It is not some hidden fact but it is an open truth that blockchain technology has brought technological innovation in the industries. Several industries got disrupted due to blockchain technology interventions.
There are several companies that have modulated plans to adapt themselves for the blockchain technology. One of the leading names among the top companies is Nike. Nike saw potential in the blockchain technology and experimented with its use to see whether this technology holds any power to solve the issues faced by Nike.
And Nike was right on the mark. A report state that Nike was able to use the blockchain to solve their lingering problems and announced officially to use the blockchain technology.
Where Nike is heading towards with Blockchain technology?
Blockchain technology never ceases to amaze us. After the implementation of the blockchain technology in UPS tracking, it is now used by Nike. Nike just recently patents a new method called Crypto kicks. It really took the world with surprise, when Nike came up with a method to use the blockchain technology.
With how the blockchain technology is being adopted by the big enterprises, it is not too far where the blockchain will be the core technology used in every industrial field.
Nike wishes to implement Blockchain in supply chain management
Supply chain management has always been a priority of the companies. But with the recent event, it has proven that the supply chain management needs technological innovation to completely track the goods.
There have been cases where fake products are reaching to the customers. This has made the brand lose its face in front of the audiences. To fight back this crisis, brands and companies are trying to incorporate the blockchain technology in the supply chain management.
Nike has confirmed that fact that there has been cases where their customer has got a fake Nike product. And this has resulted then their loyal customer. After considering all the recent events, Nike decides to use blockchain technology to track down its product.
How Cryptokicks are related to the supply chain management
Cryptokicks are the crypto token given by Nike to its customers. This action of Nike has made the nontangible decentralized digital currency into a tangible asset. In this case, it is Nike Shoes.
How Cryptokicks actually work? Well, Nike has attached Crypto token with its products. With the hello of the crypto token, the customers can easily track down their purchase and the origin of their shoes.
The customers can easily authenticate the credibility of Nike with the help of the embedded with the Cryptokicks token. In addition, there is an additional facility where the owner of Cryptokicks can be changed with the help of a crypto exchange platform like bitcoin evolution, read more here bitcoins-evolution.com/about/.
Have you ever played the Cat crypto game? These Cryptokicks are just like this game and can give offsprings in the form of physical shoes as per Nike protocols.
More technical detail
The blockchain network used by Nike is the Ethereum Blockchain network. Nike uses NFT of the ether blockchain technology. NFT stands for the Non-Fungible Token. These tokens have an individual specification and can’t be interchangeable.
There is only one way to know the password to unlock the tokens is by buying Nike shoes. There you will get a 10-digit code that will help you to unlock the tokens.
The data of the buy-sell will be stored on a blockchain network with the help of the 10-digit identification. You can even consider it as one in a kind of Crypto exchange. The only difference is that, in this exchange shoes are exchange instead of crypto coins.
Nike was able to understand how important blockchain technology is and was able to predict it future possibilities. It is high time for the other companies to venture into the unknown territory of the blockchain.