How to Protect Your Watch with Blockchain Technology: ChronoBase Overview

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 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 no 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 the unified global stop-list.

The only way to fight an adversary is to use their own hi-tech weapon. Our team came up with an idea of the unified database in order 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 a fraud. All the user needs is to enter the brand name, model/reference, and serial number.

The ChronoBase ecosystem is focused around the main web portal and mobile applications. 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 the data safety. In order to make this possible, the team created its own 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 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 afterwards.

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

ChronoBase will start its BASE token presale on March 27th. The team invites you to take part in creation of this unique product. Once the token sale is completed, BASE token will be listed on major cryptocurrency exchanges to ensure its liquidity.