Different cryptocurrencies like Ethereum and Litecoin have entered the commerce and business market under the auspices of Bitcoin and have been able to make amazing changes in the field of financial communications. The idea that two sides would enter a deal without the need to know each other’s identity and knowing each other in a public infrastructure (Blockchain) with numerous observers, is very complex and at the same time interesting. Different companies are evaluating the dimensions and capacities of these new technologies in order to join them. The watch industry is really inclined to join the group of companies that use Blockchain. What is the reason for this high inclination? In the watch manufacturing industries, the possibility for fraud and fake products is really high. For this reason, the existence of mechanisms and systems that are able to help distinguish fake products from real ones would be very important.
How Will the Watch Industry Implement Blockchain?
By installing a QR code on watches and entering their related data to the Blockchain system, there will be the possibility of entering their information in the manufacturing line and in general in their production chain. Implementing such thing in the watch production process minimizes the possibility of scamming and fraud and makes fake and real products to be distinguished from each other. This simple process can turn into the originality history of a product and heavily increase transparency in the production market of watches. Some famous watch production brands are thinking about some mechanisms to implement Blockchain in their production chain.
Will Frank Muller Brand Implement Blockchain?
Frank Muller is one of the famous and reputable brands that is world renowned because it’s used by famous athletes and artists and has unique design. This company intends to enter the world of Blockchain and make it possible for its products to enter the Blockchain network by using QR codes and installing them on their watches and considering Bitcoin wallets for each product. By scanning the QR codes of Frank Muller watches, anyone can see the value of its Bitcoin wallet and in this way there is no need for identifying the identity information of the owner of the watch.
With the existence of private keys that are implemented into each watch, the product owner will be able to check his or her Bitcoin financial balance or add Bitcoin to the wallet. The programs of this company in implementing Blockchain to trace the process of each product in the value chain have been furthered a lot and it seems that the brand of Frank Muller has considered serious programs to enter the crypto markets and Blockchain-based industries.
Will Blockchain Play a Role in Product Manufacturing?
In the near future, it will be extremely easy to evaluate the movement process of each product in each value chain with the help of Blockchain. It is obvious that different companies and industries are really inclined to implement this technology in their production line. Although it should be mentioned that this level of transparency will have its opponents that will not stand idly by in the face of its growth and development.
Friday, August 16, 2019 6:44:00 AM