Cardano CEO Charles Hoskinson has announced a partnership with footwear brand New Balance to utilize blockchain technology.
Hoskinson, CEO of blockchain engineering firm IOHK, stated New Balance will utilize the Cardano blockchain to help authenticate the origin of its products.
Current plans do not show New Balance utilizing Cardano’s ADA token during this pilot, which is currently the 12th largest cryptocurrency by market capitalization.
Hoskinson made the announcement during Cardano’s second anniversary event at the Cardano Summit in Plovdiv, Bulgaria on Sept. 28.
The move to utilize blockchain technology by New Balance is the latest in a long line of large companies.
Walmart is already using the Linux Foundation’s Hyperledger Fabric blockchain to create a food traceability system.
Public enterprise blockchain platform VeChain partnered with Australian winemaker Penfolds to create their Wine Traceability Platform initiative.
In March, French multinational retailer Carrefour began utilizing blockchain technology to track its milk. The company promises customers complete product traceability across the entire supply chain — from farmers’ fields to the store shelves.