Luxury Watchmakers Announce Blockchain-Based Projects

2020-11-22 18:28

High-end watch brands Hublot and Franck Muller announced separate projects incorporating different aspects of blockchain technology.

Hublot ‘s e-Warranty is a blockchain-based tracking and verification system built on the Aura blockchain. Meanwhile, Franck Muller launched the ‘Free the Money, Free the World‘ limited edition watch. This watch doubles as a Bitcoin Cash cold wallet.

According to Hublot’s launch announcement, the company partnered with KerQuest on the new project. Their new blockchain-based supply chain monitoring solution enables customers to authenticate their Hublot product and activate its warranty. The new Franck Muller watch is the first Bitcoin Cash timepiece in its ‘Encrypto’ product range. Franck Muller developed the watch in partnership with Bitcoin.com.

Luxury Supply Chain Management Meets Blockchain

Hublot e-Warranty is the latest iteration of the watchmaker’s attempts to fight counterfeiting. The system provides customers with visibility over its supply chain. Hosting is on the Ethereum-based Aura blockchain developed by Microsoft and ConsenSys.

The e-Warranty joins other LVMH luxury brands on the Aura blockchain. The move is part of a luxury industry effort to ensure that supply chains are free of unethically sourced inputs such as minerals mined in conflict zones. It also offers protection to luxury brands against brand piracy and theft of intellectual property.

Aura Ledger

Speaking about the application of e-Warranty, Hublot CEO Ricardo Guadalupe said:

Hublot will use an electronic passport and warranty system, much like facial recognition, based on the uniqueness of the materials that make up its watches. […] Thanks to the Hublot e-warranty, a simple photo taken with a mobile phone is all it takes to activate the warranty and access it, while verifying the authenticity of the product. Although the technology developed relies on complex algorithms, it is simple and user friendly.

‘Encrypto’ – Luxury Watch Meets Bitcoin Wallet

Franck Muller’s ‘Free the Money, Free the World’ watch is the latest in its ‘Encrypto’ collection. It follows a Bitcoin watch which first hit the market in June 2019. Marketed as ‘The World’s first functional bitcoin watch,’ the original Vanguard Encrypto featured a laser-etched QR code containing a bitcoin wallet address. It also came with a sealed USB stick that stored the wallet’s private key.

Frank Muller Vanguard Encrypto

The new BCH Encrypto timepiece also comes with a two-piece cold storage setup. This storage features a Bitcoin Cash wallet’s public address etched on the dial and a sealed USB drive containing the wallet’s private key. By scanning the etched QR code, users can deposit into or withdraw from the BCH wallets.

‘Free thE Money, Free the World’ by Franck Muller

According to Bitcoin.com, only 500 copies of this watch will be made, and it will retail for €9,900 ($11,737). Customers can only buy the watch using cryptocurrency.

The post Luxury Watchmakers Announce Blockchain-Based Projects appeared first on BeInCrypto.

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