New Balance to fight counterfeits with Cardano technology

New Balance to fight counterfeits with Cardano technology

Cardano is the preferred cryptocurrency choice for New Balance, the American footwear brand when it comes to fighting phonies in the market.

With corporates and business understanding the power that the blockchain systems and the distributed ledger technology (DLT) entail, they have been harnessing the privacy, security and the transparency that these systems offer.

New Balance teams up with IOHK

IOHK, the company behind that Cardano (ADA) coin, had an announcement to make at the Cardano Summit in Bulgaria. IOHK CEO Charles Hoskinson announced that the popular footwear brand, New Balance will adopt Cardano’s blockchain to fight the counterfeit problem that been a growing menace.

This is another addition to the long list of fashion brands that have joined forces with blockchain tech firms to improve security measure.

Charles Hoskinson stated that the program will begin as a pilot program but will eventually branch out into the open world. What the CEO of IOPHK did not clarify is which brand line will be benefitting from the blockchain solution and if ADA, Cardano’s crypto token. Will be having a role to play in the new Brand’s market schematics.

The counterfeit problem

New brand has had a counterfeit problem to deal with. Back in 2017, it also won a case against the Chinese government when it was found that a footwear fashion line was copying designs from the original firm and selling them under the name, ‘New Boom’. The Chinese government ended up paying one billion dollars ($1.5B) as restitution.

Nevertheless, as to how the Cardano’s blockchain will help with the process, is unclear as neither New Balance nor Cardano have disclosed any information about the tagging process. The best bet at it would be that Cardano aims to tag the product with a unique cryptographic identifier that will be verified using the smart contract on the blockchain for that product. That’s all we’ve got to go with until either of the two firms explain it themselves.

The US Food and Drug Administration (FDA) had several pharmaceutical companies collaborating with it to fight counterfeits as well. This was a pilot program that was a pilot program as well, announced in May.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

Related News

Hot Stories

Dogecoin price analysis: DOGE/USD set to break above $0.1 soon?
Seth Green loses his 4 NFTs in a Phishing scam; begs not to buy them.
Do Kwon moves on LUNA`s revival plan despite 90% rejection votes
MiamiCoin and NewYorkCoin plummet over 85% despite Mayoral endorsements
Recession talks surge, Elon Musk predicts one lasting up to 18 months as crypto tanks

Follow Us

Industry News

TFL's legal team has left the company amid the LUNA crisis
Do Kwon moves on LUNA`s revival plan despite 90% rejection votes
Japan's banking giant Nomura set to launch crypto division
Leading Korean law firm to sue Do Kwon amid UST and LUNA ordeal
Recession talks surge, Elon Musk predicts one lasting up to 18 months as crypto tanks