Cardano has launched a partnership with the New Balance shoe brand in order to combat counterfeiting. By authenticating the company's premium line of sneakers, Cardano can produce blockchain-based data — consumers and retailers can trust it. This solution will add value to the product and solve the problems of fakes.
Charles HOSKINSON, CEO of IOHK, a development company of Cardano, commented on the initiative:
“It provides a lot of things to New Balance that they’re really struggling with. Last year New Balance confiscated around 25 million pairs of fake shoes. Authentication is a very expensive proposition for a bunch of brands. What we can bring to the table is not only a very better way for them to accommodate this but also potentially create a marketplace.”
New Balance is expected to officially announce a partnership with Cardano later this month.