Australian company uses blockchain technology to trace limited-edition shoes
Aside from cryptocurrency, blockchain technology is also used to help combat counterfeit products.
Mon, 29 Jun 2020, 04:45 am UTC
One of the most persistent problems facing well-known global brands today is the proliferation of counterfeit goods in the market, which not only compete in sales with the genuine products but also destroy the brand’s reputation due to the inferior quality of the fake goods. To help them combat counterfeits, many companies are now turning to blockchain technology.
Australian sneaker customizer Chase Shiel is now harnessing blockchain technology to protect its upcoming line of shoes. The company announced on June 24 that it has partnered with retailer The Kickz Stand to produce a limited edition line of sneakers that will be based on Nike’s 2005 Stussy’s ‘SB Dunk,’ according to Cointelegraph.
This time, the upcoming limited-edition Nike Air Max 1 – inspired shoes, which went on sale on Chase Shiel’s website starting June 28, are supported by blockchain technology so it’ll be easy to spot the genuine merchandize from fakes. The sale of each pair of the limited-edition footwear will be logged into the tamper-proof blockchain-based traceability platform VeChain.
More specifically, the limited-edition shoes will be traced using VeChain’s ToolChain Suite and Thor Blockchain, according to The Kickz Stand in a Twitter post. The shoemaker’s partnership with VeChain was announced in November 2019.
Chase Shiel said in a tweet that using VeChain’s traceability platform will make it easier to prove authenticity and help the company fight against counterfeit products. With a simple scan of a QR code, both retailers and customers will be able to access the footwear’s detailed product information since the shoes will be equipped with VeChain’s tracking chip.
Some might wonder why Chase Shiel decided to use blockchain to prove the authenticity of non-genuine Nike inspired products. However, it is possible that VeChain might actually be aiming for Nike’s genuine shoes once it proves that its tracking technology works.
“This is the best strategy by Vechain,” Redditor Nopers5 wrote. “Target the small shoe companies that have released Nike licensed products, and maybe eventually Nike comes calling. Nike has a huge counterfeit problem in the world. Wouldn't be totally surprised if Nike was the big NA rumored partner either.”
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