VeChain partnership with a globally online platform designed for the trading of coveted luxury products, Reebonz
VeChain, the leading blockchain-pegged supply chain management solutions provider, has announced the news about its partnership with a globally reputed online platform designed for the trading of coveted luxury products, Reebonz, according to Globe Newswire on January 23.
According to that, the integration between the two world-class service providing firms will help Reebonz to expand its operations across the Asia Pacific region. The luxury website portal will sync its product origin identification segment with the revolutionary VeChainThor technology to allow its users to enjoy authentic products with utmost trustworthiness. The blockchain network will help the buyers to be assured about the genuineness and ownership of the products purchased by them.
All products sold by Reebonz from its inventory (“B2C Merchandise Business”) since January 2019, will have a digital certificate. This digital certificate will bear a QR Code which contains information such as product details, transaction details and history, and provenance of ownership. Products can be verified through the Reebonz mobile application, which will provide the digital certificate.
As part of Reebonz’s MOU with VeChain, signed in February 2019, the digital certificate will be hosted on the VeChainThor Blockchain. While the project is in proof of concept stage, the Company intends to iterate on this to develop a scalable solution for all products. In its initial phase, approximately 50,000 unique products will bear a digital certificate in the blockchain and was live by late December 2019.
Reebonz’s CEO and co-founder, Samuel Lim, commented, “Building trust with our customers is one of our core values. Using cutting edge technologies and innovative measures, we hope to provide the first of its kind tracking and authentication tools for luxury products in Asia. We have evolved to a customer centric model, allowing anyone to buy and sell their luxury products through us in a seamless way. We are excited to use the blockchain technology and work with VeChain to solve one of the key global issues impacting our industry. The authentication of pre-owned luxury items using the blockchain is just one of many high impact innovations Reebonz is pioneering to improve the luxury shopping experience for customers across Asia Pacific.”
VeChain is expanding its operations through strategic collaborations with renowned firms of varied industrial domains. The firm teamed up with China-based Anhui Tea Association and law firm Jur in 2019.
While sharing views about the partnership, Sunny Lu, the co-founder and CEO of VeChain quoted that “Our partnership with Reebonz sets a new standard for solutions based on VeChainThor Blockchain, which will be gaining momentum in the luxury industry with increasingly extensive applications. Developing such a solution with a global and local mindset will pave the way forward for innovation, enabling frictionless, trustworthy, and transparent e-commerce of luxury products and finally changing the operating model of the industry.”
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