Reebonz Implements Blockchain Solution to Digitize Products; Becomes First Fashion Technology Company to Provide End to End Tracking Service
Reebonz Holding Limited - Ordinary Shares (RBZ)
Company Research
Source: GlobeNewswire
SINGAPORE, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Reebonz Holding Limited (NASDAQ: RBZ), a leading online luxury marketplace and platform in Southeast Asia and the Asia Pacific region, today announced that it has implemented the blockchain technology as part of its ecosystem strategy to establish the provenance of products. The Company is focused on building trust and providing authentication and ownership tools to its members. All products sold by Reebonz from its inventory (“B2C Merchandise Business”) since January 2019, will have a digital certificate. This digital certificate will bear a QR Code which contains information such as product details, transaction details and history, and provenance of ownership. Products can be verified through the Reebonz mobile application, which will provide the digital certificate. As part of Reebonz’s MOU with VeChain, signed in February 2019, the digital certificate will be hosted on the VeChainThor Blockchain. While the project is in proof of
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