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I don’t know if embedding a chip for tracking ownership records would have much affect on the grey market. I guess they could penalize AD’s who sell a large number of watches to one person in a short period. But grey dealers could somewhat bypass that by using multiple buyers, then still flip.
The biggest benefit to this technology is to guarantee authenticity. Make the technology as tamper proof as possible and store the data in an encrypted DB or blockchain token/NFT.
I think the assumptions about it becoming a “smart watch” are wrong. This isn’t what this is about. Reducing counterfeits is likely the goal here.
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