Home Blockchain Nike Patents a System for Tokenizing Footwear on Ethereum’s Blockchain

Nike Patents a System for Tokenizing Footwear on Ethereum’s Blockchain

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Footwear large Nike patented sneakers which can be tokenized as a non-fungible token (NFT) on the Ethereum blockchain, dubbed CryptoKicks.

The patent — dated Dec. 10 — describes a digital asset for footwear and methods to make use of it. One implementation of the expertise described within the doc is an Ethereum ERC721 or ERC1155 token used to authenticate and transact a bodily shoe.

Footwear on the blockchain

The token could be “unlocked” with the acquisition of a corresponding bodily shoe by linking a 10-digit shoe identification code with the proprietor identification code. The system apparently goals to supply a manner to make sure the authenticity of the products, as described within the patent:

“Potential and present house owners […] could purchase and promote digital property by way of a number of blockchain ledgers working on the decentralized computing system. […] By the use of instance, and never limitation, a person could purchase a brand new pair of extremely wanted sneakers from a verified vendor who could present authenticated provenance information for the sneakers. […] After receiving the shoe field containing the bought sneakers, the person scans the field UPC with a barcode scan characteristic in a sneakers app working on the person’s smartphone.”

Curiously, Nike additionally means that token creation could also be linked to shoe gross sales, which might additionally permit for the verification of the shortage of the sneakers in circulation. The patent reads:

“When a shopper buys a real pair of sneakers a digital illustration of a present could also be generated, linked with the patron, and assigned a cryptographic token, the place the digital shoe and cryptographic token collectively symbolize a ‘CryptoKick.’”

When the footwear is bought, possession of the digital token may be handed on alongside the bodily product. The property of these tokens could be managed in a devoted app, additionally seeking to improve model engagement.

Nike to permit breeding sneakers on blockchain

The patent additionally borrows concepts from well-liked blockchain collectible cats sport CryptoKitties. Extra exactly, it means that the sneakers may be bred:

“Utilizing the digital asset, the customer is enabled to securely commerce or promote the tangible pair of sneakers, commerce or promote the digital shoe, retailer the digital shoe in a cryptocurrency pockets or different digital blockchain locker, intermingle or “breed” the digital shoe with one other digital shoe to create “shoe offspring,” and, based mostly on guidelines of acceptable shoe manufacturability, have the newly bred shoe offspring customized made as a brand new, tangible pair of sneakers.”

As blockchain turns into extra mature and large firms interact with the expertise extra, improvement within the business is accelerating. Nonetheless, consultants warn that that is an business through which the USA just isn’t on the forefront.

Latest stories present that on the subject of the variety of patent functions within the blockchain area, China is handily outpacing different international locations, together with the USA.





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