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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.”
