New Balance to Use Cardano Blockchain to Confirm Product Authenticity

According to a Sept. 28 article by Crypto Briefing, Charles Hoskinson, CEO of blockchain engineering startup IOHK, announced that American footwear brand New Balance will use the Cardano blockchain to allow its customers to verify the origins of an range of products.

Cardano CEO Charles Hoskinson announced that New Balance will be using the Cardano blockchain to help authenticate its products.

Cardano and New Balance are planning to roll out the program globally. However, current plans do not entail using the ADA token during this pilot.

Hoskinson reportedly made the partnership announcement during Cardano’s 2nd anniversary event at the Cardano Summit in Bulgaria’s second-largest city, Plovdiv.

Blockchain, global supply chain and health insurance

A wide range of companies have already started to implement blockchain technology into their supply chains. As Cointelegraph recently reported, Walmart is using blockchain technology to create a food traceability system based on the Linux Foundation’s Hyperledger Fabric.

In August public enterprise blockchain platform VeChain partnered with Australian winemaker Penfolds to release a case of blockchain-encrypted wine bottles for sale, as part of its Wine Traceability Platform initiative.

Cointelegraph reported in March that Carrefour introduced its own blockchain-powered solution for tracking milk, which is reported to guarantee clients complete product traceability across the entire supply chain – from farmers’ fields to the store shelves.

Nets Player On Pace for Jan. 13 Tokenized Bond Launch

Spencer Dinwiddie of the NBA’s Brooklyn Nets will launch his tokenized security offering on Jan. 13, in collaboration with digital securities company Securitize, after reportedly settling terms with the NBA.

“The Spencer Dinwiddie bond launches January 13th”, Dinwiddie said in a Jan. 10 tweet, adding, “I’ll also be taking 8 fans to ASW with me.”

Securitize also showed its support of Dinwiddie, with a Jan. 10 tweet from its CEO.

Carlos Domingo tweeted:

“At @securitize we are extremely excited and proud to be the digital transfer agent and technology partner for @SDinwiddie_25 and @DreamFanShares world’s first Professional Athlete Investment Security Token. Innovation takes courage, kudos.”

Months in the making

Dinwiddie first announced the launch of his new investment platform, DREAM Fan Shares, on Sept. 26, 2019, according to a press release.

“DREAM Fan Shares will be a portal for supporters and fans who want to invest in the potential success of athletes and stars”, the release explained, which includes releasing different Professional Athlete Investment Tokens (PAInTs).

Dinwiddie’s developed his token, SD8, under his company, SD8 LLC.

Essentially, Dinwiddie planned to sell his SD8 bond tokens on his DREAM platform in exchange for millions of dollars from his contract, worth $34 million in total, Forbes contributor Shlomo Sprung detailed in an October 2019 article.

Backlash from the NBA

The NBA, however, expressed notable concerns over Dinwiddie’s plans, which included a “player option”, leading to investor dividends based on specific circumstances, Sprung said in a Jan. 10 article. The NBA noted that the Nets player’s career might be at risk if he followed through with his plans, Dinwiddie told Sprung.

Dinwiddie was able to come to terms with the NBA, removing the player option and finalizing a Jan. 13 launch after months of delay, Sprung wrote, adding:

“Dinwiddie is going to sell his securities-backed SD8 tokens, which can’t be traded for a year, for $150,000 apiece to verified accredited investors under SEC Regulation D, Rule 506 (c).”

Put simply, this format allows NBA players more flexibility for investing, taking advantage of the opportunity cost held within their contracts, the article explained.

Dinwiddie is also reportedly vying for a spot in the NBA all-star game, with player selection partially based on fan voting.

Although Dinwiddie’s tweet shows he is still moving forward with his bond launch, the NBA’s response reveals the league is still looking into how the tokenized operation applies to the league’s guidelines.

The NBA told Sprung on Jan. 9:

“Spencer Dinwiddie’s advisors provided us today with new information regarding a modified version of their digital token idea, which we are reviewing to determine whether the updated idea is permissible under league rules.”

According to the Forbes article, however, Dinwiddie’s contract with the league is not in jeopardy, based on comments from the NBA player.

Cointelegraph reached out to the NBA for clarification but received no comment as of press time. This article will be updated accordingly upon receipt of a response.

Cointelegraph covered Dinwiddie’s announcement last fall, as well as the backlash from the NBA that ensued.

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