Rolex Revolutionises Watch Security with Blockchain and Identity Chip Technology

Recent reports from foreign media indicate that Rolex officially applied for a new patent last month for an anti-counterfeiting technology that embeds identity chips. This innovative system could potentially be used in the future to track the ownership of watches and their official repair records, and it could enhance transparency in transactions through blockchain technology. Market experts believe that if this patent is implemented, it could significantly alter the landscape of the second-hand luxury watch market and bring revolutionary improvements in preventing counterfeiting and theft.

As the brand with the highest transaction volume in the global second-hand market, Rolex has long invested heavily in combating counterfeit and theft rings. Since 2013, the company has been dedicating substantial resources to developing efficient anti-counterfeiting and tracking solutions. Although other brands like Vacheron Constantin, Omega, and Breitling have previously experimented with blockchain technology to authenticate watches, the technology has not yet seen widespread use. The market has been eagerly anticipating a breakthrough in this area.

According to the patent application submitted by Rolex to the World Intellectual Property Organization in August 2024, the new anti-counterfeiting system will integrate NFT chips with QR code technology. This technology will record and manage detailed data about the watch, including owner information, repair history, and transaction records. This data will be securely stored on a blockchain to prevent unauthorized tampering.

In the future, consumers and authorized dealers will be able to instantly access detailed information about a watch by scanning a QR code or embedded NFC chip with their phones, similar to a digital warranty card. The system will create a complete record of ownership and repairs for each watch, helping buyers and collectors verify the authenticity and origin of the watch. Additionally, the QR code system could simplify the repair process. When consumers send their watches for servicing, authorized dealers can directly share relevant data through the QR code, streamlining the previously tedious process that relied on emails or phone calls, while improving efficiency and data security.

This patent will also help Rolex better manage transactions in both the new and second-hand markets, further solidifying its market leadership. Moreover, this technology could have a profound impact on the second-hand and grey markets. For regular consumers, this is a promising development, as it not only enhances the security of collecting and servicing watches but also brings greater transparency and assurance to the market as a whole.

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