New Balance to Use Cardano Blockchain to Verify the Origins of a Range of Its Products
IOHK has announced a strategic partnership with the global athletic brand New Balance to use the Cardano (ADA) blockchain to authenticate a premium line of training shoes for the company. New Balance is one of the world’s leading brands in athletic footwear. primarily based in Boston Massachusetts, the company underwent a drastic expansion over the past 5 years, doubling its employees to over 8,000 worldwide, with revenue increasing from $2.7bn in 2013 to $4.1bn last year.
Several parasite brands were copying their image and branding. “It provides a lot of things to New Balance that they’re struggling with,” IOHK CEO Charles Hoskinson told Decrypt. “Last year New Balance confiscated around 25 million pairs of fake shoes. Authentication is a very expensive proposition for a bunch of brands’’. What he wanted was to bring to the table only a very better way for them to accommodate but also potentially create a marketplace.
Hoskinson envisages that Cardano will solely not just facilitate and establish provenance; it will also help the companies or manufacturers to spot those who are producing fake products, and are manufacturing merchandise on the side; also produce an efficient secondary marketplace for luxury goods, by authenticating produce, and even produce royalties or fees that return to the original manufacturer.
Blockchain, International Provide Chain, and Medical Insurance
Throughout the last few years, a variety of high-profile firms — like Anheuser Busch InBev and Alibaba — have begun to adapt to make use of blockchain-based systems to contour their everyday operations. As Cointelegraph recently reported, Walmart is using blockchain called VeChain. In respect to VeChain's blockchain technology allows Walmart to seamlessly deploy its traceability strategy and permit for the large-scale use of this decentralized technology.
Cointelegraph reported that back in March the retail Carrefour has step by step rolled out its new blockchain-powered product, Carrefour Quality Line (CQL) micro-filtered full-fat milk. CQL is touted to ensure customers complete product traceability across the whole supply chain — from farmers to the shop shelves.