As discussed at one of the Watches and Wonders Geneva panels, blockchain technology is making inroads in the watch industry as a means of authentication that also opens up new possibilities for customer relations.
Articles on the subject:
A recent OECD report shows that the watch industry is the main victim of the trade in counterfeit “Swiss” goods, losing CHF 2 billion a year in foregone sales.
Could you tell the difference between a genuine Rolex and a fake? Each year, over 40 million counterfeit watches hit the market in more and more convincing forms. We take a look at whether Blockchain could help weed out the imposters.
In 2009, the Fondation de la Haute Horlogerie (FHH) launched a major information campaign on counterfeiting in partnership with the Federation of the Swiss Watch Industry (FH) that was relayed by the international media.
As part of its anti-counterfeiting campaign, the Fondation de la Haute Horlogerie invited the public and students at Lausanne university of art and design to enter a short film competition on the theme "Take a true look at fakes." Winners were presented with their prizes at a ceremony on May 25th.
Four years after the last mass destruction of counterfeit watches in Switzerland, no fewer than 29,000 fakes went into the crusher in July to mark the coming into force of new regulations on the importing of counterfeit goods.