Brand New Balance will use technology the blockchito authenticate your products. This goal will be achieved thanks to the support Cardano - a fully decentralized cryptographic project based on open software. A research company issued an official statement on this matter Input Output Hong Kong (IOHK).
IOHK announces that New Balance will use Cardano blockchain
General Director of IOHK, Charles Hoskinson, officially announced that the American footwear brand New Balance will use Blockchaine Cardano to increase its credibility among customers.
Thanks to block chains, they will gain better access to verification of the origin of products they are interested in acquiring.
For a brand like New Balance, product authentication can be considered as an important element of the overall strategy, primarily due to the huge number of counterfeit clothing items coming on sale.
Blockchain technology is becoming more and more popular among companies
New Balance is not the only company that has decided to use blockchaine technology in its supply chains, and its popularity in this field is gradually increasing.
The potential hidden in this solution has already been noticed by, among others business Walmart, which based on blockchain has developed its own food tracking system.
Blockchain Cardano, which New Balance decided to use is a cryptocurrency, decentralized project, and its operation is based on the so-called open software.
The main distinguishing feature of it is openness - everyone who has the right competences and knowledge, as well as a multi-layered structure can contribute to its development.
The most important assumption Cardano is to create a decentralized network that guarantees energy savings and a high level of security.
An algorithm was used for this purpose Proof-of-Stake, adding new elements to it.
It is based on the following assumptions: epochs and slots (slots), which are time units for the operation of the algorithm (the slot lasts 20 seconds, and the epoch 21 6000 slots) and withdrawals carried out every one epoch or in proportion to the coins collected at the beginning of the epoch, or according to the number of slots during which choosing a node network leader.