In the world of luxury watches, no brand comes close to Rolex regarding their timepieces getting counterfeited. Since the iconic company also makes the most traded watches in the world, counterfeiting poses a serious threat to its reputation. In addition to that, watch thieves are more likely to target people wearing Rolex watches. However, the Swiss watchmaker might be working on a solution that will significantly enhance the security and authenticity of its watches. According to a patent application filed by Rolex with the Organisation Mondiale de la Propriété Intellectuelle in August, Rolex is developing a blockchain-powered tamperproof identity chip to improve the ownership experience for its customers.
The patent application shows the Rolex Identity Chip as an integrated solution, including an NFT chip and a dedicated smartphone app that will help instantly retrieve data of the linked watch, its owner, and a security key. The company will use blockchain-backed technology as a decentralized method of storing and managing data associated with its watches and customers. The application describes how the identity chip will enhance customer experience by claiming: “When a user drops off a watch at a retailer for maintenance, it is essential that the user can communicate with the retailer, in particular to agree on quotes and/or actions to be planned on the watch. These communications are generally made via emails, faxes or telephone calls. These means of communication are now significantly outdated compared to the possibilities offered by new technologies.”
“In addition, these means of communication are not secure or are poorly secured. In particular, these means do not reliably ensure that communications are exchanged with the real user of the watch. Consequently, the protection of the user’s personal data may be compromised,” it adds.
The tiny identity chips will be discreetly embedded inside the watch case to store important data, including its unique serial number, manufacturing details, and service history. The chip can be read using RFID (Radio Frequency Identification) technology, which will instantly verify the authenticity of a watch. Furthermore, these chips cannot be tampered with or duplicated, providing an added layer of protection for the customers and the brand. You can think of the microchip as a digital passport for the watch, which is embedded inside. Rolex isn’t the first brand to explore blockchain technology for the security and authentication of watches. Vacheron Constantin introduced a pilot project in 2020 for its Les Collectionneurs line-up. However, most of those projects have stalled. Rolex might lead the way and set a new precedent with its identity chip.
