Australian Shoe Manufacturers Adopt VeChain (VET) to Authenticate Nike Licensed Sneakers
VeChain (VET), a blockchain project that’s focused on enhancing supply chain management and business processes, has been adopted by top Australian shoe manufacturers, Case Shiel and The Kickz Stand for authentication of the Nike Air Max 1 Cherry sneakers scheduled for release on June 28, 2020.
Case Shiel & The Kickz Tap Blockchain Technology
According to the Global Brand Counterfeiting Report 2018-2020, luxury brands lost over 30 billion dollars to counterfeiters in 2018, and the amount of total counterfeiting globally is expected to surge to $1.82 trillion by the year 2020.
In a bid to make it impossible for bad actors to counterfeit its upcoming Nike Air Max 1 Cherry sneakers, set for release on June 28, 2020, Case Shiel and The Kickz Stand have adopted VeChain (VET).
Here’s it worth noting that this is not a direct collaboration between VeChain and Nike. Rather, the VeChain blockchain will be used by Case Shiel and The Kickz Stand to authenticate Nike licensed limited edition Air Max 1 Cherry sneakers.
The Kickz Stand tweeted:
A Forward-Thinking Move
It’s worth noting that the shoe manufacturers first joined forces with VeChain in November 2019, when the latter integrated the former’s blockchain into its Mars Yard Off White AJ1 sneakers, to enable buyers to easily verify the authenticity of the sneakers.
Now, Sarah Nabaa, VeChain’s Vice President for Asia and Australia has described the latest adoption of the VeChain Toolchain for verification and authentication of the upcoming Nike Air Max 1 Cherry sneakers as another forward-thinking maneuver.
The team says a VeChain-powered chip will be placed on the box of each Nike Air Max 1 Cherry sneaker and buyers will be able to fetch important information concerning the purchased product, including date of manufacture, location, and more, by simply scanning the QR code on the product.
Since the launch of VeChain in 2015 by Sunny Lu, former CIO of Louis Vuitton China, the project has continued to grow from strength to strength, forging significant alliances and reaching new milestones with each passing week.
BTCManager reported on June 19, 2020, that Viking Line, a Finland-based shipping firm has successfully obtained a VeChain-powered My Care verification from DNV GL, as part of measures to contain the COVID-19 pandemic.
On the technical front, in April this year, VeChain launched VeChain Thor v1.3.3 with a slew of performance enhancement updates to address some of the issues in the network’s previous versions.
At press time, the price of VeChain (VET) is up by 0.75 percent, trading at $0.008975, with a market capitalization of $497.69 million, as seen on CoinMarketCap.