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Thread: ‘Blockchain’ to replace ‘Box and Papers’?

  1. #1
    Master alfat33's Avatar
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    ‘Blockchain’ to replace ‘Box and Papers’?

    Richemont are part of a group of luxury manufacturers launching a blockchain based register of their products.

    https://auraluxuryblockchain.com

    The blockchain will hold a unique reference for each product, as well as details of every customer interaction. Unlike paper based service records and certificates, the blockchain record will be impossible to fake. It will also hold other records, eg a photo from the customer before they send the watch in for service.


    Seems like a positive development to me, with some concerns about personal data privacy.

  2. #2
    Master Sinnlover's Avatar
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    On the face of it it seems a good idea but the cynic in me thinks this could be used as a way to control 2nd hand prices. They could (and you can argue should) restrict who has access to the info and therefore limit your choice of who you sell too, making their subsidiaries more popular e.g. watch finder or similar.
    One thing is for sure they won't be doing it for customer benefit.
    Last edited by Sinnlover; 21st April 2021 at 10:07.

  3. #3
    This is the future for all luxury goods I think.

  4. #4
    Journeyman
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    Good idea on the face of it. Having to keep boxes takes up space; papers are easy to loose.


    Sent from my iPhone using Tapatalk

  5. #5
    Grand Master Saint-Just's Avatar
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    Quote Originally Posted by Dsmith1974 View Post
    Good idea on the face of it. Having to keep boxes takes up space; papers are easy to loose.
    So you think boxes will disappear? it seems to me this only replaces the "paper" part of "box and papers"
    'Against stupidity, the gods themselves struggle in vain' - Schiller.

  6. #6
    I am sceptic :)

    all blockchain thing will be rendered useless when Joe will hand his watch to Peter, who will pawn it and John who will become new owner will not give rats arse about registering it. Or even John would love to register change of ownership, but could not trace Joe to have his blessings to transfer it.

    In real world it will be a mess.

  7. #7
    Master Christian's Avatar
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    Any investment in blockchain will be for the good of the company, not the customer. I can see a development where this leads to a two tier secondhand market that the company makes extra money from and retains control over secondhand goods.

    We'll probably end up with an official secondhand market where the purchaser pays to have a continued link between their watch and the company and an unofficial 'grey market' where watches exchange ownership without registration to the company.

  8. #8
    Don't get what value blockchain tech is adding here. Seems like we're just talking about CRM.

    Blockchain is an environmental disaster and generally a solution looking for a problem.

  9. #9
    Good, it's a far better way to authenticate goods and reduce the amount of fake products on the market

  10. #10
    Master Sinnlover's Avatar
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    Quote Originally Posted by Christian View Post
    Any investment in blockchain will be for the good of the company, not the customer. I can see a development where this leads to a two tier secondhand market that the company makes extra money from and retains control over secondhand goods.

    We'll probably end up with an official secondhand market where the purchaser pays to have a continued link between their watch and the company and an unofficial 'grey market' where watches exchange ownership without registration to the company.
    I agree 100%. This is only going to benefit the makers but it will be sold as a benefit to the customer

  11. #11
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    It will benefit customers who are prepare to pay for a process that helps to protect against fraud. If you don't want the protection, buy a different brand.

  12. #12
    Grand Master AlphaOmega's Avatar
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    IMHO the data needs to be held by an independent and impartial third party who can provide the same security yet doesn't have a vested interest.

    This is like a market participant also being the regulator.

  13. #13
    I'll just highlight benefits part:

    Protecting markets against counterfeiting, controlling secondhand markets

  14. #14
    Master
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    And how many dogecoins for that panerai pls

  15. #15
    Manufacturers are going to control not only new watch sales, but also secondhand watch sales. Everyone remembers that Rolex AD's withhold warranty papers for a year, now they have no need to issue warranty papers at all, because of all sales will go through their system. They'll know which AD feeds greys, who is flipper etc.

  16. #16
    Master Christian's Avatar
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    Quote Originally Posted by Normunds View Post
    I'll just highlight benefits part:
    Yep! It'll be a way for the manufacturers to take the slice of the pie away from independent watch dealers and scalpers.

  17. #17
    Master Christian's Avatar
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    From that original link, no matter how glossy you make your webpage, if you can't get it to size properly for all platforms (in my case iPad where some of the page is cutoff) it does make you look pretty amateurish.

  18. #18
    Grand Master Saint-Just's Avatar
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    Quote Originally Posted by Christian View Post
    From that original link, no matter how glossy you make your webpage, if you can't get it to size properly for all platforms (in my case iPad where some of the page is cutoff) it does make you look pretty amateurish.
    Strange, it looks responsive to me
    'Against stupidity, the gods themselves struggle in vain' - Schiller.

  19. #19
    Interesting to see the wide views on Blockchain in here. I've never understood the 'Store of Value' concept of Bitcoin but totally see the point of Blockchain in Watches. Done right it should stop fakes from being passed off as genuine, and produce an ownership record that's indisputable. If they're smart about it the blockchain will also record OEM service history as well making it more appealing to go for in house servicing.

    People will make sure watches are transferred correctly as the ownership will be in question if not... same as with buying a car/DVLA forms.

    One thing I could possibly see happening with say Rolex is that it would make models that are fairly new but not on the blockchain less desirable than those that are (and therefore cheaper), due to being more susceptible to being fake/stolen etc....

    Just my thoughts!

  20. #20
    Master
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    Quote Originally Posted by Normunds View Post
    I am sceptic :)

    all blockchain thing will be rendered useless when Joe will hand his watch to Peter, who will pawn it and John who will become new owner will not give rats arse about registering it. Or even John would love to register change of ownership, but could not trace Joe to have his blessings to transfer it.

    In real world it will be a mess.
    Yes, the real world and also real world common sense to realise it.
    Someone will be making a fair amount of money from it having sold the idea to Richmond as a good idea...

  21. #21
    Grand Master MartynJC (UK)'s Avatar
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    Makes me think of the ‘electronic’ service record on my wife’s MX-5. It’s only updated if the car is serviced by Mazda. But once the car got passed the warranty period my wife has had it serviced by the local garage and she keeps the receipts - doesn’t care a dingos kidney if it’s electronically stored or not. A new owner still has the records of service.

    This consortium are a bit late to the party and are not the first in this. Breitling have been doing this for some time. https://www.breitling.com/gb-en/service/blockchain/

    Also - who cares who owns the watch in regards warranty? The warranty goes with the watch not the owner - hence as long as you have proof of warranty you don’t need proof of ID to get a watch serviced.
    Last edited by MartynJC (UK); 21st April 2021 at 19:05.

  22. #22
    Master
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    Still very early for blockchain and luxury watches to happen but the idea sounds good in principle, and I think will help tackle fakes - which I think all of us on here would agree to want. For those in crypto, Arianee is the open protocol that a few of the big swiss brands have signed up to.

  23. #23
    Master earlofsodbury's Avatar
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    Inclined to think that the Chinese have successfully negotiated all other anti-counterfeiting strategies in order to create highly-plausible fakes, so I have no doubt they'll find ways to around this one too - after-all, by the time the buyer discovers the crypto record is fake, they've bought the watch... Meanwhile, the manufacturer gets to exert more control over the used market for the authentic stuff...

    Not convinced by this, yet.

  24. #24
    Grand Master Neil.C's Avatar
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    I cannot see the point - how will that help anyone?

    Aside from the manufacturers of course.
    Cheers,
    Neil.

    My Speedmaster website:

    http://www.freewebs.com/neil271052

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