Tokyo (SCCIJ) – The watchmaker Philippe Du Bois et fils from Basel is intensifying customer and shareholder contact through a blockchain. This connection between tradition and modernity is supposed to make the company more transparent and accessible and enable customers and shareholders to continuously participate in its development. According to its self-description, Philippe Du Bois established the first Swiss watch factory.
A DuBois watch with CEO Thomas Steinemann (© DuBois et fils SA).
Bringing value to life
Du Bois et fils is a manufacturer of wristwatches. The company has existed since 1785 and today produces very limited watch models. Now the watchmaker is revitalizing the craftsmanship that is deeply anchored in Switzerland and leading it into the future in a special campaign: historical watch movements will be represented on a blockchain.
Du Bois et fils founded a subsidiary, SwissValueCHain, for this purpose. It is the basis for various digital future projects of the company, merging Swiss craftsmanship with the latest technology in a unique combination.
The benefits of a blockchain for watchmaking are the protection against counterfeit watches through documentation of each individual watch, low transaction costs, and the eternity of availability. In particular, the blockchain enables a distributed participation through tokenization of real assets and automation of processes through smart contracts. All stages of value creation – from raw materials to the end consumer – can be mapped digitally.
Advantages of blockchain
The tokenization on a blockchain is an ideal concept for watches that are made from raw materials with longer gestation periods and generate high capital commitment costs due to long storage times. It also allows to establish a cooperative value chain with corporate partners and to let them participate in the value creation.
By stepping into this new technology and developing specific blockchain applications DuBois et fils wants to credibly bring values such as sustainability and historical ties to life in the age of digitalization. “Through transparent participation, we want to generate trust and enthusiasm for what we do,” says Thomas Steinemann, CEO of DuBois et fils.
Open to modernity
DuBois et fils is a small, independent brand with a history rich in tradition and great innovation potential. The founding family was already known for creativity and the ability to generate future-oriented ideas and to look beyond the usual boundaries. Like the watch pioneers of that time, DuBois et fils aims to stand out today by long-term thinking and action.
The company is supported by a broad shareholder base. Over 1,000 shareholders in 31 countries are already part of its history and its historical development as a valuable Swiss watch brand. “Tokenizing our share capital is, therefore, one of the topics to be realized on the blockchain in the future. Other projects are already in the implementation phase,” says Steinemann.
Text: SCCIJ with material of DuBois
