When the serial number of the watch is paired with the unique warranty number, the watch is then considered active for the applicable 5-year warranty period. Only authorized distributors can activate the warranty via a highly-secured, encrypted software system.
It is vital for the authorized retailer to activate the warranty upon purchase – otherwise, the watch will not be covered under the Favre-Leuba warranty and not be registered in the ledger.
If a Favre-Leuba watch is stolen – by simply informing the company, relating the details of the watch, the serial number and some other basic information, the watch will be flagged as ‘stolen’ in the warranty activation system. If at any point the stolen watch enters a Favre-Leuba registered service centre, it will be immediately identified, and the company can then take measures to track down the watch’s legitimate owner. The WISeAuthentic blockchain technology used by Favre-Leuba, provides transparency and traceability and is tamper-proof, unlike the traditional databases often used by other watch manufacturers.
The Blockchain Advantage
While most people consider Blockchain technologies as a vital component in securing cryptocurrencies such as Bitcoin, the cryptography and security inherent in the Blockchain system can be utilized for storing information, making transactions, and performing functions for web-based services that demand high security requirements for an impenetrable global reach. Favre-Leuba’s implementation of WISeAuthentic Blockchain technologies ensures the company’s database, its watches, and the warranty system are protected by the highest level of security and encryption available today whilst providing full transparency and traceability to the stakeholders involved, including Favre-Leuba’s authorized retailers and its trusted customers.
“WISeKey has long been recognized as a leader in providing luxury and other product manufacturers with reliable means to protect their brands against counterfeiting,” said Carlos Moreno, VP Corporate Alliances and Partnerships. “The combination of blockchain technology with our secured NFC chips and our WISeAuthentic PKI platform further leverage the unified manner that shields these brands from the harmful effects of counterfeit products, while enhancing transparency into their end consumers and the entire ecosystem.”
