Reebonz to use blockchain technology to assure authenticity
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Southeast Asian online luxury marketplace Reebonz is exploring blockchain technology as part of its strategy to demonstrate the provenance of products. Complementing the firm’s existing in-house team of ateliers who specialise in authenticating leather products, timepieces, gemstones and jewellery, Reebonz intends to incorporate all transactions on a blockchain to ensure the comprehensive traceability of all products sold within its ecosystem. The firm’s goal is to enable buyers to verify the authenticity of products on their own and stamp out losses and distrust generated by the global exchange of counterfeits.
By establishing end-to-end traceability, customers will also be able sell their items back to Reebonz, which would allow the company to easily identify a customer’s purchase.
“The Reebonz leadership team is extraordinary and has already developed a cutting-edge technology and platform”, said Tim Draper, senior advisor of Draper Oakwood Technology Acquisition and founding partner of Draper Associates.
“The authentication of pre-owned luxury items using the blockchain is just one of many high impact innovations Reebonz is pioneering to improve the luxury shopping experience for customers across Asia Pacific.”
“While we started as an online platform that helps consumers access affordable luxury, we have evolved into an ecosystem that connects buyers and sellers through the widest range of luxury,” added Reebonz CEO and co-founder Samuel Lim.
“Identifying gaps and opportunities in the luxury e-commerce landscape and spearheading strategies that present innovative ways of redefining luxury consumption has made us a leader in this industry. As we continue to build out a thriving community of buyers, sellers and international boutiques, it will become critical for the industry to evolve, and for us to become a leading innovator of authenticity solutions. We are excited to use the blockchain technology to solve one of the key global issues that impacts our industry.”
Questions & Answers
Q.What is the primary goal of Reebonz incorporating blockchain technology?
What is the primary goal of Reebonz incorporating blockchain technology?
The firm's main goal is to allow buyers to independently verify product authenticity and reduce losses and mistrust caused by counterfeit goods. This also aims to establish end-to-end traceability for all items.
Q.How will the blockchain technology complement Reebonz's existing authentication processes?
How will the blockchain technology complement Reebonz's existing authentication processes?
The blockchain will work alongside the in-house team of ateliers who currently authenticate various luxury products like leather goods and jewellery. It will incorporate all transactions for comprehensive traceability.
Q.Beyond authentication, how else will customers benefit from Reebonz using blockchain?
Beyond authentication, how else will customers benefit from Reebonz using blockchain?
Customers will gain the ability to sell their items back to Reebonz, as the technology will allow the company to easily identify a customer’s original purchase, streamlining the process.
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