Online Luxury Giant, Reebonz Adopts VeChainThor For Product Authentication

Reebonz, a leading online luxury marketplace with operations in Southeast Asia and the Asia Pacific region, has reportedly built a product verification system based on the VeChainThor Blockchain.

Per an announcement today, the new blockchain-based verification process adopted by Reebonz is designed to build trust and provide authentication and ownership tools to its members, via the use of digital certificates.

The digital certificates will notably contain vital information about transacted products, including transaction details and history, the provenance of ownership, as well as a QR Code. 

Customers can now reportedly verify the authenticity of the approximately 50,000 products for which Reebonz has issued a digital certificate. At the same time, the company continues to develop “a scalable solution for all products.”

Reebonz further noted another benefit of integrating the VeChain-powered solution to its ecosystem. The solution is expected to power the company’s “Sell Back Guarantee” service, where a customer could choose to Sellback earlier purchased products after their authenticity has been verified.

Down the line, Reebonz also hopes to introduce a function that will allow the transfer of digital certificates, or for unqualified product certificates to be revoked.

Sunny Lu, CEO at VeChain who recently hinted at the project optimizing for DeFi, described their latest achievement as part of a momentum building process and one that will help “pave the way forward for innovation, enabling frictionless, trustworthy, and transparent e-commerce of luxury products.” 

Meanwhile, in another exciting development for VeChain, Coinfomania reported last month that OceanEX rolled out the first VeChain (VET) perpetual contract with five times (5X) leverag.e