June 02, 2016 — Blockchain Engine and Petrodvorets Watch Factory have introduced blockchain technology into the manufacturing process of Raketa watches, making Raketa one of the the first companies in the world to record the production of physical goods in the blockchain.
An international team of Blockchain Engine developers, together with the Petrodvorets Watch Factory, Raketa, embarked on a large-scale project to introduce blockchain technology in the manufacturing of the famous line of luxury watches.
The use of blockchain will allow confirmation of the authenticity of each watch, virtually eliminating the possibility of forgery. Further, the project will capitalize on the blockchain behind the cryptocurrency Emercoin, a leader in innovation.
All luxury watches have a serial number, issued in the production stage and applied directly to the products themselves, making them the perfect candidate for a digital registry.
For each watch, information will be recorded in the blockchain in regard to the date of manufacturing, its assembler and about any repair history, as well as information about the owner, if the owner chooses.
Entering this information into the blockchain removes the need for physical certificates (e.g. product data sheet, warranty card) currently used as the worldwide standard to prove the authenticity of luxury goods.
Such certificates have long been fraught with problems as they can be forged and used to enable the sale of counterfeit goods, or they can simply be lost.
Digital Proof of Ownership and Blockchain Engine
The luxury watch industry is well-established and includes thousands of companies who will be looking towards blockchain technology like Emercoin’s to replace authenticity certificates as the industry standard.
Beyond this, the Blockchain Engine team expects the same digital proof of ownership technology pioneered with Raketa watches, to appeal to producers and sellers of other luxury goods like jewelry, art, luxury cars and other products that have traditionally relied on certificates in proving authenticity.
In addition, Blockchain Engine plans to create an app that will allow owners to make changes to the blockchain records themselves.
The technology to be used with Raketa is called Emc DPO.
Emc DPO (Digital Proof of Ownership)
This service can be used to confirm ownership rights of all types of property for which there are fixed unique numbers, for example VIN number of vehicles, public registry of land titles, software license numbers, serial number of luxury products like watches, and more.
Upon the sale or transfer of assets, the original owner performs a simple operation on the blockchain to automatically transfer their right to ownership to the new owner.
The ownership of any unique object can be managed safely and securely using Emercoin's DPO service.
About Watch Factory Raketa
One of the oldest Russian enterprises, Petrodvorets Watch Factory was founded by Peter the Great in 1721. In 2009, the historical watch brand entered into a stage of restructuring and rebranding, under the direction of Russian, Swiss and French experts, with Director Jacques von Polier heading the creative and design department.
Raketa is one of the rare global factories that produces its own watch movements from start to finish. Raketa is famous for its watches made for cosmonauts, polar expeditions, pilots and military.
The Petrodvorets Watch Factory, Raketa
Phone: +7 9263040591
About Blockchain Engine
The development team of Blockchain Engine have brought together a wide range of services for e-business and network security as part of their platform. Their solutions allow you to create any blockchain-oriented applications with high reliability and performance.
Stan Polozov, CCO Blockchain Engine
Phone: +7 9160121614
Russia, St. Petersburg