Raketa, the Russian Petrodvorets Watch Factory is to introduce the blockchain technology into the production of physical goods in order to fight counterfeiting and prove the authenticity of luxury goods.
The Petrodvorets Watch Factory has partnered with the blockchain development platform by Emer Group - ‘Blockchain Engine’ - that offers a suite of tools to create applications and services based off of the Emer blockchain.
Stan Polosov, COO of Blockchain Engine told the cointelegraph.com that the launch of blockchain technology will allow confirmation of the authenticity of each watch. It will virtually eliminate the possibility of fraud and forgery. Also, this will capitalize on the blockchain of Emercoin cryptocurrency.
Polosov stated, “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.” He further added saying, “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.”
Also, physical certificates like warranty card and product data sheets are no more needed while using blockchain technology. This will fight the problem of forgery and counterfeit of goods. Polosov also mentioned about Digital Proof of Ownership Technology where producers and sellers of luxury goods like jewelry, cars and other products can prove their authenticity.
According to cointelegraph.com, the technology to be used by Raketa is Emc DPO which is a service that can be used to confirm ownership rights of all types of property for which there are fixed unique numbers, such as software license numbers, serial number of luxury products, vehicle VIN numbers etc.
Polosov stated that Blockchain Engine will soon launch its app that will enable owners to make changes to the blockchain records themselves.
