- VeChain and Reebonz made a formal announcement they would enter into a partnership, this meaning that they’ll share their services and would work together.
- Reebonz is an online platform for buying luxury goods, products, and merchandise, be it either new or used.
On the 23rd of January, this year, VeChain and Reebonz made a formal announcement they would enter into a partnership, this meaning that they’ll share their services and would work together. This news, as soon as it came via the press release, spread like wildfire.
It is now possible to buy new and luxury products across the Asia Pacific region as Reebonz plans to integrate VeChainThor technology for product origin identifications. Reebonz aims to provide the best of the securities, including the authentication and ownership tools, to the buyers.
Reebonz is an online platform for buying luxury goods, products, and merchandise, be it either new or used. VeChain Thor platform, is an ecosystem that helps the users in the day to day business operations. It also helps in the real-time tracking of the various products and processes.
In February 2019, both of them aimed towards building a system or technology which would help in the verification and guarantee process of the luxury products. VeChain also had earlier said that it would develop a certificate that would help in the creation of the supply chains, either upstream or downstream, to trace products, supply chain planning, product management, or even declare the proof of ownership.
Reebonz’s CEO and co-founder, Samuel Lim, the CEO and Co-founder of Reebonz, also commented, that building trust with their customers is one of their primary values. By making use of cutting edge technologies and innovative measures, they hope that they will be able to provide unique tracking and authentication tools for luxury products in Asia. He also added that they have evolved into a customer-centric model. This would allow anyone to buy and sell their luxury products through Reebonz in a seamless way. He also expressed his excitement about using the blockchain technology and working with VeChain. He concluded by saying that Reebonz is pioneering to improve the luxury shopping experience for the customers living across the Asia Pacific.
Sunny Lu, the Co-Founder, and CEO at VeChain, stated that their partnership with Reebonz would set new standards for solutions that will be based on VeChainThor Blockchain. He further also added that developing this a solution with a global and local mindset would pave the way l for innovation, enabling frictionless, secure, and transparent e-commerce of luxury products. He concluded by saying that this will change the operating mode of the industry.
Now it has been announced that the digital certificate would be implemented employing QR code. This is supposed to have all the necessary information about the product. The VeChain Thor technology would also help the sellers to give a “sell back guarantee” and also can verify authenticity very quickly when required to do so. Moreover, this also enables people to benefit from it via C2C-based transactions in terms of the failure of product delivery.
Earlier back in 2019, more than 50,000 products received their unique digital certificates, and services such as transfer of certificates and revocation are also planned. Also, VeChain has many other partners working for the betterment of the technology, such as the Anhui Tea Association from China and the Chinese law firm Jur. This collab does have a lot to provide to the world, so let us see what it brings next.