patrick_y[PuristSPro Moderator]
28490
Great summary! Blockchain is more of a marketing thing for watch brands than a serious thing.
Sep 02, 2021,17:33 PM
FYI, I said "philistine" not "Palestinian." You must be a fast reader! I've nearly made a similar mistake before by reading too quickly!
Watch company executives who want to seem cool and futurists have turned to their team to make "blockchain" waves. But there's no serious intent behind it.
Blockchain technology won't really work in watches. In order for ownership to be tracked, owners of watches would have to go onto a website and register their watch after each and every sale. Because someone can have physical ownership of the item without registering on a website that they're the current owner, you've already got one case where it won't work. Furthermore, anyone with the serial numbers can register themselves as the owner even if they aren't the true owners of the watch, I would design a website that would require the photograph of the specific watch at hand, a QR code on the guarantee certificate, and live photos of the watch through a computer web camera with the watch set at various times. Lastly, some people want to own a watch in secret, especially if a government official received the watch in payment for a bribe or other illegal favor. So they wouldn't register the watch online. Lastly, the QR Code paperwork could be stolen with the watch, and then the thief may just possess the watch and never register it on the blockchain website. True, this thief may have a harder time selling it. Lastly, a lot of people don't want records of owning something online, due to hacks. I don't want some hacker to know how many watches I own...
I'm convinced blockchain technology when it applies to watches, is not going to work. It already essentially works on homes, cars, and government regulated products like guns, dynamite, etc. A construction worker has to sign a sheet each time dynamite is moved. Cars and real estate have property ownership records held by the government. These work because there is a law that requires registering the ownership of property, cars, firearms, and explosives. But watches... Not really. Lastly it's counterintuitive... Nobody wants a watch with 10 owners. It's like a car with 5 owners looks bad. It reduces the value of the watch!