- The VeChain Foundation has gained a new partner in Reebonz Holding that utilizes the VeChainThor Blockchain.
- Reebonz, a leading online marketplace for luxury goods in South East Asia, will use the VeChainThor Blockchain to verify the authenticity of its products.
The VeChain and Reebonz partnership was made public via a press release yesterday. On the platform of VeChain‘s new partner it is possible to buy new and used luxury products across the Asia Pacific region. As part of its corporate strategy, Reebonz will integrate VeChainThor technology into its product origin identification platform. The goal of the luxury company is to provide authentication and ownership tools to buyers.
In February 2019, the two companies signed a memorandum of understanding to develop a technology that can verify and guarantee the consistent origin of luxury products using the VeChainThor blockchain. At that time, it was further stated that VeChain will develop a digital certificate that will enable the development of an upstream and downstream supply chain to enable product traceability, supply chain planning, product management and proof of ownership.
Reebonz will fully implement VeChainThor blockchain.
As has now been announced, the digital certificate is implemented by means of a QR code, which contains information such as product details, transaction details and history, and the origin of the property. Users of the platform can scan the QR code via the mobile Reebonz app and verify the product and its detailed data. VeChainThor blockchain’s tamper-proof technology also enables buyers to become sellers through a “sell back guarantee” service.
In the event of a buy-back, Reebonz can easily verify authenticity via the VeChain product certificate. In case a product is stolen, customers can also revoke the certificate to ensure protection. Customers can also take advantage of a C2C-based transaction of their own. The digital certificate can be used to verify authenticity and transfer of ownership.
While the project is currently in a proof-of-concept phase, Reebonz intends to iterate the development of a scalable solution for all products. By the end of December 2019, approximately 50,000 unique products have received a digital certificate. Additional functionalities such as “transfer of certificates” and “revocation” are also planned to follow later this year.
Samuel Lim, CEO and co-founder of Reebonz, commented on the partnership with VeChain as follows:
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
Sunny Lu, co-founder and CEO of VeChain, added:
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.
With Reebonz, VeChain gains another strong partner who will use the VeChainThor blockchain. Most recently, the Anhui Tea Association from China (mid-December) and the Chinese law firm Jur entered into a partnership with VeChain. Jur will develop a manipulation-free trading marketplace for luxury real estate based on the VeChainThor blockchain.