Rolex's Traceability Solution for Watches
September 12, 24
(IDEX Online) - Rolex has come up with traceability solution for its watches.
It filed a patent application last month to embed a chip in its timepieces that would prove their authenticity and ownership.
Rolex watches - Daytona, GMT, and Oyster Perpetual in particular - are the most sought after by thieves, accounting for 44 per cent of all luxury timepiece thefts, according to The Watch Register. They are also the most traded and the most counterfeited.
Rolex has developed an integrated solution that includes an NFT chip and a smartphone app that stores data about the owner, the watch and a security key, according to a report by the WatchPro website.
The chip could also hold information about the watch's service history, which would also be stored on the blockchain.
Last month Sir Jim Ratcliffe, Britain's richest man, said he wouldn't wear a watch in London, after a string of violent attacks by so-called "Rolex rippers".
Pic courtesy Rolex.