CEO of Blockchain Engineering startup IOHK, Charles Hoskinson, declared that the American Footwear brand, New Balance will utilize the Cardano Blockchain, which will permit its customers to authenticate its range of products.
Earlier this week, the platform initiated its network test net. This partnership has plans to introduce this program globally. Nevertheless, existing plans do not include the use of ADA token during this test.
Over and above, Hoskinson allegedly announced the partnership during Cardano’s Birthday celebration at the Cardano summit in Bulgaria, the second biggest city, Plovdiv.
Cardano can be described as a cryptocurrency that implements peer-reviewed research to establish a network that neglects the shortcomings of cryptocurrencies like Ethereum and Bitcoin. Furthermore, the Network is divided into three parts, such as
- The Cardano establishment that develops the framework
- IOHK intended to work with universities for research
- Emurgo, which builds business applications on Cardano
Earlier this month, in China, Cardano Foundation had appointed Ryan He, to strengthen the developing efforts of Cardano in the Chinese Community.
Hoskinson foresees that not only will Cardano help to set up provenance; but will also help locate the factories that are producing the goods and are also cheating. He also stated that it would create an efficient secondary market for luxury goods by the way of authenticating the product, and even produce fees or royalties that backtrack to the original producer.
Also, the nodes on the Cardano main net are regulated by three major companies who are indulged in this project, first being the Cardano foundation, second EMURGO, and the last, IOHK. Moreover, the test net launch now permits IOHK and the larger community to run nodes and can test the network’s performance before the next phase, at the time when network incentives are tested.