Posted 2 years ago | by Ben Armstrong
New Balance Will Use Cardano Blockchain for Product Authentication
On September 28th, Charles Hoskinson, CEO of blockchain engineering startup IOHK, announced that American footwear brand New Balance will be using the Cardano blockchain to help authenticate its products and to allow its customers to verify the origins of an array of products.
The partnership announcement was made during Cardano’s second anniversary event at the Cardano Summit in Plovdiv, Bulgaria. Cardano and New Balance plan to launch the program globally, but current plans do not include using the ADA token during this trial run.
In addition to New Balance, a wide range of companies have started to implement blockchain technology into their supply chains. As recently reported, Walmart is using blockchain technology to create a food traceability system based on the Linux Foundation’s Hyperledger Fabric.
New Balance and Cardano Work to Ensure Quality
In August 2019, public enterprise blockchain platform VeChain partnered with Australian winemaker Penfolds to release a case of blockchain-encrypted wine bottles for sale, as part of its Wine Traceability Platform initiative.
In March 2019, Carrefour introduced its own blockchain powered solution for tracking milk, which is reported to guarantee clients complete product traceability across the entire supply chain — from farmers’ fields to the store shelves. Given the concerns with food and milk safety, these innovations could have a significant consumer impact.
The adoption of blockchain platforms by major corporations signifies a new shift in the global market, one more geared towards innovation and technology. Not only do these platforms ensure convenience and authenticity, but also quality for the consumer.
Supply Chains Need to be Secure
As the concept of farm to table food increases, many consumers who wish to make ethical and sustainable choice in their spending and eating habits want to know the origin of their food and food products. Walmart, Carrefour, and Penfolds are seeking to address these concerns in very modern ways, by embracing blockchain and cryptocurrencies.
Although New Balance does not cater to the food industry, it does appeal to many health minded and sports oriented people who care about the origins of other products, especially fashion which has a controversial environmental and human impact.
Not content to lag behind their competitors, many businesses are wading into the new digital world. It is possible that health insurance might also follow suit, particularly in countries with a national health care system. It will be interesting to see what other companies follow suit.