Nike Receives Patent for Tokenizing Shoes on the Ethereum Blockchain
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Nike Receives Patent for Tokenizing Shoes on the Ethereum Blockchain

December 11, 2019      Mary Brendah

Global footwear brand Nike has just received a patent to tokenize shoes using the Ethereum Blockchain. A document posted on the United States Patent and Trademark Office and dated Dec. 10, describes the tokens for the shoes and how to use them. The shoes are tokenized as a non-fungible token (NFT) and named CryptoKicks.

Moreover, in the document Nike states that; it wants to generate unique IDs and create ERC 721 tokens for some footwear. Also, users can “unlock” the tokens by purchasing physical shoes and linking a 10-digit shoe identification code with the owner identification code to prove ownership. Additionally, the system aims to ensure the shoes are authentic. According to the patent:

“Prospective and current owners […] may buy and sell digital assets through one or more blockchain ledgers operating on the decentralized computing system. […] By way of example, and not limitation, a user may buy a new pair of highly sought after sneakers from a verified vendor who may provide authenticated provenance records for the sneakers. […] After receiving the shoe box containing the purchased sneakers, the user scans the box UPC with a barcode scan feature in a sneakers app operating on the user’s smartphone.”

Patent to allow users exert control over shoes and shoe design

Furthermore, presumably the patent will also allow the customers; to have control over their shoes and their shoe designs. For example, it highlights how users can exert the limit on how many copies of their shoes can be cloned. Also, Nike suggests that the creation of a token would be linked to shoe sale. Interestingly, this would allow users to know the scarcity of shoes in circulation. The document reads:

“When a consumer buys a genuine pair of shoes a digital representation of a show may be generated; linked with the consumer, and assigned a cryptographic token, where the digital shoe and cryptographic token collectively represent a ‘CryptoKick.”

 In conclusion, when a shoe is sold, the ownership of the digital asset can be passed along to the buyer. The tokens can be managed in a dedicated app that also aims to enhance brand engagement.

READ  What Is Stock-To-Flow Chart, And Why It Is Not One Of The Most Trustworthy Model To Predict Bitcoin Price
#Blockchain patent #Crypto News #Cryptocurrency #Cryptocurrency Market #Cryptocurrency News #Ethereum Blockchain #Nike
Mary Brendah
Mary Brendah

My first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.