Favre-Leuba Selects WISekey’s WISeAuthentic Blockchain Platform to Protect Timepieces

WISeKey International Holding  (SIX: WIHN; OTCQX: WIKYY) has announced that it has partnered with Favre-Leuba AG to implement the WISeAuthentic Blockchain edition to authenticate and protect Favre-Leuba’s watches.

As quoted in the press release:

Purchasing an exclusive Swiss watch is always a matter of great joy and pride, but this purchase comes with the concern that the timepiece maybe stolen or that the watch itself may not be an original. While most high-end watch brands find it extremely difficult to stop such acts, Favre-Leuba has taken steps to protect its watches. Reliable methods include the use of cutting-edge software or blockchain technology, which together with on-the-ground measures can ensure the authenticity of the watch. Moreover, if the watch is stolen, it can be traced thus making it difficult to be traded on the secondary market. This control is possible to practice because the identity of each watch is stored on an immutable ledger in the implemented system.

At Favre-Leuba, the welfare of its luxury tool watches continues long after they leave the manufacturing facility.  Upon activation of a Favre-Leuba warranty, the legitimate ownership of the watch is registered in the company’s highly secure SAP database and is supported by WISeAuthentic blockchain technology. Owners of a new Favre-Leuba luxury timepiece become digital members of an exclusive club and their registered watch is protected by Favre-Leuba’s 24/7 online fraud prevention unit.

Each Favre-Leuba timepiece has a unique serial number etched on the watch. Upon ownership of a new Favre-Leuba piece, the authorised Favre-Leuba retailer must activate the warranty of the watch. Each watch is accompanied with a warranty card which has a unique number and  a unique electronic identity that is generated by the WISeAuthentic blockchain platform and engraved into a WISeKey Secure Radio-Frequency Identification (RFID) hardware chip. The identity is a unique ePassport able to identity the product on the blockchain ledger.

Click here to read the full press release.