After filing a patent to attach “cryptographically secure digital assets” to its sneakers, Nike is the latest brand to look at using blockchain technology in its products.
Even if you don’t know what it is, you’ve probably heard about blockchain. You may have even heard that more and more brands are starting to implement the technology in their products.
After LVMH, Nike is the latest brand to go in this direction, filing for a patent to attach cryptographically secure digital assets to its physical products.
Ok, if that latest sentence didn’t quite make sense, here’s how it will work. By applying blockchain features, Nike’s aim is to verify the authenticity and ownership of its products. This new implementation will be available in Nike’s special “CryptoKicks” line. The patent in question was filed back in April, and there is no news about its eventual launch.
This is interesting news, indeed. A couple of days ago, we reported that Nike would be pulling its products from Amazon, canceling a deal struck two years ago. While the official line is that this happened because of a change in retail strategy, it’s also possible that Nike was getting tired of Amazon failing to track and eliminate counterfeit Nike products on its platform.
With “CryptoKicks,” Nike takes a decisive step towards ensuring and validating that only the products carrying blockchain-powered ownership verification technology are genuine. Reaping the benefits of blockchain technology? Why not?
This is certainly a novel way to use it, and it may perhaps help other luxury brands that have problems with counterfeits.
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