Reebonz Holding Limited Using Blockchain Solution To Track It’s Luxury Products
Reebonz Holding Limited (RBZ), a leading online luxury marketplace and platform in Southeast Asia and the Asia Pacific region, today declared that it had executed blockchain technology as a component of its ecosystem strategy to verify the provenance of products.
The Company is concentrated on developing trust and implementing authentication and ownership tools to its members.
All products traded by Reebonz from its inventory (“B2C Merchandise Business”) since January 2019, will possess a digital certificate. This digital certificate will have a QR Code that includes information such as transaction details, product details, and history, and origin of ownership.
Products can be verified via the Reebonz mobile application, which will give the digital certificate. As part of Reebonz’s MOU with VeChain, endorsed in February 2019, the digital certificate will be received on the VeChain Thor Blockchain.
The Company aims to emphasize on this to produce a scalable solution for all products, while the project is in proof of concept stage. In its opening phase, almost 50,000 unique products will have a digital certificate in the Blockchain and were live by late December 2019.
Another advantage of the digital certificate is to facilitate the Company’s luxury ecosystem, where it allows buyers to convert into sellers, and sellers to convert into buyers by its “Sell Back Guarantee” service.
A consumer could choose to Sellback to Reebonz, enabling the Reebonz team to digitally verify the product certificate, thereby leveraging technology to balance its authentication efforts. Reebonz has been at the vanguard of supporting sustainability by producing a customer-focused circular economy, where one can be a purchaser and marketer with equal efficiency.
Moreover, functionalities like “Transfer of Certificate” and “Revoking” to other people will be added later this year as part of Reebonz’s extension into implementing Blockchain as a Service. There are expected to be several advantages to these functionalities.
For instance, if a Reebonz product is gifted, the digital certificate can be assigned to the recipient to prove ownership so long the recipient is a member of the Reebonz ecosystem. Should the recipient wish to take benefit of the Sell Back service, Reebonz can acknowledge the Sell Back Guarantee agreement to these owners, thereby providing a consumer to be part of its luxury ecosystem.
In the example, a product is stolen, consumers can withdraw the certificate to assure protection. Customers would also be capable of taking advantage of transacting on their C2C basis. The digital certificate can assist in verifying the authenticity and ownership transfer.
To make luxury available to everyone by an ecosystem that unites buyers and sellers, Reebonz has prioritized its purposes in building a trusted online destination for authentic luxury.
The efforts to authenticate utilizing the digital certificate to verify provenance will expand Reebonz’s in-house team of ateliers that specialize in checking leather products, gemstones, timepieces, and jewelry. Pre-owned products are already subjected to severe testing and monitored for different components before being issued a “Reebonz Atelier Authenticity” card.
Reebonz’s CEO and co-founder, Samuel Lim, commented, “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. We are excited to use the blockchain technology and work with VeChain to solve one of the key global issues impacting our industry. The authentication of pre-owned luxury items using the Blockchain is just one of many high impact innovations Reebonz is pioneering to improve the luxury shopping experience for customers across the Asia Pacific.”
“Our partnership with Reebonz sets a new standard for solutions based on VeChainThor Blockchain, which will be gaining momentum in the luxury industry with increasingly extensive applications,” added Sunny Lu, Co-Founder, and CEO at VeChain. “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.”