Online Luxury Marketplace Reebonz Adopts Blockchain With VeChain Partnership
Blockchain startup VeChain and online luxury marketplace Reebonz are collaborating on end-to-end tracking and authentication solutions for luxury goods.
Founded in 2015, VeChain is an enterprise software designed to create, manage, maintain, and update shared data about products in the supply chain. Its public blockchain, VeChainThor, provides enterprises with tools, securities, and governance to properly control their assets while collaborating across multiple verticals, industries, and even countries.
Headquartered in Singapore, Reebonz is an online marketplace and platform for buying and selling new and pre-owned luxury products in the Asia Pacific region. It makes luxury accessible by operating as an eco-system of B2C e-tail and B2C marketplace for over 1,000 brands and 172 boutiques, supported by C2C marketplaces that enable individuals to sell through its platform.
Under the agreement, the two companies will develop a digital tag that will enable the development of upstream and downstream supply chain assurance to allow product traceability, supply chain planning, product management, and proof of ownership. Data, which is unique to every product sold, will be kept on the VeChainThor blockchain.
“This partnership will strengthen our vision of making luxury accessible to everyone and giving the power to our shoppers in determining the authenticity of products that they have purchased,” said Torres Oey, Chief Technology Officer of Reebonz. “The blockchain technology is unprecedented in our sector and will be a disruptor in how we authenticate products. We believe that the expertise from the VeChain and VeChainThor platforms will be paramount in providing a complete end-to-end solution.”
The goal of the project is to provide tamper-proof solutions that cannot be replicated or reused, and help facilitate trust and greater transparency in a rapidly growing sharing economy, which should help benefit participating customers, suppliers, merchants, and partners.
“We are on a mission to deliver enterprise-level blockchain solutions and create valuable transactions on the VeChainThor blockchain,” shared Sunny Lu, Co-Founder and CEO of VeChain. “Our partnership with Reebonz sets a new industry standard for solutions using our robust VeChainThor platform. We welcome Reebonz into the VeChain community and look forward to building a long-term partnership with them.”
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