The major sportswear brand is in the blockchain latest news today for a new partnership with a cryptocurrency. In fact, we can see that the Cardano CEO Charles Hoskinson recently announced that New Balance will be using the Cardano blockchain for better authentication of its sportswear goods.
As an article published on September 28 in the latest cryptocurrency news by Crypto Briefing shows, the CEO of the blockchain engineering startup IOHK (Hoskinson) announced that the American footwear and sportswear brand New Balance will use Cardano’s blockchain to allow its customers to verify the origins on any range of products.
As it stands, Cardano and New Balance are planning to roll the program globally together. Still, the current plans do not entail the use of the ADA token during the pilot. What’s also interesting is the fact that Hoskinson made the partnership announcement during Cardano’s 2nd anniversary event at the Cardano Summit held in Plovdiv, the second largest city in Bulgaria.
If you are following our blockchain news, you probably know that a wide range of companies have begun implementing blockchain technology in their supply chains. As we recently reported, Walmart is also using blockchain to create a food traceability system based on the Linux Foundation and its Hyperledger Fabric.
In August, the public enterprise blockchain platform VeChain partnered with the Australian winemaker Penfolds – in an attempt to release a case of blockchain encypted wine bottles for sale, as part of the Wine Traceability Platform initiative.
In March this year, crypto news sites also reported that Carrefour introduced its own blockchain powered solution for tracking milk, which is seen as a new way to guarantee clients complete product traceability through the entire supply chain.
The news about New Balance integrating Cardano’s blockchain are huge in the industry and show that there could be many other similar announcements in the future. Meanwhile, the current price of Cardano (ADA) seems to be suffering, being at $0.037 right now and struggling to keep up as most of the top 20 are signaling red. Cardano’s ADA token has decreased by 4% in the recent wave of reds that appeared on the market, bringing the total market cap down to $216 billion.
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“A key strength of Tether is that it is underpinned by a rich diversity of different blockchains. Our latest collaboration with Algorand leverages the speed and security of Algorand’s protocol to give traders fast settlement and reduced counterparty risk in their fiat to digital asset transactions. Tether and Algorand both share a desire to keep building next-generation financial products and we feel our growing customer base will appreciate and benefit greatly from this collaboration.”Led by a Turing award winner named Silvio Micali, Algorand is a public, permissionless and proof-of-stake blockchain that is currently working on creating a borderless global economy. The inherent design and architecture is how Algorand cemented itself from the competition, easily conducting 1000 transactions per second and a block production time of 5 seconds per block. In comparison, the Ethereum latest news show that Ethereum manages less than 25 transactions per second and has a block production time of 15 seconds. All in all, Algorand is on a good way to provide a highly scalable platform for Tether to function at its maximum capacity. On the other hand, the network can leverage Tether's immense popularity to attract more users and institutions to its platform. This won't only increase the platform's usage - it will also bring in more developers and applications as well. While Algorand cements itself as a direct competitor to Ethereum, Tether (USDT) is also moving up and recently become the latest high profile project to collaborate with Algorand. The native token of Algorand, ALGO, has meanwhile been accepted on many major exchanges in the likes of Binance, CoinBasePRO, Huobi, Kraken and several others.
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