Reebonz (RBZ) and VeChain Partner for Blockchain Verification in its Ecosystem for Luxury Goods
Reebonz Holding Limited is the latest online market company to join the blockchain bandwagon. The firm which specializes in creating an ecosystem for the transactions of luxurious goods is a market leader in Southeast Asia. Reebonz agreed to work with VeChain, an entity providing blockchain integration services for business and made public an MOU.
Reebonz Partners With VeChain to Adopt Blockchain Technology for Innovation Nasdaq:RBZ https://t.co/2EiTSHy8rE
— Tim Draper (@TimDraper) February 28, 2019
The two are set to work together towards improving the Reebonz end-to-end ecosystem. Basically, VeChain will provide Reebonz a blockchain network to ensure that all the processes involved are recorded in a digital ledger. In addition, the blockchain services by VeChain will enable goods tracking throughout the supply chain of Reebonz. Other products that Reebonz will leverage from this network include proof of ownership, product management and planning the supply chain. The VeChainThor blockchain will be used to store data attributed to these operations to ensure immutability.
The latest report by Bain & Company indicates that the luxury market has grown at a fast rate in the past few years. Last year alone, the market experienced a 6% bump in its clientele to reach a new high of 260 billion Euros. Projections show that this bullish outlook is expected to continue with a trend of 3-5% increase per annum up to 2025. The market will then be ranging at 320-365 billion Euros. One of the major emerging drivers of this industry is online market places which contributed to 22% of the total luxury market in 2018. It, therefore, is relevant for entities like Reebonz who are at the forefront to enhance the trustworthiness of their ecosystem by using modern tech like VeChainThor blockchain.
Torres Oey, Reebonz current CTO, stated that they are excited about the strategic partnership with VeChain. He added that the move marks a major step for Reebonz as the company turns a decade old in March 2019. According to Torres, the relationship will enable them to emphasize their core values from a point of control. This because its clients will now have a way of verifying luxury products they purchase since the data attached to them provides relevant proof. Reebonz nature of operations is not far from the blockchain integration wave for verification purposes hence the partnership with VeChain.
This ecosystem by VeChain and Reebonz will utilize the Proof of Concept which suits platforms designed to support smart contracts. Ideally, this is expected to increase transparency and trust levels in the world’s economy for all stakeholders. VeChain Co-Founder, Sunny Lu, said that;
“We are on a mission to deliver enterprise-level blockchain solutions and create valuable transactions on the VeChainThor blockchain,”
He added that the partnership with Reebonz is an opening for blockchain solutions in existing digital platforms noting that VeChainThor stands out.