- Nike enters the blockchain arena by patenting its new ‘cryptokicks’
- By tokenizing its shoes, the shoes will become non-fungible in nature, among other features
Nike has secured a patent to tokenize its shoes, making it the first multinational footwear giant to enter the blockchain space. As previously reported on BitcoinNews.com, the footwear giant had announced its application for the patent earlier this year on its ‘cryptokicks’.
By using Digital Ledger Technology (DLT), the transaction of the shoe is authenticated. When the shoe is purchased, the 10-digit identification code of the shoe will be linked to the identification code of the purchaser. This will in turn help in preventing a misplacement or help with replacement of the shoes.
In addition, Nike aims at increasing its online customer base while simultaneously enhancing the security of their transactions. Moreover, the frequency and quantity of generation of tokens linked to a particular kind of shoe will help Nike in recognizing the performance of their shoes.
This ‘digital shoe’ serves as a digital asset and can be stored in digital wallets (e-wallets). This will enable various buyers or prospective buyers to engage in trade of their shoes, thanks to the communication network that the crypto shoes will provide.
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