Reebonz Tracks Provenance of its Luxury Products Using a Vechain-Powered Digital CertificateBy Jan 24, 2020 2 Min Read
Reebonz (NASDAQ Ticker: RBZ), the biggest luxury e-commerce company in the Asia Pacific and Southeast Asia, has incorporated blockchain technology into its ecosystem to determine the provenance of its products.
The blockchain-based approach mushroomed as the company seeks to boost trust and offer authentic products to its members.
Reebonz’s Blockchain-Enabled Digital Certificate
The company has revealed that all products will be pegged with a blockchain-based digital certificate that will bear a QR code. Some of the information to be stored includes the provenance of ownership, product data, and transaction details and history. The digital certificate will be hosted on the VeChain Thor Blockchain based on an MOU signed between the company and VeChain.
Consequently, Reebonz's mobile application will be used in verifying products and digital certificates will be generated after verification.
The Sell Back Guarantee service will also be made possible through the digital certificate which buyers can become sellers and vice versa. For instance, a customer will have the liberty to sell back a product to the company as it will be in a position to digitally validate the product certificate.
In case of theft, customers can revoke the digital certificate as this will guarantee product protection.
Samuel Lim, Reebonz’s co-founder and CEO, noted, "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 the Asia Pacific."
Blockchain is being embraced because of the transparency and trust solutions it offers.
Sunny Lu, VeChain’s CEO and co-founder, asserted, "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."
He added, “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.”
By leveraging on blockchain technology, Reebonz seeks to prioritize its mission of making luxury products accessible to everyone through its ecosystem that connects buyers and sellers.
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