchain tracking and authentication across its watch maisons. The technology can even be used to trace gems and jewellery.
The first collection to use blockchain will be the Vacheron Constantin’s Les Collectionneurs timepieces.