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Blocktempo.com reported that Cardano (ADA), the 12th largest cryptocurrency market capitalization company, announced yesterday that it will work with the well-known sports brand New Balance to provide traceability solutions to combat the fake shoe market.

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Image from Bittimes.net


As of September 28, Cardano (ADA) has a total market capitalization of approximately $978 million, making it the 12th largest encryption project in the world. Yesterday (28) was the second anniversary of Cardano's birth. Charles Hoskinson, CEO of the project company IOHK, announced a strategic partnership with the well-known sports brand New Balance.

Pirate brand sneaker market

New Balance has always been quite flustered about "trademark piracy" and believes that this behavior undermines the company's strategic layout. In the past few years, New Balance has also actively cooperated with local regulators in the market in an attempt to combat the fake shoe market.

In the past, a company called “New Boom” in China copied the classic LOGO of New Balance and launched a jogging shoe with rhinestones. After New Balance was brought to court, the judge thought that New Boom's goods were easily confused by consumers. Therefore, you must compensate New Balance for $1.5 billion in damages.

This collaboration is also a goal for New Balance to realize the authenticity of footwear on the chain through Cardano's technology in the blockchain.

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Image from internet


Blockchain is recognized as the most popular application scenario

From the combination of this international big factory and the top 20 projects of cryptocurrency, we can see again: production information, production and sales resume has been the hottest blockchain application scenario in recent years.

As early as April of this year, Nestlé, the Swiss food industry leader, and Carrefour, a large French mass-marketing group, announced a joint announcement on April 15th that they would use IBM's blockchain technology to allow customers to trace food. "Food production and sales resume".

One of Nestle's investment brands, "Maggi's Mousline Instant Potato Clay" will be the first to apply this blockchain food production and sales experience. French consumers can see the production date, control parameters, storage time, warehouse by scanning the QR Code. Location, location information, production process.

IOHK Recent News

In addition to strategic cooperation with New Balance, IOHK announced in April this year that it will work with the Ethiopian government to develop a new cryptocurrency. Chief Executive Hoskinson told the Nikkei News at the time:

There is no better country than Ethiopia to create virtual currency. In countries where 70% of the population is under 30, unstable in life and well-versed in the Internet, it is best suited to create virtual currency.

The cryptocurrency will provide a secure payment method to cover the public expenses and public transportation costs of the country's capital, Adis Adaba. In addition, Cardano also needs to establish a new traceability solution for the Ethiopian government.

Although the partnership with New Balance is critical to Cardano's move to the world, IOHK's spokesperson is still reluctant to disclose when the strategic contract with New Balance will begin before the deadline.
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