- Cardano has partnered with New Balance to test an authentication system.
- Branded products, especially shoes from an expensive collector’s edition, are to be inspected for authenticity.
Producers of clothing, wine and medicines all over the world are victims of counterfeiting, resulting in damage running into billions every year. One application of the blockchain is to record the authenticity and origin of products along the value chain. This is precisely the area in which Cardano enters its founder Charles Hoskinson.
Cardano enters into partnership with New Balance
Already on 28.09.2019 the founder of Cardano announced at the Cardano Summit in Bulgaria that a cooperation between the sporting goods manufacturer New Balance and the Cardano Foundation is imminent. The day before yesterday Cardano confirmed the partnership in the official forum of the foundation and announced further details for next week.
Both companies have jointly developed the New Balance Realchain. This authentication system uses the Cardano blockchain to confirm the authenticity of a selected shoe model. Realchain uses a physical card with an integrated chip that can be scanned with a phone to confirm that the New Balance shoe is genuine.
Oh yeah! pic.twitter.com/alVUhPz9fq
— Charles Hoskinson (@IOHK_Charles) October 18, 2019
Buyers can purchase the shoe after it has passed the authenticity check and record this process on the Cardano blockchain. Input Output (IOHK), a research company founded by Hoskinson, believes that this partnership will be the first of many to follow in this sector. Hoskinson is looking forward to continuing to work with IOHK and is confident that New Balance will benefit greatly:
We look forward to seeing what New Balance customers think of the ability to protect their investment by verifying the authenticity of their new purchase forever on the Cardano Blockchain.
The strategic partnership marks the first commercial deployment of the Cardano blockchain since the start of the project in 2015.
Competition for Vechain
The best known project in the blockchain scene in the supply chain sector is VeChain. The company already cooperates with well-known companies worldwide. Cardano’s entry came as a bit of a surprise, as the project is actually specialized in solving complex tasks in the financial sector. However, this development shows that the blockchain can be used for more than just an exchange of values.
Meanwhile, the cryptocurrency ADA is unimpressed by this news and continues to show a downward trend (-22% within the last 30 days) at a price of $0.0381.