The world’s oldest watch manufacturer coming from Switzerland, Vacheron Constantin, is apparently interested in blockchain for timepieces – and about to start using the blockchain technology to track its watches. The news went viral in the altcoin news section after they were shared by the lifestyle magazine Robb Report on May 24.
Originally founded in 1755, Vacheron Constantin is known as the world’s oldest watch manufacturer. Now that the brand is interested in blockchain for timepieces, it also plans to issue a paper and a digital certificate to each of its vintage watches, putting the technology to actual work.
“Blockchain certification serves to avoid paper authentication, which can easily be forged,” the company said in a press release.
As the latest cryptocurrency news show, Vacheron Constantin will use blockchain tech to integrate additional information in the certificate – as well as a complete history of the product and manufacturer. The blockchain for timepieces initiative will apparently help and fight counterfeiters while guaranteeing authenticity of the watches as well as protecting the customers from purchasing fake ones.
“[Blockchain] makes it possible to create a forgery-proof digital certificate of authenticity, which follows the watch throughout its life, even if that involves several changes of owner. A unique number is thus assigned to a unique object, making the two inseparable and securing data relating to the property, value, nature and authenticity of the timepiece,” the company said in an official statement.
Vacheron Constantin is however not the first big manufacturer interested in blockchain for as a technology and featured in the coming altcoin news. Earlier this year, the major global fiber producer Lenzing announced that it will implement blockchain and bring more transparency to its fiber supply chain, launching a traceabilit platform in 2020 as the company reports showed.
“Founded in 1755, Vacheron Constantin will begin using Blockchain immediately with timepieces in its Les Collectionneurs program. Now each of the vintage watches, which have been patiently tracked down by the maison’s heritage specialists and restored to perfect working order before being sold at special events at their boutiques, will be sold with a paper certificate of authenticity along with an incorruptible digital certificate,” the news concluded
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"Wall Street ain't what it used to be. The first 15 years I was on Wall Street, it was fun. I was very fortunate, I started in the CDS market which feels a lot like crypto. Here you have a lot of financial innovation, a lot of trading...It feels very much like that, there's a lot of energy and enthusiasm about this progress and where it's going."Another example is the Morgan Stanley alum Marcus Swanepoel who told the Financial Times:
"Over the past two years we have seen evidence building that bitcoin is an uncorrelated asset class so it makes sense to add it to portfolios."The trend is growing towards more portfolio managers coming in including what Minier says is mavericks and savvy hedge funds entering the crypto space. The digital currency investment company Greyscale investments also saw its assets under management balloon to $2.5 billion and most of which originated from big investors including hotshot hedge funds. The Kraken Pro trader stated:
"I think it's going to be one of those things in a blink that everybody is going to start chasing it.’’With the upcoming launch of the Bakkt bitcoin futures exchange, more traders could begin to feel the way that Minier does and Kraken has been experiencing an uptick with the institutional demand for crypto but he admitted it was too slow. In the meantime, the rival crypto exchange Coinbase based in San Francisco revealed that hundreds of millions of dollars in institutional capital is coming straight off the sidelines into cryptocurrencies a week as we noted previously in the latest cryptocurrency news. They sure can’t find these types of returns in any other asset class with rock-bottom interest rates and the equities mimicking bond yields. Bitcoin in the meantime has generated high returns of more than 150 percent year to date.
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‘’It’s a language for writing (a subset of) Bitcoin Scripts in a structured way, enabling analysis, composition, generic signing and more.’’Wuille added that Miniscript was ‘’ designed for Bitcoin as it exists today’’ with no consensus changes were necessary to use it and the developers even stated that they even planned to ‘’support future script changes Bitcoin may include’’ as to evolve with the blockchain technology. Wuille later pointed out on Twitter that the new language could eventually be implemented into the Bitcoin Core repository if the Bitcoin community agreed to do it:
“I’ll work on incorporating parts of this in Bitcoin Core if that’s desired (I believe it could be very useful), but ideally it gets included in many pieces of wallet technology.’’The developers created a policy compiler for Miniscript and among other things tool will let the users get an idea for when the conditional bitcoin transactions will be spent. Pieter Wuille and Andrew Poelstra that worked on the new bitcoin programming language is now the rockstar developers in the Bitcoin community because they already built the new language but also because the technology they’re still working on something that could shape the future of bitcoin for the next few years. Some of the tech includes other developments such as Schnorr Signatures and Taproot which are an efficient algorithm for cryptographic signatures and the other one will make bitcoin smart contract transactions private by making them look like normal transactions. As noted in the latest cryptocurrency news, Wuille noted that the project wasn’t directly related to Taproot but did provide the participating developers with new insights on how to improve the script language itself:
“It’s also mostly unrelated to our work on Taproot, as Miniscript works with Bitcoin as it exists today. Of course, working on Miniscript did teach us a bunch of things about script that inform designs for future improvements to Script, and Miniscript can be extended as needed.”
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