THE

BLOCKCHAIN

Developed from 2008, blockchain is a technology for storing and transmitting information.

This technology is based on the following foundations:
– Transparency,
– Security,
– Lack of central control body.

More concretely, the blockchain is a database shared over a network of computers. It allows its users – connected in a network – to share data without an intermediary.

Applications

Originally, the first blockchain applications were deployed in the financial sector. Blockchain technology began with the creation of a new virtual currency and then as a means of moving this crypto currency from point A to point B. It is now used by a growing number of companies, in particular to monitor and move n ‘ any amount of assets in the world as easily as sending an email.

The fields of exploitation have become innumerable and the stakes colossal (banks, insurance, Supply Chain of many sectors (agri-food, luxury goods, international trade, distribution, wines, aeronautics, automobile…), music industry, energy, real estate, voting ,. ..)

The world’s largest companies have adopted and are now using this underlying cryptocurrency technology and are implementing it to speed up and certify their business processes, increase trade transparency and potentially save billions of dollars.

From instant settlement of government bonds in Germany to verifying the provenance of diamonds mined in Africa and providing liquidity to a small parts supplier in Istanbul, companies have gone far beyond the theoretical benefits of blockchain. .

Advantages

Blockchain technology relies on the incredible potential and deployment of new technologies. This has many advantages:

The speed of transactions because the validation of an item is almost instantaneous.

The security of the system, since the validation is carried out by a set of different users, who do not know each other. This helps guard against the risk of malicious intent or hijacking, since the nodes monitor the system and control each other.

The productivity and efficiency gains generated thanks to the fact that this technology “entrusts” the organization of exchanges to a computer protocol, which automatically reduces the transaction or centralization costs existing in traditional systems (financial costs, control or certification, use of intermediaries who are remunerated for their service; automation of certain services, etc.).

Our certificate

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

Quotation

Our specialists will review your submission and provide preliminary estimates.

Location

20 Rockefeller Plaza, New York, NY 10020

Contact

contact@woltzwelstein.com

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