Digital Twins & TimePiece Passports™
Let's take a look at the concept of 'Digital Twins' & 'Digital Product Passports'
Last updated
Let's take a look at the concept of 'Digital Twins' & 'Digital Product Passports'
Last updated
An OpenChrono "TimePiece Passport™ " is a digital record associated with a specific asset on the OpenChrono platform. This passport contains important information about the watch, such as its ownership history, specifications, warranty documentation, and any associated smart contracts. It essentially acts as a digital identity or documentation for the watch on the platform.
An Example of a TPP is linked here
TPP's are a legally registered trademark of OpenChrono. They are held by the watch owner and received once their watch has been authenticated and vaulted. The TPP includes :
Full details of the watch
An accurate condition report produced by an independent expert
An accurate authentication check carried out by an independent expert
A set of contracts associated with the asset condition
A Lost and stolen report certificate
Each TPP contains a set of legal documents listed in the 'warranties' drop down menu. This set of warranties includes an accurate condition report which has been produced by an independent expert watchmaker. The watchmaker has underwritten the watch condition and stands behind that assessment.
Utilising this approach provides the new owner with clarity regarding the condition and specification of the asset they wish to purchase. It also provides a clear assessment in the event that the current or future owner wishes to utilise the asset as collateral (borrow against this asset). Finally, in the event of a discrepancy, the new owner has a clear process to follow regarding dispute resolution and paper-trail to support the purchase.
TPP's provide clear documentation and detail regarding an asset's current state. Paired with 'digital twins', owners can access a full range of Web3 applications, including, collateralised lending opportunities (borrowing against your watch), blockchain-based insurance policies, and utilising ownership online (displaying collection, metaverse utility, verified social media profile pictures etc).
A digital twin is a digital representation of a physical asset. It is a digital counterpart that mirrors 'ownership' of a physical asset. Here's a breakdown of the key aspects and benefits.
Digital twins are recorded on a blockchain, providing an immutable and transparent ledger of ownership. This can help establish and prove the authenticity and ownership of a real-world asset.
Smart contracts in conjunction with 'digital twins' can automate various aspects of transfer of ownership, such as revenue distribution, access rights, or compliance. This reduces the need for intermediaries, and streamlines transactions whilst enhancing safety for the end user.
Digital twins enables access to a global audience and liquidity pools without the need for intermediaries or complex cross-border processes. This can open up new markets and opportunities for asset ownership and friction free commerce.
The blockchain ledger associated with OpenChrono 'digital twins' provides a transparent and verifiable ownership history. This transparency increases trust between buyers and sellers.
Digital twins can be designed to interact with other blockchain-based platforms and ecosystems.
Blockchain's are decentralised and secure by design and provide end users with a reduced risk environment to transact in.
Digital twins can be divided into smaller fractions, allowing for fractional ownership. This makes it easier for multiple investors or stakeholders to participate in the ownership of high-value assets, increasing liquidity and accessibility.
While there are clear benefits, it is essential to consider potential challenges, including regulatory considerations, technological limitations, and market dynamics. OpenChrono is built on the principles of 'Regulation & Compliance First' to ensure our standard is widely adopted, not just with retail clients but with financial institutions globally.
It is clear that TPP's & digital twins provide a step change in the possibilities for current watch owners, future buyers and institutions alike.
If you have any questions or would like further information or support regarding TPP's please reach out to us via the contact form on our website.
When a digital twin is redeemed, the TimePiece Passport™ itself is marked as redeemed. This has the following effect:
TPP is now NOT transferable/tradable
TPP Is now marked as 'redeemed' when you inspect its data / view it on a website
The TPP will remain in the users wallet as a memoire but it has no further use except for showing the owner previously owned the asset.
