How to Protect Your Watch with Blockchain Technology: ChronoBase Overview (v 2.0)

Сounterfeit products have flooded the world. Every time a luxury brand unveils a new model, at the first onset ten times more copycats are reproduced. This is particularly true for luxury watches: fraudsters aim to create more and more convincing copies.

According to the Federation of the Swiss Watch Industry FH, the annual output of counterfeit watches exceeds 35 million units, which is even bigger than the output of authentic Swiss watches.

In value terms, the trade turnover of counterfeit watches may exceed the total sales volume of original timepieces.

Every luxury watch owner knows that timepieces have unique serial numbers, which once verified may authenticate product genuineness. In the past, these serial numbers together with a paper certificate could guarantee that you would recognize a real treasure — the original luxury watch in your hands. In the 21st century, the quality of counterfeit products improved so much that according to the Business Insider there is no chance for a non-professional to spot a fake luxury watch, unless in a qualified service center.

It seems to get even worse if you lose a watch, in the event of loss or theft. There is no common database of watches of different manufacturers, while the watch provenance is not recorded. In many cases, the owner may not even retain the original papers, and cannot report theft having any access to watch identification or serial numbers (which remained in papers long since misplaced). Therefore stolen watches enter the market due to the absence of a unified global stop-list.

The only way to fight an adversary is to use their hi-tech weapon. Our team came up with an idea of a unified database to share information with the world. This is how the ChronoBase concept was born.

What is ChronoBase?

In order to overcome data safety and retention issues in the luxury watch market, ChronoBase experts decided to create a project utilizing the modern blockchain technology — a decentralized database — as its cornerstone.

ChronoBase allows any user to register the watch, confirm its origin as well as check ownership and service history instantly. The system will generate an Ethereum-based digital certificate which makes any manipulations with the data next to impossible — what the user has recorded into the system remains safely guarded. Moreover, the platform can check whether the watch was stolen and find out it is already owned to avoid fraud. All the user needs is to enter the brand name, model/reference, and serial number.

The ChronoBase ecosystem is focused on the main web portal and mobile applications (which will be available soon). The portal is the main point of user access to all features of the platform:

• adding watches;
• bulk download (for manufacturers);
• adding information on service operations;
• owner change;
• owner verification;
• report of a loss or theft.

ChronoBase guarantees data safety. To make this possible, the team created its application programming interface (API). This equates to a filter, which allows ChronoBase and partners’ databases to be integrated and keep all data under control.

How can owners, manufacturers, and dealers benefit from ChronoBase?

ChronoBase users have access to the whole lifecycle of a luxury watch — from manufacturing to end-user — which is inscribed in the blockchain. This offers theft and fraud protection: whatever the watch in your hands, you can verify its origin and service history.

Information on watch ownership adds to the resale value. The earlier the owner adds the watch into the database, the more valuable such provenance becomes afterward.

ChronoBase database is open to the public to verify the authenticity and obtain information. This is important for dealers and insurance companies. The platform also allows manufacturers to reach out to clients to push marketing messages and maintain relationships.

Project key advantages are in the simplicity and the clear operating by the owners — there are no traps or hidden data usage.

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.

Roadmap

According to the roadmap, ChronoBase has achieved its major points already in 2017. Nevertheless, it had a relaunch in March 2021 after a break.

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

ChronoBase will start its TIK token presale in July. 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.

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