{"id":26355,"date":"2018-11-30T16:18:16","date_gmt":"2018-11-30T16:18:16","guid":{"rendered":"https:\/\/www.horbiter.com\/the-blockchain-and-the-industry-of-watchmaking\/"},"modified":"2025-07-05T11:46:10","modified_gmt":"2025-07-05T09:46:10","slug":"blockchain-in-watchmaking-industry-horbiter","status":"publish","type":"post","link":"https:\/\/www.horbiter.com\/en\/blockchain-in-watchmaking-industry-horbiter\/","title":{"rendered":"The Blockchain and the industry of watchmaking"},"content":{"rendered":"<h2 style=\"text-align: justify;\" id=\"gray-and-after-market-tracking-is-the-problem\">Gray and After Market: tracking is the problem<\/h2>\n<p style=\"text-align: justify;\">In several articles dedicated to industry, the <strong>last one related to the development of WatchBox in Europe<\/strong>, we\u2019ve analyzed both <a href=\"https:\/\/www.horbiter.com\/en\/five-reasons-why-buying-watches-online-might-prove-convenient\/\" target=\"_blank\" rel=\"noopener\"><strong>gray and pre-owned markets<\/strong><\/a> and how these sectors are in full development.<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"width: 100%;\" title=\"hublot-big-bang-meca-10-p2p-front\" src=\"\/media\/CACHE\/images\/uploads\/hublot-big-bang-meca-10-p2p-front.311ceef221b3.jpg\" alt=\"hublot-big-bang-meca-10-p2p-front\">The recent crisis in the watch industry, which was clearly and exhaustively analyzed, has generated several casualties, beginning with the swiss brands due to questionable sales policies\u00a0boosting the grey market. Now imagine the need to fight off the perception of a diluted brand name and, at the same time, defend the pre-owned market fed by the same policies.<\/p>\n<h2 style=\"text-align: justify;\" id=\"blockchain-an-unknown\">Blockchain, an unknown<\/h2>\n<p style=\"text-align: justify;\">While I write this article I also verified on <strong>Google<\/strong> that the word \u201c<strong>Blockchain<\/strong>\u201d generates about <strong>274 million results<\/strong>. An impressive number taking into consideration that there is no, as yet, widespread awareness as to what it is; yet it\u2019s big enough to generate such level of interest. It is not easy to explain in a few common words what <strong>Blockchain<\/strong> actually is.<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"width: 100%;\" title=\"ricardo-guadalupe-at-the-launch-of-the-hublot-big-bang-meca-10-p2p\" src=\"\/media\/CACHE\/images\/uploads\/ricardo-guadalupe-at-the-launch-of-the-hublot-big-bang-meca-10-p2p.da29866e54da.jpg\" alt=\"ricardo-guadalupe-at-the-launch-of-the-hublot-big-bang-meca-10-p2p\">We dare say, before reading an expert\u2019s view, that <strong>Blockchain<\/strong> is already part of the watchmaking world and that, in basic terms, affords the tracking of a product or service from its creation to its, eventual, demise.<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"width: 100%;\" title=\"hublot-big-bang-meca-10-p2p\" src=\"\/media\/CACHE\/images\/uploads\/hublot-big-bang-meca-10-p2p.6dc56682a8a5.jpg\" alt=\"hublot-big-bang-meca-10-p2p\"><strong>Hublot<\/strong> is among the firsts luxury watchmakers to have adopted <strong>Blockchain<\/strong> and its derivatives when in <strong>September<\/strong> it launched the <strong>MECA 10-P2P<\/strong>\u00a0sold at <strong>USD 25,000<\/strong> or its equivalent in <strong>Bitcoin<\/strong>, the crypto-currency which bases its existence on <strong>Blockchain<\/strong> technology.<\/p>\n<h2 style=\"text-align: justify;\" id=\"why-use-blockchain\">Why use Blockchain<\/h2>\n<p style=\"text-align: justify;\">Any product utilizing this technology has a <strong>DNA<\/strong> that, not unlike a system where informations are shared by a community (the chain), updates itself as that product passes <strong>from entity A to entity B<\/strong>, giving to the holder of the product, in chronological order, a detailed mapping of its life-cycle.<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"width: 100%;\" title=\"Blockchain-Black\" src=\"\/media\/CACHE\/images\/uploads\/Blockchain-Black.ebae315b58fe.jpg\" alt=\"Blockchain-Black\">Now imagine to be able to apply such technology to a watch; buyers, sellers, length of ownership etc. are embedded in a microchip or a bar code which will demonstrate the entire life-cycle of a watch since the day it was packaged for shipping to the store.<\/p>\n<h2 style=\"text-align: justify;\" id=\"what-is-blockchain-let%e2%80%99s-ask-an-expert-fausto-dassenno\">What is Blockchain? Let\u2019s ask an expert, Fausto Dassenno<\/h2>\n<p style=\"text-align: justify;\"><strong>Fausto Dassenno<\/strong>, for <strong>15 years<\/strong> has gathered experience in the digital industry\u00a0and began as a developer, involved in e-commerce with <strong>e-<\/strong><strong>Bay<\/strong> before moving in the forefront of at <strong>Gumtree<\/strong>, a hi-tech company in <strong>UK<\/strong>.<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"width: 100%;\" title=\"fausto-dassenno-blockchain-expert-1\" src=\"\/media\/CACHE\/images\/uploads\/fausto-dassenno-blockchain-expert-1-oJ1Y3yY.78b41973567f.jpg\" alt=\"fausto-dassenno-blockchain-expert-1\"><strong>Fausto<\/strong> is one of the most convinced promoters of <strong>Blockchain<\/strong> and is often a guest speaker at conventions and netcasts and so we ask him to explain to our readership often confronted with concerns about used watches, what is <strong>Blockchain<\/strong> and how it can help the sector.<\/p>\n<p style=\"text-align: justify;\">To <strong>Fausto<\/strong> we also asked if he feels <strong>Hublot<\/strong>\u2018s experiment, a brand known for innovation, is an isolated case or perhaps the first of a series with <strong>Blockchain<\/strong> technology:<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"width: 100%;\" title=\"fausto-dassenno-blockchain-expert\" src=\"\/media\/CACHE\/images\/uploads\/fausto-dassenno-blockchain-expert.a230d10dbcd2.jpg\" alt=\"fausto-dassenno-blockchain-expert\">\u201c<em>Technology is in constant evolution and research to reach and achieve new solutions to old problems knows no limit. In the last few years the term \u201c<\/em><strong>Blockchain<\/strong><em>\u201d has jumped to the forefront of news by being the technology at the base of <\/em><strong>Bitcoin<\/strong><em>.<\/em><\/p>\n<p style=\"text-align: justify;\"><strong>Bitcoin<\/strong><em> is the first true example of digital currency rooted on mathematical basis ad not financial; a currency guaranteeing ease of use at low cost to transfer money without going thru a bank.<\/em><\/p>\n<p style=\"text-align: justify;\"><em>Without going into too much detail we can say that <\/em><strong>Bitcoin<\/strong><em> has allowed the technology, which is at its base, the <\/em><strong>Blockchain<\/strong><em>, to tickle the interest of developers and businessmen around the world to expand both research and use.<\/em><\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"width: 100%;\" title=\"Bitcoin-Cash-wallet-and-book\" src=\"\/media\/CACHE\/images\/uploads\/Bitcoin-Cash-wallet-and-book.fed9f0715c7b.jpg\" alt=\"Bitcoin-Cash-wallet-and-book\"><strong>Blockchain<\/strong><em> is not used only in financial markets. Being a powerful database able to store informations in an unmodifiable way and make decisions without intermediaries, it opens infinite possibilities in those cases where certainty and and non-partizan information is needed.<\/em><\/p>\n<p style=\"text-align: justify;\"><em>The structure of <\/em><strong>Blockchain<\/strong><em> is a system of \u201c<\/em><strong>blocks<\/strong><em>\u201d linked one after the other, \u201c<\/em><strong>chain<\/strong><em>\u201d in an encrypted way; even a single minute modification of a single block will invalidate the entire sequence of blocks thereafter.<\/em><\/p>\n<p style=\"text-align: justify;\"><em>Data are also distributed on a network of connectors or knots allowing verifiable information by anyone and without intermediaries.<\/em><\/p>\n<p style=\"text-align: justify;\"><em><img decoding=\"async\" style=\"width: 100%;\" title=\"WatchBox-Discover-Secondary-Market\" src=\"\/media\/CACHE\/images\/uploads\/WatchBox-Discover-Secondary-Market-V2CzpkS.831a79629474.jpg\" alt=\"WatchBox-Discover-Secondary-Market\">Brokerage is one of the most interesting aspects tied to the world of luxury watches. In creating a system capable of tracking watches sold worldwide we should trust those who create and maintain that system if only for technical reasons.<\/em><\/p>\n<p style=\"text-align: justify;\"><em>By utilizing <\/em><strong>Blockchain<\/strong><em> we no longer find a need for a fiduciary entity. Informations will only be verified at the input stage allowing addition directly from manufacturing and brands.<\/em><\/p>\n<p style=\"text-align: justify;\"><em>From that moment on it will be available and verifiable by anyone in an unchangeable way without resorting to a broker<\/em><em>.<\/em><\/p>\n<p style=\"text-align: justify;\"><em><img decoding=\"async\" style=\"width: 100%;\" title=\"hublot-big-bang-meca-10-p2p-bezel-close-up\" src=\"\/media\/CACHE\/images\/uploads\/hublot-big-bang-meca-10-p2p-bezel-close-up-DS1HAGM.4eaa805e2f2f.jpg\" alt=\"hublot-big-bang-meca-10-p2p-bezel-close-up\">Furthermore it is correct to add that the most revolutionary aspect of this technology is the ability to execute \u201cprograms\u201d on the <\/em><strong>Blockchain<\/strong><em>, the smart contracts.<\/em><\/p>\n<p style=\"text-align: justify;\"><em>These programs are executed in decentralized mode and once distributed they act autonomously guaranteeing unpartizan results. In future, our insurance will pay us automatically the policy after a hailstorm by simply using a smart contract, no paper or adjusters!<\/em><\/p>\n<p style=\"text-align: justify;\"><em>The possibilities are endless for preventing fraud and protect one\u2019s investment, the same technology can be applied to signed <\/em><strong>handbags<\/strong><em>, <\/em><strong>paintings<\/strong><em> and <\/em><strong>artwork<\/strong><em>. After all many watches are real works of art.<\/em>\u201c<\/p>\n<h2 style=\"text-align: justify;\" id=\"the-doubts\">The doubts<\/h2>\n<p style=\"text-align: justify;\">How can\u00a0an expanded application of <strong>Blockchain<\/strong> unite with the current architecture of some large groups, particularly high volume brands, that on volume invest a large share of their business?<\/p>\n<p style=\"text-align: justify;\">Is it acceptable that a high volume brand sells thru official channels items equipped with <strong>Blockchain<\/strong> technology while on the grey market the same item is sold without it?<\/p>\n<p style=\"text-align: justify;\">Could the brands use this technology to increase pricing, because of added value, to its clients? And, above all, how will the retailer respond when they decide to terminate a relationship with a brand and must dispose of its stock?<\/p>\n<p style=\"text-align: justify;\">(Photo credit: Hublot, Davidstankiewicz \u2013 Own work, CC BY-SA 4.0)<\/p>\n<p style=\"text-align: right;\">Gaetano C @Horbiter\u00ae<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gray and After Market: tracking is the problem In several articles dedicated to industry, the last one related to the development of WatchBox in Europe, we\u2019ve analyzed both gray and pre-owned markets and how these sectors are in full development. The recent crisis in the watch industry, which was clearly and exhaustively analyzed, has generated [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/www.horbiter.com\/en\/blockchain-in-watchmaking-industry-horbiter\/\">Read More&#8230;<span class=\"screen-reader-text\"> from The Blockchain and the industry of watchmaking<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":14837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[546,584],"tags":[],"class_list":["post-26355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hublot","category-passion-for-watches"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Blockchain and the industry of watchmaking<\/title>\n<meta name=\"description\" content=\"In several articles dedicated to industry, we&#039;ve analyzed both gray and pre-owned markets and how these sectors are in full development.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.horbiter.com\/en\/blockchain-in-watchmaking-industry-horbiter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"blockchain\" \/>\n<meta property=\"og:description\" content=\"In several articles dedicated to industry, we&#039;ve analyzed both gray and pre-owned markets and how these sectors are in full development.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.horbiter.com\/en\/blockchain-in-watchmaking-industry-horbiter\/\" \/>\n<meta property=\"og:site_name\" content=\"Horbiter \u00e8 il magazine italiano sugli orologi di lusso. 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