The adoption of blockchain technology is increasing across the globe as masses are starting to see their applications beyond cryptocurrencies. Perhaps the greatest use of blockchain technology is as an overseer and a tracker. The technology can provide high-level transparency in every part of the supply chains as well as manage the finances of the matter.
China-based streetwear company YOHO has unveiled its collaboration with blockchain firm Ultrain. The company hopes to launch a blockchain solution surrounding their sneakers for their trading network.
The sneakers are an important part of China’s culture as they control a multibillion-dollar industry. YOHO is one of the country’s leaders in the sneaker market, has always valued the opinions of its customers, and has provided them accordingly. The company is always well-versed in the matter and is a trendsetter of sorts.
According to the company’s head, Li Zhe, the company hopes to create a platform that could provide the user with the premium goods that they pay for. He stated that in order for the goods to have any real value they must be authentic and a platform filled with fakes and copies will only reduce the number of customers.
The blockchain solution to come through the collaboration will provide authentic goods online with a peer-to-peer market. The customers will be able to verify beforehand whether the goods they are buying are from the authentic source or a fake.
The company is working with experts that analyze the sneakers individually and then label them as authentic. All data regarding the location and the quality of goods is available on the blockchain-powered platform.