The online platform for buying and selling luxury products Reebonz has made a partnership with the global enterprise-level public blockchain platform VeChain in order to create the end-to-end provenance for their luxury products using blockchain technology. The plan of this partnership is to develop a digital tag with the aim of enabling the development of an upstream and downstream supply chain assurance. Supply chain planning, product management and product traceability can be allowed through the supply chain assurance. They have signed a Memorandum of Understanding (“MOU”).
Tamper-proof solutions will be created through VeChain’s expertise. VeChainThor blockchain will be used to keep that data which is unique to every product sold. Proof-of-Concept is a consensus algorithm designed to take blockchain functionality advantage and both partners will develop the algorithm. These things will build trust along with providing better transparency for customers, suppliers, and merchants.
“We are on a mission to deliver enterprise-level blockchain solutions and create valuable transactions on the VeChainThor blockchain,” shared Sunny Lu, Co-Founder, and CEO of VeChain. “Our partnership with Reebonz sets a new industry standard for solutions using our robust VeChainThor platform. We welcome Reebonz into the VeChain community and look forward to building a long-term partnership with them.”
Bain & Company’s luxury reported that the market for personal luxury goods was €260 billion in 2018. The industry is expected to touch €320 billion to €365 billion in market size. Shifting to online luxury shopping touched €27 billion in sales. Although transformation to buying luxury online continued, providing more trusted authentication solutions is required yet.
VeChain was founded in June 2015. The aim of this platform is to connect the real world with blockchain technology along with providing a comprehensive governance structure, IoT integration, and robust economic model. Whereas Reebonz was founded in 2009 which has its headquarter in Singapore. It is a B2C e-tail and B2C marketplace which has more than 1,000 brands along with 172 boutiques, GlobeNewswire reported.
On February 25, 2019, the global management consulting and professional services firm Accenture has announced the development of that global supply chain which leverages blockchain technology, digital identity, and payments. Customers can identify those small-scale producers who use sustainable methods and can reward them through this supply chain. This supply chain is not only designed to provide producers with more-equitable compensation, but also ensure authenticity, create better transparency and enable producers, manufacturers, and retailers for better inventory and waste management. Accenture has collaborated with Mastercard, Amazon Web Services, Everledger and Mercy Corps in order to explore those solutions which are used to build upon this supply chain. The main purpose of these solutions is to empower customers along with promoting a financial inclusion for small-scale producers, Accenture Newsroom reported.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]