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.
