Swiss Luxury watchmaker Breitling has sought help from Ethereum to combat the existence of fake watches. In partnership with digital identity firm Arianee, the watchmaker now issues Ethereum-based digital passports to owners of its luxury watch. The passport contains the serial number and warranty information of the watch. The new development was launched on the new Breitling Top Time (reference A23310121G1X1), in March 2020.
According to a by NEWSBTC, luxury goods manufacturers spend a lot of money on counterfeiting. Specifically, the report said the manufacturers lose $100 billion each year and have been hoping for a solution to counter the fakers.
Arianee hopes to integrate trust and transparency solutions to help with the counterfeiting. As stated in the report, the Arianee protocol “is a collection of Ethereum ERC-721 based smart contracts” that emits, tracks, and manages real-world assets.
The co-founder of Arianee, Emmannuelle Collet, commented on the new partnership:
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