Here is an interesting round table discussion on blockchain tech and the benefits of blockchain passports for luxury watches. For the brands, it’s a definite win because they are getting lots of customer information and they know that the watch is genuine, and has a service history when it comes to PX time, plus they have a reason to make contact with the buyer to update that passport. For consumers, the benefit is that you can buy pre-owned watches with more confidence. But you lose some privacy, as brands know which models you own, what you can afford to spend, credit score and more details like your address for example.
If there is a data breach then blockchain passports for AP, Rolex or Vacheron would be extremely valuable records to trade on the dark web. History suggests that most databases are hackable, or rogue staff in an organisation may leak info under duress perhaps. That said, conventional paper records at watch repair shops, jewellers or authorised dealerships are arguably less secure than a blockchain passport – and we all seem happy with the status quo.
If you have time time spare there is the Origyn YouTube video discussion;