Senator Cynthia Lummis (R-WY) has given a specific date for when her long-awaited crypto regulator bill will be unveiled. The legislation will help to sort cryptocurrencies under appropriate regulatory labels and federal jurisdictions. According to a tweet from the senator on Friday, the final version of her bill will be released on Tuesday, June 7th. Lummis has spent months working on the bill alongside Senator Kirsten Gillibrand (D-NY), announcing it as early December 2021. The bill will reportedly provide sweeping…
A well-known Swiss company Breitling has become the world’s first luxury watchmaker to leverage blockchain technology to offer a digital warranty program to its customers. The company is calling it a digital passport, which will be included with all of its watches starting October 13th. The company has tied up with Arianee technology to foray into the world of blockchain. Arianee technology is working towards building a global standard for digital certification of valuable objects.
Powered by blockchain
With digital passports powered by blockchain technology, the watch owners will access the company’s all digital services, such as security and proof of ownership. By leveraging the blockchain technology and consensus mechanism, the company ensures the digital passports remain unaltered on the ledger. Thus making sure, no malicious actors will be able to alter or change any data.
The company also claims it to be rich with features such as a fully anonymous mode and a repair-tracking guarantee. Thus allowing the watch owners to have a unique identifier without tying it to any personal information. At the same time, also ensuring the authenticity of every product. The Swiss watchmaker also plans to let users subscribe to insurance with this digital passport in the coming future.
Breitling CEO’s statement:
With this announcement, Georges Kern, Breitling CEO said, “As of today, we are offering the Breitling digital passport with every new Breitling watch without exception! By offering a comprehensive range of innovative services for their watches, we are concretely providing our clients with the inclusivity that characterizes our belief and approach at Breitling.”
Leveraging the NFTs
The blockchain technology behind the digital passport is developed by Arianee technology using non-fungible tokens with the Ethereum’s ERC-721 standard. To remind you, this is the same standard behind the famous game of collecting & breeding virtual kitties known as Cryptokitties. Upon buying any Breitling watch, users can download the Arianee app to add the watch to their digital wallet. Watch owners will also be able to transfer their digital passport ownership if they wish to sell the product.