PARIS — Vacheron Constantin plans to use blockchain to certify vintage watches, marking the first use of the technology by its owner, Compagnie Financière Richemont, the high-end watchmaker said.
The plans to test the waters follow LVMH Moët Hennessy Louis Vuitton’s recent announcement that it would use the technology to verify the authenticity of some of its luxury goods, starting with the Louis Vuitton and Parfums Christian Dior labels.
“This may just revolutionize the business of watch buying and collecting,” said Vacheron Constantin.
The historic label plans to use blockchain for vintage watches it collects and sells to consumers through special events at stores around the world — it refers to them as its “Les Collectionneurs” timepieces. It touted the system, which entails assigning a unique number to each timepiece, attached to data like the value and authenticity of the watch, as akin to a “forgery-proof digital certificate,” while asserting that paper certification can easily be forged.
At the VivaTech fair in Paris last week, LVMH presented the blockchain technology it is using, developed in partnership with Microsoft and New York-based blockchain software technology company ConsenSys, called the Aura platform — open to all luxury brands, with data remaining confidential.
Vacheron Constantin said the blockchain technology it is using was unveiled at VivaTech.
While the luxury goods industry is starting to warm up to using blockchain, actors in the grocery industry have already begun using it. E-coli outbreaks from tainted vegetables added urgency to finding systems to trace the origins of produce more quickly and accurately.