ChronoBase Plans to Secure Your Luxury Watch with Blockchain Technology
Luxury watches are becoming extremely popular around the world. This popularity does not only depend on the quality, craftsmanship, and reliability of the watches but also acts as a reaffirmation of the owner’s status in the society portraying the person’s preferred style and taste.
The accessories are also a statement of inclusivity and acts as solid long-term investments that offer steady returns from future valuations. According to the recent edition of marketing principles, luxury watches fall into the category of special consumer products characterized by unique characteristics and brand identification for which a significant group of buyers are willing to make a special purchase effort. Buyers in this segment usually have a strong brand preference and loyalty while the manufacturers go to great lengths to have an exclusive distribution network in few outlets per market area with a more carefully targeted promotion by both manufacturers and resellers.
However, the growing popularity has also resulted in the appearance and expansion of the black market for stolen watches. Even though all timepieces are created with a unique identification number that authenticates product genuineness, they are stored in the respective manufacturers’ databases with no way of them interacting with each other. In the absence of a single unified database, the ownership history of these expensive devices goes unrecorded with no easy of verifying whether a particular watch is genuine or not.
ChronoBase is working on creating a unified market ecosystem to counter the growing black market by leveraging blockchain technology. The ecosystem will include luxury watch owners, dealers and manufacturers. The ChronoBase ecosystem is designed to be operated on a global scale, storing watch profiles with their current status, be it stolen or lost along with any other events tied to the watch as well as their provenance and service history.
As time progresses, ChronoBase will gradually become a reliable decentralized database where users can find information related to thousands of luxury watches. The entire lifecycle of a timepiece is recorded on a blockchain. This allows the owners to retain the true value of their watches in a secure marketplace. The ChronoBase marketplace will become the building block of the entire ecosystem. Here, watch owners will be able to retain their collection and offer any of their timepieces for sale. ChronoBase will issue a digital certificate which will protect customers from fakes and assist them to keep track of their possessions. The ecosystem will also provide escrow services to make it possible to safely buy and sell luxury watches around the world. The entire operation is done without the need for intermediaries to improve watch prices for any interested buyer.
Who needs ChronoBase?
For the watch owner, information provided on watch provenance will improve the resale value. So, the earlier the watch enters the database the more valuable its provenance record becomes afterward. For the manufacturer, ChronoBase ecosystem provides a solution to a range of problems including unauthorized stock movement and re-export by a dealer. The ecosystem will provide manufacturers with necessary business tools to reach out to their clients easily. For insurance companies, the ecosystem can be used as a tool to counter insurance fraud, since ChronoBase offers instant verification for insurance purposes, including the service history and date of initial sale, without compromising the privacy of the owners. Other clients include pawn-brokers and their customers, and service companies.
Ecosystem functionality and token highlights.
The ChronoBase ecosystem will be web-based. The web portal is the unified point of access to all the platform features. This data will also be accessible through a mobile application for their client’s convenience. The fully functioning platform, which provides basic functionality, has been developed and available for use. Users can add new watches, manufacturers can perform a bulk upload of their inventory, add information on service events, ownership transfer and verification, sale offers and reports on loss or theft.
ChronoBase token (BASE) is the utility token used to power the ChronoBase platform, facilitate the purchase of platform’s services and make transactional payments. BASE tokens are ERC20 compliant and based on the Ethereum Blockchain. Total token supply is fixed, and BASE tokens are not mineable.
The Bonus token pre-sale went live on March 27, 2018 and will go on till April 5, 2018. It will be followed by the token sale, starting April 11 until June 5, 2018.
ChronoBase is the first project to offer a unified decentralized database for luxury watches with full ownership history and easily accessible via mobile apps. In the future, the ecosystem aims to grow into the marketplace for buying and selling watches around the world backed by verified watch ownership history. The ecosystem will become the first escrow service platform dedicated to luxury watches, based on smart contracts. ChronoBase can be used by all parties in the market for luxury watches thereby elevating it as a global project and a solid long-term investment to timepiece enthusiasts and many more.
Join Token Sale at – https://tokensale.chronobase.io/