Nike now owns a patent for blockchain-based sneakers called CryptoKicks: Here’s what we know so far

    The patent outlines a system where blockchain can be used to attach cryptograpically secured digital assets to a physical product
    By: HT CORRESPONDENT
    | Updated on: Dec 11 2019, 18:23 IST
    The patent outlines a system where blockchain can be used to attach cryptograpically secured digital assets to a physical product
    The patent outlines a system where blockchain can be used to attach cryptograpically secured digital assets to a physical product (United States Patent and Trademark Office)
    The patent outlines a system where blockchain can be used to attach cryptograpically secured digital assets to a physical product
    The patent outlines a system where blockchain can be used to attach cryptograpically secured digital assets to a physical product (United States Patent and Trademark Office)

    The US Patent Office had approved the patent filed by Nike for its blockchain-based sneakers. Called CryptoKicks, the patent defines a "system" by which blockchain can be used to attach "cryptographically secured digital assets to a physical product", in this case - the sneakers.

    "Presented are cryptographic digital assets for articles of footwear, methods of making/using such cryptographic digital assets, and decentralized computing systems with blockchain control logic for mining. Intermingling, and exchanging blockchain-enabled digital shoes," the abstract of the patent reads.

    Nike's platform will also be tracking ownership and verify authenticity of sneakers using the blockchain system it seems.

    So, when you buy a pair of these CryptoKicks, you will also receive a digital asset that's attached to a unique identifier of that shoe. What this effectively means is that there will be a digital scarcity of digital assets as their production is tied to the production of real sneakers.

    "When a consumer buys a genuine pair of shoes a digital representation of a show may be generated, linked with the consumer, and assigned a cryptographic token, where the digital shoe and cryptographic token collectively represent a 'CryptoKick,'" the patent reads.

    When it is sold to someone else, the sneakers will transfer ownership by trading both the real shoe and/or the associated digital assets. And these assets can be stored in something called a "Digital Liocker" that is a cryptocurrency wallet app.

    Also, according to The Next Web, someone at Nike has been playing 'CryptoKitties' - owners of CryptoKicks will be able to "intermingle or breed the digital shoe with another digital shoe to create 'shoe offspring' and have the offspring made as a new, tangible pair of shoes".

    With the patent being granted, odds are that we can hope to see a pair of CryptoKicks soon-ish.

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    First Published Date: 11 Dec, 18:21 IST
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