New Balance, the recognized American footwear company, will be using Cardano (ADA) blockchain technology in order to authenticate products.
The information was announced a few hours ago by Charles Hoskinson, the CEO of IOHK.
New Balance Works With Cardano’s Blockchain
As reported by Crypto Briefing, Charles Hoskinson announced that New Balance will use Cardano’s blockchain to allow customers to verify the origins of the shoes they purchase. The goal is to launch the program globally and test its performance.
It is worth mentioning that the new partnership does not include using the ADA digital asset, which is the virtual currency used by the Cardano network.
New Balance has been working in order to reduce the impact that fake brands are having on its revenue. Many firms have already copied their image and branding, which is heavily damaging its business.
Charles Hoskinson has been in the Bulgarian city of Plovdiv in which they celebrated Cardano’s 2nd-anniversary meetup.
Here is my Keynote from today https://t.co/Jco3WcPTcw
— Charles Hoskinson (@IOHK_Charles) September 28, 2019
A few months ago, Charles Hoskinson talked in Japan about a possible collaboration with a recognized sneaker company. Although he didn’t give any names at that time, some reports suggested it could have been working with Nike. At that time, Nike presented a blockchain initiative that many hinted was linked to Cardano.
With this new implementation, users will be able to know whether the product they are buying is original and if it is produced by New Balance or other companies trying to imitate their products.
Blockchain technology can be used in order to fight against counterfeit goods in a wide range of industries. For example, we reported at UseTheBitcoin that the French retailer is using distributed ledger technology (DLT) to help customers know more about the products they purchase at their stores.
In addition to it, the Beers group created a blockchain network called Tracr. This platform connects the Diamond Industry by establishing provenance, authenticity and traceability throughout the entire value chain. This helps reduce counterfeiting, forced labour and more.
Cardano has recently announced they released Shelley testnet network after months of developments. According to a recent report, the Shelley testnet will allow interested individuals to test the Ouroboros feature, which is one of the most awaited features in the cryptocurrency market.
At the time of writing this article, Cardano (ADA) is the 12th largest cryptocurrency in the market. It has a market capitalization of $979 and a price per coin of $0.03776.