Question

3. If you are producing a luxury watch, $10,000+ a piece, how can you use blockchain to eliminate counterfeits in the market (Chinese manufacturers can duplicate almost anything these days for a fraction of the price, you know; just look as Rolex)?

Answer 1

Copying products or counterfeiting is an increasing threat to genuine products and its life cycle. Since the product is luxury and its cost is more than $10,000 (very costly), the producer has to give special attention so that there should not be any sort of counterfeiting in the market.

Blockchain with Internet of Things (IoT) could be used in this regard as below:

No.1) Suppliers of watch accessories and the producer should create a single platform in the internet (known as blockchain platform) for tracking and confirming the origin of those accessories before use in the product. It helps to identify which spare parts are genuine.

No.2) Once the watches reaches out for selling, there should be a record in the blockchain platform by giving all the details about such watches. This helps customers understanding which the genuine watches in the market are and which watches are duplicates.

The conclusion is to stop counterfeiting in the market so that the original products could be saved; but this can’t be done without the awareness of customers – like the use of blockchain for searching the authenticity of a luxury watch.