In a new development, Swiss watch manufacturer Chronoswiss AG will collaborate with LuxTag; an anti-counterfeit solution provides to help customers claim ownership of their crypto-watches. The two will utilize the NEM blockchain and let users register their crypto-watches on the platform. Chronoswiss and Tech Bureau Europe collaborated to develop the luxury crypto-watches.
A New Project Takes Shape
The new pilot project tags and tracks luxury watches and the ownership, using blockchain technology. These metrics can be tracked using a mobile and web application. The project has already been tested on Chronoswiss Tech Bureau crypto-edition luxury watches.
These watches are a series of five watches that are inspired by 5 unique digital currencies. The exclusive collection contains only 101 limited-edition watches for each line which are being pre-sold using digital currencies since Q2 2018.
Blockchain’s Entry in the Watch Business
LuxTag, which provides product security and anti-counterfeit solutions to its clients, has registered the watches on the NEM blockchain. Each of the watches has been registered with their unique serial number, reference number, and caliber.
The watches come with a unique QR code card that contains instructions for the customers to access and claim the blockchain certificate for their watch. With the help of this digital certificate, the customers will be able to verify the authenticity of their products, manage their ownership and track the history of the product.
Over the course of three months, LuxTag helped Tech Bureau and Chronoswiss with consultation, technical development and implementation that could be useful in blockchain tagging of the watches and transfer of digital certificates of authenticity. Most of the watches have been released recently, and others are currently being released.
The project is a big win for Malaysia based LuxTag. Its CEO Rene Bernard noted:
“After having onboarded a handful of other industry businesses, we can now proudly declare that in 2018, LuxTag partnered with a top-tier luxury watch brand. This is a significant milestone in our company history.”
LuxTag specializes in protecting the authenticity of projects – be it watches, jewelry or pieces of art.