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Timing Is Right for Watchmaker's Blockchain, NFC Solution
Favre-Leuba is bringing NFC-based data about each of its watches to blockchain-based software, thanks to a solution from cybersecurity technology company WiseKey that tracks inventory and provides brand authentication and a personalized record of each purchased watch for consumers.
The software stores a record of the watches sold at that location, based on shipments from the manufacturing site to the store, so that the selection of watches includes each individual watch and its serial number. Once a watch has been selected, the process links the WiseAuthentic ID stored and secured in the NFC tag to the specific product being purchased. At the same time, with the tag read at the point of sale, the watch's authenticity becomes visible to both the retailer and the consumer. The technology company's WiseAuthentic Platform softwarestores the transaction data for that watch on a blockchain ledger.
"Instead of just recording data into a database," Moreno says, "we will record it into the blockchain infrastructure," and share it with Favre-Leuba's SAP management software. The shopper can then take the watch and warranty card home, after which he or she can access data by reading the NFC tag via an NFC-enabled smartphone. "Through the application," he explains, "consumers will be able to check the pedigree, confirm authentication and manufacturing information."
The watch company has already been noticing several benefits from the use of NFC to track sales, launch warranties and confirm authenticity, Vazirani reports. "Our partners, as well as our internal team members, receive complete transparency about the watch," she says, "right from our warehouse to the final customer sale."
With the addition of blockchain, Vazirani says, the system does more, such as enabling personalization for watch buyers. Once a consumer takes his or her new watch home, that person can access relevant data about the watch, such as a user manual and service information alerts. He or she can also track the watch's maintenance history throughout the years.
The system also provides a mechanism to record if a watch is ever lost or stolen. A user could check the warranty card ID and update a watch as missing, and that record would make it traceable if the watch wound up in a seller's hands. Favre-Leuba expects to continue updating the system as Wisekey makes new tools available.
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