Reebonz Implements Blockchain Solution to Digitize Products

Reebonz Holding Limited (NASDAQ:RBZ) has implemented blockchain technology as part of its ecosystem strategy to establish the accurate tracking of products.

As quoted in the press release:

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 concept stage, the Company intends to iterate on this to develop a scalable solution for all products. In its initial phase, approximately 50,000 unique products will bear a digital certificate in the blockchain and was live by late December 2019.

Click here to read the full press release.