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 a blockchain technology-based end-to-end provenance for their luxury products. The plan of the partnership is to develop a digital tag with the aim of developing 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 provided 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 advantages and both partners will develop the algorithm and this thing will build trust along with providing transparency to a rapidly growing sharing economy.
The Co-Founder and CEO of VeChain Sunny Lu said, “We are on a mission to deliver enterprise-level blockchain solutions and create valuable transactions on the VeChainThor blockchain. 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.”
VeChain was launched in June 2015. The aim of this platform is to connect the real world with blockchain technology and provide the complete governance structure, IoT integration, and robust economic model. Whereas Reebonz was launched in March 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.
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 trusted authentication solutions is required yet, GlobeNewswire reported.
On February 25, 2019, the global management consulting and professional services firm Accenture has announced a global supply chain. The supply chain is consisted of blockchain technology along with digital identity and payments technologies. Customers can identify small-scale producers and reward them through this supply chain. This supply chain is not only designed to provide the producers with more-equitable compensation, but also ensure authenticity and create transparency. Accenture has collaborated with Amazon Web Services, Mercy Corps, Everledger, and Mastercard in order to build upon this supply chain, to empower the customers and promote financial inclusion for the producers, Accenture Newsroom reported.
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