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Nike Gets Blockchain Patent To Let Users 'Breed' Own Shoes

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Nike Gets Blockchain Patent To Let Users 'Breed' Own Shoes

Oregon-based footwear giant Nike Inc (NYSE: NKE) has been awarded a blockchain patent by the U.S. Patent and Trademark Office to create digital versions of its shoes.

Blockchain Shoes

In the patent published on the U.S. Patent and Trademark Office website on Tuesday, Nike said that its customers would be able to register the purchase of their physical shoes with a unique identification number.

An equivalent digital version of the shoe will be created through a cryptocurrency wallet connected with the user's unique ID.

The move will help users verify the authenticity of the shoes they are purchasing, among other benefits, Nike said.

The digital version of the shoes will contain a cryptographic token based on the Ethereum platform. In addition, it will also have information about the physical features of the product, including color, the material used, manufacturing details, and their "eco-sustainability" factor.

'Breed' New Models

The registration of the product on blockchain would allow users to "securely sell or trade" the tangible form of the shoes, Nike said.

One of the key features would be the possibility of "breeding" new shoes, similar to what exists on Ethereum-based game CryptoKitties.

Two users can agree to intermingle their shoes over the blockchain platform, and create a new shoe "offspring" based on the features of the breeding shoes.

Nike said that it would design the physical version of the resultant offspring shoes, subject to "manufacturing restrictions."

The users will also have the choice to limit the number of real-world shoes that can be produced from their offspring or its clones, giving the control over the uniqueness of the product, according to the patent.

Price Action

Nike's shares closed 0.40% higher at $97.01 on Tuesday. The shares were further 0.04% up in after-hours trading.

Posted-In: NikeCryptocurrency Fintech News Markets Tech Media General Best of Benzinga

 

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