Reebonz, VeChain Ink MoU to Use Blockchain to Build Buyers’ Trust

March 13, 2019

Reebonz, one of the most trusted online platforms for buying and selling a wide variety of luxury goods in Southeast Asia, and the VeChain Foundation, a nearly-two-year-old non-profit blockchain organization headquartered in Singapore, this month signed a Memorandum of Understanding (MoU) to utilize blockchain technology for end-to-end tracking and authentication solutions for high-end products traded on Reebonz’s platforms.

Expected to bolster Reebonz’s ecosystem strategy, the agreement seeks to establish the end-to-end provenance of luxury products using a “digital tag.” Both organizations believe the digital tag will enable the development of upstream and downstream supply chain assurance, improving product traceability, supply chain planning, product management, and proof of ownership.

The MoU enables Reebonz to borrow VeChain’s blockchain expertise to safeguard its platforms against hacking and interference by a third party. The soon-to-be-developed solutions would neither be reused nor replicated. All data would be stored on the VeChainThor blockchain.

According to Torres Oey, Chief Technology Officer of Reebonz, the collaboration translates into shoppers being able to determine the authenticity of products they are purchasing. Oey said, “The blockchain technology is unprecedented in our sector and will be a disruptor in how we authenticate products.”

An initial proof of concept will be developed to maximize the utility of the technology, especially with regards to smart contracts. It will in turn facilitate trust and greater transparency in the ever-expanding sharing economy, where customers, suppliers, merchants, and partners share access to goods and services through a community-based online platform.

Oey called the Reebonz-Vechain partnership an important milestone. As his company celebrates its 10th anniversary this month, Reebonz is also strengthening its vision of making luxury products more accessible to all groups of people and granting them the power to determine the authenticity of high-end products.

Sunny Lu, Co-Founder and CEO of VeChain, remarked that his organization’s partnership with one of the most trusted online trade platforms in Asia will raise the bar for authentication solutions.

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