Reebonz Luxury Goods Platform Adopts VeChain (VET)

VeChainThor (VET) a distributed ledger technology (DLT) project that claims to be focused on connecting blockchain technology with the real world, through a robust governance model and IoT integration, has been chosen as the network of choice by Singapore’s Reebonz luxury goods platform. In a bid to foster trust and provide its customers with highly functional authentication and ownership tools, Reebonz Holding Limited, a highly reputed online luxury marketplace co-founded by Samuel Lim, Daniel Lim and Benjamin Han in March 2009, has adopted VeChain (VET).

As stated in its press release, the integration of the VeChain blockchain into its processes will enable Reebonz to establish a product provenance system that will embed a digital certificate into all luxury goods sold from its inventory since January 2019. What’s more, the Reebonz team has hinted that in addition to establishing product provenance, it also plans to take advantage of the VeChain blockchain platform to roll out it “Sell Back Guarantee” service, which will make it possible for its customers to sell back a product previously purchased on the platform, to Reebonz.

Timeline of Vechain