Nike Secures Patent for Cryptokicks Cryptocurrency

UPDATE (12/24/2019): Nike was recently issued its patent for blockchain-compatible sneakers, a system the sportswear brand is calling “CrpytoKicks.” The patent was filed earlier this year and outlines a system where blockchain can be used to attach digital assets to a physical product. In Nike’s case, the physical product would be sneakers.

According to TNW, when a pair of “CryptoKicks” is purchased, a digital asset unique to the shoe comes with it. This combination creates a full package that ensures the shoes’ authenticity, even as it moves from buyer to buyer. “When a consumer buys a genuine pair of shoes a digital representation of a shoe may be generated, linked with the consumer, and assigned a cryptographic token, where the digital shoe and cryptographic token collectively represent a ‘CryptoKick,’” states…