Raketa Watches Trials Blockchain Technology to Fight Counterfeiting

By July 7, 2016Bitcoin Business

Blockchain Engine and Petrodvorets Watch Factory have introduced blockchain technology into the manufacturing process of Raketa watches, making Raketa one of the first companies in the world to record the production of physical goods in the blockchain.

Established by Peter the Great in 1721, Petrodvorets Watch Factory is one of Russia’s oldest businesses. After the Second World War, the factory produced watches under the brand name Pobeda until 1961, when production of the Raketa [Rocket] watches started, named in honor of the first flight into space by Yuri Gagarin.

In a bid to restructure the historical watch brand, the company entered a rebranding stage in 2009 under the direction of Russian, Swiss and French experts, with director Jacques von Polier heading the creative and design department.

With an international team of Blockchain Engine developers working together with the Raketa, it wasn’t long before they were embarking on a large-scale production to implement blockchain technology in the construction of the luxury line of watches in an area that is often imitated in Russia.

Speaking to Bitcoin Magazine , Blockchain Engine spokesman Ivan Kuznetsov said that his team understands the enormous potential of blockchain technology and started looking at how it would bring real benefits to companies in the spring of 2016.

“Among the applicants were car manufacturers, jewelry manufacturers, unique luxury objects, and smartphones,” he said. “We have carefully examined the information about products most often counterfeited, and it turned out there is a whole market of watch imitation, with the most falsified brand in Russia [being] the Rocket.”

The use of blockchain will allow confirmation of the authenticity of each watch, which will drastically reduce the possibility of forgery. As each luxury watch will have a serial number associated with it at the production stage, they make the perfect items for a digital registry.

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