OUR

APPROACH

The luxury sector has always faced major challenges and stirs up envy.

Historically, counterfeiting and more recently the second-hand market constitute challenges that cannot be overlooked by brands and public authorities.

Counterfeit bags, watches and jewelry flood the market every year. It is estimated that the related losses are around 1.9 billion euros per year, due to the presence of counterfeits, in particular on the European market.

The second-hand market is expected to represent nearly $ 42 billion in 2023.

The evolution of the luxury sector for thirty years with its large groups which concentrate many watchmaking houses, its niche players, its authorized or non-authorized dealers, its specialized second-hand marketplaces, its collectors-dealers, all these components make it difficult or even impossible, a harmonization of practices to fight against these scourges.

While depriving not only of market share with genuine market players, counterfeiting seriously damages the image of brands and agents.

Based on these observations, it seemed obvious to us that computer technology had to take its place and provide a simple and readable answer.

This technology had to bring together all of the following characteristics:

– Objectivity and transparency
– Security
– The lack of a central control body

Technology

Agnostic in its approach and convinced of a possible standardization of its implementation for the leather goods and watchmaking sector, the Woltz & Welstein team has chosen an open and non-proprietary technology based on the Blockchain. Ethereum.

Two years of research and development were necessary for the implementation of our certificate.

This now guarantees its owner information:

– Authentic, objective and certified
– Unfalsifiable and inalienable
– Anonymous and indelible

This Blockchain technology allows the sole owner of the certificate to have access to it and to keep a digital duplicate throughout his life.

Our technology also provides many additional services such as property transfer, insurance, theft notification (new services will be offered soon).

Transparency

We aim to ensure that data integrity protection is built into new technology and business applications from their conception. For each new application, product or service that processes data whose integrity must be guaranteed, companies and other data controllers should offer their users or customers the highest possible level of guarantee on that data.

Data concerned: any data whose omission or modification may have an impact on the resulting transaction. For example, in watchmaking as part of a transaction in the second-hand market: failing to mention that a Rolex Submariner 5513 dial has been relived would have a bullish impact on its sale price.

Intentional or not: Lack of transparency can be intentional, related to negligence, or even due to a lack of knowledge and good faith. Our principle as applied tends to protect the integrity of data by making their production channel more efficient and more secure.

Ensuring data integrity is the ability to ensure the completeness, accuracy, accuracy and validity of data throughout its lifecycle. This approach takes into account the life cycle of the data and the accidental or intentional alterations that the data may have undergone. Neglecting “Transparency” issues can have serious consequences for companies, such as lawsuits, loss of market share or damage to the brand image.

Conversely, taking these issues into account can improve brand reputation, customer confidence and ultimately customer loyalty.

The concept of “Transparency by Design” is closely linked to that of “Transparency by Default”, according to which each company processing sensitive data must guarantee by default the highest possible level of protection of their integrity.

Frequently asked Questions

Why is it forgery-proof?

Information is entered in several indelible registers – this is the principle of Blockchain. The information is decentralized: it is entered in more than 10,000 different registers, it is now almost impossible to hack such a large number of different registers.

 

Why is it anonymous?

Only the data footprint is in the Blockchain, not the data itself to ensure confidentiality. We use the Blockchain as proof of integrity, but never store sensitive information on it.

 

Why is this valid for life?

This registration is permanent, it does not depend on our company, it is therefore verifiable directly by the owner via third party sites. When the certificate is generated, its owner receives proof of registration in the Blockchain along with a link to verify it. This recording is completely independent of the woltzwelstein.com site.

 

What is Blockchain?

Blockchain – a technology for storing and transmitting information with a decentralized infrastructure. An account book, or a giant spreadsheet in which everyone interested enters the data they want and to which everyone has access.

Why is the Blockchain synonymous with trust?

Until today, no system could guarantee the history of a high value item through time and its successive owners, information is lost over time.
But thanks to the emergence of the Blockchain it is now possible to create the “digital double” of each item, which is completely secure, anonymous and unalterable. It accurately displays its characteristics and history. This ensures that the system is free from censorship, failure, fraud, or third party interference.

 

Why is it traceable?

This digital history is unalterable, it ensures that events are kept over time. Our technology ensures that each item has a unique secure identifier that is valid for life.

 

Why Ethereum?

The technology behind Ethereum is basically similar to that used by bitcoin: they are individual computers that “participate” in a single global public database, and therefore shared among all. Ethereum is a proven and recognized blockchain-based technology that allows you to build and deploy decentralized applications.

Quotation

Our specialists will review your submission and provide preliminary estimates.

Location

20 Rockefeller Plaza, New York, NY 10020

Contact

contact@woltzwelstein.com

© 2022 Woltz & Welstein