Emercoin, through its Blockchain Engine platform, and Petrodvorets Watch Factory have introduced blockchain technology into the manufacturing process of Raketa watches, making the Russian factory one of the first to record the production of physical goods in the blockchain.
The use of blockchain will allow confirmation of the authenticity of each watch, virtually eliminating the possibility of forgery. Further, the project will capitalize on the blockchain behind the cryptocurrency Emercoin, a leader in innovation.
All luxury watches have a serial number, issued in the production stage and applied directly to the products themselves, making them the perfect candidate for a digital registry.
For each watch, information will be recorded in the blockchain in regard to the date of manufacturing, its assembler and about any repair history, as well as information about the owner, if the owner chooses.
Entering this information into the blockchain removes the need for traditional physical watch certificates, like product data sheets and warranty cards.
Such certificates have long been fraught with problems as they can be forged and used to enable the sale of counterfeit goods, or they can simply be lost.
According to Emercoin, the Blockchain Engine team expects the same digital proof of ownership technology used for Raketa watches to appeal to producers and sellers of other luxury goods like jewelry, art, luxury cars and other products that have traditionally relied on certificates in proving authenticity.
In addition, Blockchain Engine plans to create an app that will allow owners to make changes to the blockchain records themselves.
The digital proof of ownership technology, dubbed Emc DPO, is designed to confirm ownership rights of all types of property for which there are fixed unique numbers, for example VIN number of vehicles, public registry of land titles, software license numbers, serial number of luxury products like watches, and more.
Upon the sale or transfer of assets, the original owner performs an operation on the blockchain to automatically transfer their right to ownership to the new owner.
The Petrodvorets Watch Factory was apparently founded by Peter the Great in 1721. In 2009, the historical watch brand entered into a stage of restructuring and rebranding as Raketa, under the direction of Russian, Swiss and French experts, with Director Jacques von Polier heading the creative and design department.