{"id":243984,"date":"2019-12-11T11:25:24","date_gmt":"2019-12-11T16:25:24","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=243984"},"modified":"2024-06-03T09:47:26","modified_gmt":"2024-06-03T09:47:26","slug":"nike-patents-blockchain-system-to-track-its-shoes","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/nike-patents-blockchain-system-to-track-its-shoes","title":{"rendered":"Nike Patents Blockchain System To Track Its Shoes"},"content":{"rendered":"

Nike Inc, the footwear giant based in Oregon, USA, has recently requested and was subsequently awarded<\/a> a blockchain patent through the US Patent and Trademark Office. With this new patent, Nike will be capable of creating digital versions of its various brands of shoes.<\/p>\n

A Patent for the Footwear Giant<\/strong><\/h2>\n

The US Patent and Trademark Office published the patent on its website on Tuesday. Nike said that the customers would be capable of registering the purchase of their physical shoes with a unique identification number given to them.<\/p>\n

Through doing so, a digital equivalent of the shoe pair will be created via a cryptocurrency wallet that will be connected to a user\u2019s unique ID code. With this move, Nike plans on verifying a shoe\u2019s authenticity at purchase, but the company stated that it was only one benefit amongst others.<\/p>\n

Verification and Entertainment<\/strong><\/h2>\n

The cryptographic tokens will be based on the Ethereum blockchain network to digitally represent the shoe. The tokens created will also hold information in regards to the product\u2019s physical features: Things like the material used, the colour, the \u201ceco-sustainability\u201d factor, as well as the manufacturing details, will all be visible from this online ID.<\/p>\n

\"Ethereum<\/a>
Source: FT.com<\/figcaption><\/figure>\n

Furthermore, Nike plans on allowing its users to \u201csecurely sell or trade\u201d the physical forms of shoes that are registered on the blockchain itself. With these registered shoes, Nike plans to make use of a new \u201cbreeding\u201d feature. This feature operates similarly to CryptoKitties, an Ethereum network-based video game. Two users will be capable of \u201cbreeding\u201d their two shoes over a blockchain platform, creating a new \u201coffspring\u201d with physical features based on a combination of the two \u201cparent\u201d shoes.<\/p>\n

Nike gave shoe enthusiasts hope by explaining it could design a physical version of this subsequent \u201coffspring,\u201d but warns that these designs are subject to \u201cmanufacturing restrictions.\u201d<\/p>\n

Clever Potential Monetizations<\/strong><\/h2>\n

Interestingly enough, these users will also have a chance of limiting the number of shoes produced via their offspring or its clones. This would give control over the uniqueness of the product and undoubtedly cause collector\u2019s items to pop up that ask for higher than regular prices for the privilege to own these limited edition shoes.<\/p>\n

It\u2019s unclear how Nike will monetize the \u201cchild\u201d shoes from all these potential brands of \u201cbreeding\u201d shoes, but make no mistake: This is a very clever ploy to gain a profit. Nike will probably ask for various admin fees, ask a profit on manufacturing, then sell the \u201cchild\u201d brand shoes like it\u2019s their own. What would be appropriate is if the breeders of the shoe gain a commission as well, but the facts aren\u2019t clear on this.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nike Inc, the footwear giant based in Oregon, USA, has recently requested and was subsequently awarded a blockchain patent through the US Patent and Trademark […]<\/a><\/div>","protected":false},"author":1717,"featured_media":243985,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[5357,7598,3189,7893],"acf":[],"yoast_head":"\nNike Patents Blockchain System To Track Its Shoes<\/title>\n<meta name=\"description\" content=\"With these registered shoes, Nike plans to make use of a new \u201cbreeding\u201d feature. This feature operates similarly to CryptoKitties.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243984\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nike Patents Blockchain System To Track Its Shoes\" \/>\n<meta property=\"og:description\" content=\"With these registered shoes, Nike plans to make use of a new \u201cbreeding\u201d feature. This feature operates similarly to CryptoKitties.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-11T16:25:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-03T09:47:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/12\/Nike-Patents-Blockchain-System-To-Track-Its-Shoes.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"970\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Raza\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ali_r1272\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Raza\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243984#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243984\"},\"author\":{\"name\":\"Ali Raza\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d\"},\"headline\":\"Nike Patents Blockchain System To Track Its Shoes\",\"datePublished\":\"2019-12-11T16:25:24+00:00\",\"dateModified\":\"2024-06-03T09:47:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243984\"},\"wordCount\":463,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"keywords\":[\"blockchain\",\"Crypto\",\"Nike\",\"Trading\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243984#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243984#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243984\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/243984\",\"name\":\"Nike Patents Blockchain System To Track Its Shoes\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"datePublished\":\"2019-12-11T16:25:24+00:00\",\"dateModified\":\"2024-06-03T09:47:26+00:00\",\"description\":\"With these registered shoes, Nike plans to make use of a new \u201cbreeding\u201d feature. 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