VeChain, the leading blockchain-pegged supply chain management solutions provider, has announced the news about its partnership with a globally reputed online platform designed for the trading of coveted luxury products, Reebonz. The announcement was made through a press release on Thursday.
According to the official reports, the integration between the two world-class service providing firms will help Reebonz to expand its operations across the Asia Pacific region. The luxury website portal will sync its product origin identification segment with the revolutionary VeChainThor technology to allow its users to enjoy authentic products with utmost trustworthiness. The blockchain network will help the buyers to be assured about the genuineness and ownership of the products purchased by them.
Last year in the month of February, VeChain and Reebonz signed a Memorandum of Understanding to put in their joint efforts in designing a technological setup capable of validating and ensuring the origin of the luxury products via the implementation of the VeChainThor blockchain network. Also, it was officially affirmed that VeChain would create a digital certificate for the users that will foster the development and management of an upstream and downstream supply chain. The efforts were focused on improving and innovating the core business processes like supply chain planning, product management, product traceability, and ownership detection.
Following its MOU guidelines, the recent announcement has highlighted the implementation and usage of the digital certificate. The certificate will have a QR code containing all the necessary details about the product, transaction, origin, etc. The users can get access to all the information simply by scanning the QR code through the Reebonz app. VeChain’s blockchain technology allows buyers to become sellers via the “sell back guarantee” service feature. In case of theft, the buyers can revoke the certificate conveniently. The certificate will work as a proof of authenticity for the products purchased at the time of buyback.
“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 into a customer-centric model, allowing anyone to buy and sell their luxury products through us in a seamless way,” stated Samuel Lim, CEO and co-founder of Reebonz.
VeChain is expanding its operations through strategic collaborations with renowned firms of varied industrial domains. The firm teamed up with China-based Anhui Tea Association and law firm Jur in 2019.
While sharing views about the partnership, Sunny Lu, the co-founder and CEO of VeChain quoted that “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.”