Swiss blockchain startup Adresta signed a partnership with communication provider Swisscom to implement its solution on the Swiss Trust Chain. Adresta developed a digital identity for watches and is backed by one of Switzerland’s largest insurers Helvetia and ETH Foundation, from the ETH Zurich university.
In 2019 Swiss watch industry exports totaled CHF 20.5 billion ($22.3 bn), of which almost 70% were luxury watches priced at more than CHF 3,000 ($3,268). At an individual level, some of these watches can be exceptionally valuable. One 1968 Rolex Daytona auctioned for $15.5 million in 2017, and a Patek Philippe Ref. 1518 model sold for $11 million in 2016.
But the statistic that’s relevant here is that for every genuine Swiss watch, it is claimed there are two counterfeits.
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