The American sportswear company has patented Cryptokicks, which aims to track counterfeits. The company got the approval from the US Patent and Trademark Office on Tuesday.
Nike uses blockchain to fight counterfeits. The American sportwear company has patented Cryptokicks, which aims to track counterfeits. The company got the approval from the US Patent and Trademark Office on Tuesday.
The technology also aims to look toward a future of a virtual shoe experience, where digital renderings of shoes could be traded, sold or even used in online contexts like gaming, stated the company.
“It’s a more sophisticated way of tracking things in the physical world and digital world,” stated Rachel Walsh a partner in Goodwin Procter LLP’s intellectual property litigation group. “With a piece of apparel, they can track it, make sure it’s not copied, and exchanged between people in the secondary market in a more secure way,” Walsh adds.
Nike ended its fiscal year 2019 with an increase in its revenue of 7% to 39.1 billion dollars, which is due to the positioning of Jordan brand and direct sale to consumer. Also, net profit doubled in the year, to 4 billion dollars.