Rolex blockchain

[cuffs]

For those techies here, would blockchain help Rolex counter the AD and grey market abuses?

Rolex can also use it to manage their warranties.

Have a simple consumer blockchain app to allow checks and referencing.

For those concern about privacy, it doesn't have to record any individual names, just the ref. serial# and most importantly the history right up to the display cases (even at the greys).

Sure buyers will need to be educated to check on the blockchain... even when buying from greys or perhaps even insist that the blockchain is updated.

Imagine a complete history of a watch from Rolex SA right up to your wrist...

[Etschell]

Doubt it. Privacy issues are a major legal compliance factor which rolex cant possibly want to be in the middle of.

Also, it wouldnt stop the 2ndary market from existing.

[cuffs]

Rolex SA should care as the current trend is detrimental to their branding in the long run.

yup, GDPR would be a potential issue but again buyers need not put in their names.

The bigger challenge would be to get the shops (regardless of channel) to participate. This is where as consumers we have the collective power to shape.

[Etschell]

Originally Posted by cuffs

Rolex SA should care as the current trend is detrimental to their branding in the long run.

yup, GDPR would be a potential issue but again buyers need not put in their names.

The bigger challenge would be to get the shops (regardless of channel) to participate. This is where as consumers we have the collective power to shape.

Key word is should. Took Rolex 20 years to realize rubber straps were in.

[cuffs]

Originally Posted by Etschell

Key word is should. Took Rolex 20 years to realize rubber straps were in.

LOL how true

[steeevvvooo]

Warranty should follow the watch not the owner. Not sure how blockchain would help except for tracing ownership and helping in case of theft?

How would a Rolex sales associate explain blockchain to a guy buying himself a retirement present and wanting to pay cash from under his mattress?!

[cuffs]

Originally Posted by steeevvvooo

Warranty should follow the watch not the owner. Not sure how blockchain would help except for tracing ownership and helping in case of theft?

How would a Rolex sales associate explain blockchain to a guy buying himself a retirement present and wanting to pay cash from under his mattress?!

No doubt warranty follows the watch and not the user and it's exactly where blockchain helps. It doesn't just stop at the shop but extends beyond and follows the watch indefinitely. Imagine you buying on the secondary market and knowing full history of a watch including any prior service!

I think knowing the history of a particular watch adds so much more value and personal bonding with it. Imagine again, if you even knew the name of the watchmaker at Rolex SA that gave birth to your piece

Beyond the technical jargon, Blockchain is really a simple concept to grasp. An easy explanation would be, how the records of the watch is kept electronically across multiple database (ledgers) and in so doing increases the intrinsic value of the watch.

just saying...

[Hard_Six]

Originally Posted by cuffs

No doubt warranty follows the watch and not the user and it's exactly where blockchain helps. It doesn't just stop at the shop but extends beyond and follows the watch indefinitely. Imagine you buying on the secondary market and knowing full history of a watch including any prior service!

I think knowing the history of a particular watch adds so much more value and personal bonding with it. Imagine again, if you even knew the name of the watchmaker at Rolex SA that gave birth to your piece

Beyond the technical jargon, Blockchain is really a simple concept to grasp. An easy explanation would be, how the records of the watch is kept electronically across multiple database (ledgers) and in so doing increases the intrinsic value of the watch.

just saying...

Exactly

And you're correct, it's really a simple concept to grasp.

I like to think about it from a tracking perspective... For example, when a product is ordered... It might ship from the manufacturer (or supplier) to you. And that might be all that matters to you. Which is fine.

But if you look at the detailed tracking (or blockchain history - in this analogy) you see that the package might have shipped from a store in Greensboro, NC; and then landed at a sort facility in Raleigh; and then went to a hub in Memphis, TN; and then landed at a distribution center in Houston, TX; and then got routed to a local sort center; and then got dispatched to a delivery truck which dropped it at your house.

With blockchain, all of those steps are accounted for. If this type of history existed with each individual watch, we'd have far more information to go off of when determining value, legality, desire, etc...

[powerfunk]

Originally Posted by Hard_Six

With blockchain, all of those steps are accounted for. If this type of history existed with each individual watch, we'd have far more information to go off of when determining value, legality, desire, etc...

Why would Rolex want you to be able to check that? They don't want more possible reasons for nerdy customers to "disqualify" purchases. You don't need to "know the story" behind a Rolex if you buy it new at an AD. Which is what loads of people are doing, full price, more than ever. Not sure why people keep wishfully stating that the current situation is somehow harming Rolex...they're doing unbelievably well. They're so hot they have TWO-TONE watches selling out at msrp for the first time I can remember. Hurting the brand? C'mon

[WatchLurv]

Originally Posted by powerfunk

Why would Rolex want you to be able to check that? They don't want more possible reasons for nerdy customers to "disqualify" purchases. You don't need to "know the story" behind a Rolex if you buy it new at an AD. Which is what loads of people are doing, full price, more than ever. Not sure why people keep wishfully stating that the current situation is somehow harming Rolex...they're doing unbelievably well. They're so hot they have TWO-TONE watches selling out at msrp for the first time I can remember. Hurting the brand? C'mon

Second this.

Rolex watch prices have never been stronger. The grey market will always exist. To try stamp it out is wishful thinking.

[Fleetlord]

Originally Posted by powerfunk

Why would Rolex want you to be able to check that? They don't want more possible reasons for nerdy customers to "disqualify" purchases. You don't need to "know the story" behind a Rolex if you buy it new at an AD. Which is what loads of people are doing, full price, more than ever. Not sure why people keep wishfully stating that the current situation is somehow harming Rolex...they're doing unbelievably well. They're so hot they have TWO-TONE watches selling out at msrp for the first time I can remember. Hurting the brand? C'mon

Infiity billion million % in agreement with you.

Please don't give neurotic consumers something else to go in a tailspin over...

[cuffs]

Originally Posted by powerfunk

Why would Rolex want you to be able to check that? They don't want more possible reasons for nerdy customers to "disqualify" purchases. You don't need to "know the story" behind a Rolex if you buy it new at an AD. Which is what loads of people are doing, full price, more than ever. Not sure why people keep wishfully stating that the current situation is somehow harming Rolex...they're doing unbelievably well. They're so hot they have TWO-TONE watches selling out at msrp for the first time I can remember. Hurting the brand? C'mon

who said anything about Rolex checking, its for owners - potential and current ones. Rather than disqualify, I rather see it as 'qualify' new nerdy customer base

Buying at the AD is all good and if you're into TT or the less popular models but what if its the hot BLRO or the 116500 SS ?

Perception is reality!! and with the current sentiments and frustrations more widepsread. I would be concerned if I'm Rolex regardless if its a super brand which reasons all the more to listen to their customers.

The watch industry is rapidly changing. Both manufacturers and buyers are increasingly more knowledgeable and more savvy. People know what they want and what to pay, even Hayek commented the need to be closer to the consumers when announcing the departure from Baselworld - "We are present in the whole world with our brands, close to the consumer and the retailer...
https://www.hodinkee.com/articles/wh...-of-baselworld

"Today everything has become more transparent, fast-moving, and instantaneous. Accordingly, a different rhythm and a different approach is needed.
https://www.forbes.com/sites/roberta.../#a76864069df2

A company who fails to listen to their customers are failing on so many levels. Whilst owning a Rolex is a super experience, the buying experience is rubbish. As a willing paying customer, why the contempt and disdain for some at the ADs. I can relate once put my name on the waiting list for an LV and the AD had to nerve to include an additional qualifying condition that i had to buy another not so popular model.

[Hard_Six]

Originally Posted by powerfunk

Why would Rolex want you to be able to check that? They don't want more possible reasons for nerdy customers to "disqualify" purchases. You don't need to "know the story" behind a Rolex if you buy it new at an AD. Which is what loads of people are doing, full price, more than ever. Not sure why people keep wishfully stating that the current situation is somehow harming Rolex...they're doing unbelievably well. They're so hot they have TWO-TONE watches selling out at msrp for the first time I can remember. Hurting the brand? C'mon

I don't disagree with you at all. Rolex likely couldn't care less. No reason for them to as, like you said, they are doing just fine.

I was more commenting on the blockchain process as a neat way for broad consumers to have a better understanding on the history of a piece. When it's new and purchased directly from an AD, it wouldn't matter (as you said). But thousands and thousands are purchased pre-owned or through a secondary market, which is where it would be helpful. Again, pretty much a moot point as Rolex wouldn't get behind it. Just interesting to think about I guess...

[cuffs]

LOL, wouldn't go as a far as tracking the actual supply chain UNLESS Rolex starts selling online which is a complete different discussion altogether.

Just key milestones on the life of the watch would good enough - when it was assembled, watchmaker's name, when it left Rolex SA, which direct store or channel AD shipped to...date purchased, last service, etc...

more i think about it, more i believe this will work. Sure, it won't solve the current price madness but the value of blockchain brings so so much more to the table.

Rolex has more to gain IMHO to adopt the tech rather than giving it a miss.

[TC94]

Originally Posted by cuffs

For those techies here, would blockchain help Rolex counter the AD and grey market abuses?

Rolex can also use it to manage their warranties.

Have a simple consumer blockchain app to allow checks and referencing.

For those concern about privacy, it doesn't have to record any individual names, just the ref. serial# and most importantly the history right up to the display cases (even at the greys).

Sure buyers will need to be educated to check on the blockchain... even when buying from greys or perhaps even insist that the blockchain is updated.

Imagine a complete history of a watch from Rolex SA right up to your wrist...

In my opinion, yes. We have this article covering one independent supply chain solution targeting luxury goods, VeChain. We cover other supply chain tokens elsewhere on the site.

https://thecryptocurrencyforums.com/...-authenticity/

(Note we don’t promote specific cryptos or have affiliate links in the articles. Content is meant as educational only)

The greatest benefit would be for verification of authenticity, but RFID tagging watches isn’t feasible at this time.

One question will be whether manufacturers use in-house blockchain, major supplier chains or independent decentralized solutions like the one mentioned above.

[bradyb]

What grey market abuses? I don't see any.

[cuffs]

Seems I'm ruffled some feathers and stepped on some toes here. Obviously there're differing thoughts and even some denial on the current trend which I sincerely respect. I'm certainly not trying to impose my believes on anyone, instead merely sharing what I think among like minded enthusiast. No obligations expected except a good healthy debate.

Yes I'm frustrated but also blessed to have still a good collection of about a dozen watches to keep me going...

Looks like I'll be waiting for that BLRO or Daytona C for some time...

Cheers y'all