ChronoBase Ethereum blockchain integration

The world’s first decentralized luxury watch database keeps developing. The project has implemented information recording in the Ethereum blockchain and we want to tell you how it works.

As long as ChronoBase is a project utilizing a blockchain technology — a decentralized database — as its basis, it is essential to understand, how exactly does this technology enable to store and save all information about your watch.

ChronoBase is built on Ethereum, an open-source, public, blockchain-based distributed computing platform, and operating system. Ethereum technology enables to register transactions (in ChronoBase case these ‘transactions’ are data about the watch) on a decentralized contracts basis without any possibility of downtime, censorship, fraud or third-party interference.

Ethereum provides a decentralized virtual computer — the Ethereum Virtual Machine (EVM) — on which developers can build applications consisting of multiple decentralized (or ‘smart’) contracts. Put simply, EVM is a kind of distributed global computer where all smart contracts are executed. Ethereum lets developers program own decentralized contracts to define EVM instructions. The EVM executes a contract according to the rules the developer programmed.

Any computer, connected to the Ethereum network, which fully enforces all the programmed rules of Ethereum is called a Full Node. A full node downloads the entire blockchain to the user’s desktop. Full nodes form the backbone of the Ethereum system and keep the whole network honest.

That’s how the ChronoBase works. Once a user enters information on his/her luxury watch to the system, an internal transaction happens. Information records into the Ethereum blockchain and remains safely guarded due to the hundreds of other users, who keep data on their computers and can guarantee data authenticity. If any changes or manipulation appear, the system can quickly and easily restore the original data.

All information on watch ownership, services, lost or theft events are encrypted on a shared ledger. There’s no way that someone can say they lost it. Moreover, decentralized contracts are not only faster and cheaper but also avoid the errors that come from manually filling out heaps of forms.

Luxury watches manufacturers and dealers now can maintain relations with their clients and fight off the black market of stolen timepieces. Moreover, luxury watch owners are now protected from theft and fraud. They are able not only to register a timepiece and confirm ownership with the original documents but also search for lost or stolen watches in a few clicks.

For watch owners and buyers:

• ChronoBase protects you as the owner of a watch: it records your ownership and confirms the authenticity of your watch. If you are buying — ChronoBase helps to avoid stolen or fake items, or find a better deal!
• You can check any watch online by its reference and serial numbers. If the watch is found in ChronoBase — it was registered by the owner and checked by an authorized service center. If there is no record, that is a good reason to visit a service center to verify authenticity.
• Records in a secure ChronoBase database will prove that your watch is lawfully owned. If you are offered a stolen watch, the application will warn you and you may contact the owner.
• The ownership is recorded in the blockchain. This means that with ChronoBase you do not need to carry paper documents. You will always have access to the latest status of your collection.

For watch sellers and manufacturers:

• ChronoBase protects sellers from unfair competition and makes the whole luxury watch market more transparent.
• The whole provenance is retained in the blockchain. The buyer can easily verify whether a watch is new or second-hand, based on the recorded date of the first sale.
• If a person owns a private key in ChronoBase, a pawnshop can be confident that a watch belongs to that person.
• Possibility to track sales of dealers to third-party marketers, knowing the actual sales location/country for each item.
• Instant verification for insurance purposes, resale, or pledge, including service history and the date of the first sale, respecting the privacy of the owner.

ChronoBase already has more than 100,000 luxury timepieces in its database and it’s only the beginning.

ChronoBase will start its TIK token presale in the second half of June 2021. The team invites you to take part in the creation of this unique product. Once the token sale is completed, the TIK token will be listed on major cryptocurrency exchanges to ensure its liquidity.

We invite you to take part in helping us build a superior solution for the modern luxury watch market.

You can find more information on our official website at https://chronobase.eu or by reading our Project Description.

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