VeChain (VET) To Partner With Luxury Products Marketplace

Reebonz Holding Limited, the leading online platform for luxury goods in Southeast Asia, announced today that it has signed a Memorandum of Understanding (MOU) with VeChain, Globenewswire reports.

The blockchain platform for corporate solutions will use technology to confirm the origin of luxury goods which are sold on Reebonz. This will greatly contribute to the development of its ecosystem strategy.

Companies are planning to create a digital tag system. It will allow to track and manage products, plan the supply chain, and confirm ownership. VeChain will provide tamper-proof secure solutions that cannot be reproduced or reused. Data that is unique to each product sold will be stored on the VeChainThor blockchain.

“We are extremely excited to be a strategic partner of VeChain! <...> This partnership will strengthen our vision of making luxury accessible to everyone and giving the power to our shoppers in determining 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, ”

— commented Torres OEY, CTO of Reebonz.

Sunny LU, co-founder and CEO of VeChain, noted that the company is making significant progress in the implementation of blockchain-based solutions for corporations.

Image courtesy of Vault Insider