Faced with the major challenges facing the luxury industry and in particular the watch sector (counterfeiting, lack of standards, multiplication of distribution channels), we are convinced that technology has a major role to play (see section Brands and Counterfeiting)
Our objective is simple: to be the trusted third party that guarantees the link between the watch and its owner through the Watch Certificate™ certificate, by offering a whole range of innovative services for our customers and partners.
The Watch Certificate™ aims to become a technological standardization tool to effectively combat counterfeiting.
The Watch Certificate™ is a standardized transparency tool for the watchmaking market whose vocation is to protect and reassure owners, facilitate the work of professionals, and increase the general level of confidence in the market.
The Watch Certificate™ facilitates access to the market for new customers and constitutes a unique solution on the market:
- which responds to the urgency of the counterfeiting challenge,
- which sanitizes the second-hand market through the implementation of an objective, forgery-proof and anonymous standard,
- which guarantees a "Plug and Play" implementation in a very short period of time, at low cost,
- which is based on an agnostic and open technology that responds to the trends in the sector.
What has been, in your opinion, the greatest difficulty of such a project?
Combining an advanced technology such as the blockchain with a multi-secular industry was certainly the biggest challenge. It was necessary to make this offer of a digital duplicate of a physical asset simple and readable.
But, we were convinced that the technology had so much to offer that the first feedback from our partners is enthusiastic, proof that we are responding with the Watch Certificate™ has a real need and is lacking on the second-hand watch market.
A stainless steel watch certificate... how did you come up with that?
It seemed obvious to us that there had to be a physical "bridge" between the watch and the Watch Certificate™. This met the codes we had set ourselves: luxury, simplicity, and longevity. Steel allows the watch to be accompanied with this card throughout its existence. we wanted the three variations of the card (Steel, Gold, and Black) to be of high quality and, themselves be, very beautiful objects.
Who was the first to join the network to examine watches for the issuance of a watch certificate?
The first to join our network are the auction houses for which we accompanied one of them to one of the two most important watchmaking auctions in June 2020. As health circumstances made it impossible to be present, the establishment of the Watch Certificate™ for each of the lots made it possible to facilitate, speed up and reassure exchanges with buyers.
The stage we are now beginning aims to set up our network of approved retailers in France and abroad. Some have already joined us and this is just the beginning.
Our membership process is very rigorous so that our resellers are true partners, committed to delivering a very high quality of service according to demanding specifications.
You extend Watch Certificate™ to auction houses, watchmakers, digital platforms. What has been the answer so far?
All the feedback we have had so far is very enthusiastic. The value brought by the Watch Certificate™ to the watch market is undeniable. Based on trust and authenticity, this sector is looking for standards and objectivity.
If it were an objective, the Watch Certificate™ would be to become the " GIA certificate" of the watch! Anyone can give an opinion on a watch, but in the end, the Watch Certificate™ overrules because of its know-how, independence, and objectivity.
Auction houses have also realized that for their customers, the Watch Certificate™ is above all the most accurate condition report in the world thanks to its numerous checkpoints and precise images of each watch.
What do you think will be the level of adoption of the blockchain in the second-hand luxury sector and particularly in the watch industry over the next 2 years?
Blockchain technology has been attracting growing interest in the luxury industry for several years. Counterfeiting and the lack of second-hand market standards make the use of this type of technology indispensable.
Moreover, the troubled times we are currently experiencing are accelerating the digitization of this industry. Information must be objective, complete, secure, and accurate. Several brands are trying, with varying degrees of success, to use blockchain technology in factories and for new watches. At Watch Certificate™ we are certain that soon it will be adopted by the entire second-hand industry.