Woltz & Welstein is based on one of the major and rapidly expanding blockchain technologies called Ethereum. It is a recognized and proven technology that is used by governments, financial institutions, businesses of all sizes and in all industries.
Ethereum is an open source public service that uses blockchain technology to facilitate smart contracts (between companies and / or its customers) securely and without third parties.
While there are many similarities between the blockchain technologies of Ethereum or Bitcoin, there are also some significant differences.
Here are just a few:
– Ethereum offers several methods of exchange including cryptocurrency while Bitcoin trades in cryptocurrency.
– The two technologies are based on different security protocols: Ethereum uses a “proof of work” system like the one used by Bitcoin (as opposed to “proof of stake”).
– Bitcoin only allows public transactions (without permission or without censorship); Ethereum allows both permissioned and non-permissioned transactions.
– For Bitcoin, computers running the platform and verifying transactions receive rewards, Ethereum does not offer rewards.
Finally, at Woltz & Welstein we believe that the defining advantage of Ethereum is that it allows individuals and organizations to do much more than just transfer money between entities.
Ethereum makes it possible to deploy all kinds of decentralized applications and high value-added services to both business customers and individuals.
We are convinced that the Ethereum blockchain has decisive advantages for the watch industry, because it allows:
– To offer countless unique and innovative services
– Improve the traceability of objects
– Guarantee the integrity of information
– To fight against counterfeiting and the resale of stolen watches
– Take advantage of technology to “digitize” the property historization process and restore confidence