• Days
  • Hours
  • Mins
  • Secs
  • Thu, 19 Sep 2019, 06:46 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Online shopping platform Reebonz partners with blockchain startup VeChain

Fri, 01 Mar 2019, 11:19 am UTC

Reebonz, a Southeast Asian online luxury marketplace and platform, has signed a Memorandum of Understanding (MOU) with blockchain startup VeChain to use blockchain technology for end-to-end tracking and authentication solutions for the luxury goods sold on its platform.

Under the MOU, the companies plan to 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.

Reebonz will leverage VeChain’s expertise to provide tamper-proof solutions that cannot be replicated or reused. Data, which is unique to every product sold, will be kept on the VeChainThor blockchain.

Torres Oey, Chief Technology Officer of Reebonz, said that the partnership will give the power to shoppers to determine the authenticity of products that they have purchased.

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,” Oey said.

According to the official release, the companies will help develop an initial proof of concept that takes advantage of blockchain functionality that is perfectly suited for smart contracts. This will help facilitate trust and greater transparency in a rapidly growing sharing economy, thereby benefiting 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.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,068.60 (-1.51%)
  • Ethereum (ETH) $221.04 (+3.61%)
  • XRP (XRP) $0.303500 (-3.30%)
  • Bitcoin Cash (BCH) $317.57 (-2.99%)
  • Litecoin (LTC) $77.24 (-2.14%)
  • Bitcoin (BTC) $10,068.60 (-1.51%)
Sep 19, 2019 (Thursday)
12:27
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:27
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:57
Chinese financial institutions increasingly adopting big data, blockchain and AI: Moody’s
10:50
Crypto Technicals: Monero fails to hold 200-DMA break, erases most of previous session's gains
10:16
North Korea reportedly in early stages of developing bitcoin-like national cryptocurrency
09:37
UAE’s Ministry of Health and Prevention rolls out blockchain-based system
09:17
PUBLISH’s native token ‘NEWS’ listed on CoinMarketCap
08:44
Craig Wright asks 30-day extension as he holds talks to settle $10B lawsuit
08:33
Crypto Technicals: Litecoin (LTC) flashing signs of weakness, bearish engulfing and overbought oscillators weigh
07:40
Germany adopts comprehensive blockchain strategy to block Facebook's cryptocurrency Libra
07:36
Litecoin Foundation selects Celsius Network as preferred interest bearing wallet
06:42
Turkey plans to create National Blockchain Infrastructure and regulatory sandbox
06:29
Crypto Technicals: ETH/USD retreats from 6-week highs at 217.49, close below 200-DMA to see further weakness
05:33
Tata Motors looks to collaborate with startups on blockchain-based solutions amid automotive sector slowdown
04:49
Cybersecurity startup GK8 scores $4M to conduct cryptocurrency transactions without connecting to the Internet
04:48
Crypto Technicals: Bitcoin turns bearish, slumps below $10,000 mark
03:56
SpaceChain wins €60K grant from European Space Agency for blockchain satellite wallet
03:52
Huobi launches fiat-to-cryptocurrency exchange in Argentina
Sep 18, 2019 (Wednesday)
04:56
Crypto exchange Binance.US to not launch in 13 U.S. states
04:29
VanEck, SolidX pull out bitcoin ETF proposal from SEC
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft