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Wednesday, December 07, 2022

The light and shadow of the “blockchain” technology with which Nike garnered millions of dollars

The light and shadow of the "blockchain" technology with which Nike garnered millions of dollars

The chain of blocks (blockchain) is spreading more and more throughout our environment. It is not only associated with cryptocurrencies, but already exists works of art or other cultural products and even in fashion and wood field. It is a set of technologies that allow secure, decentralized and distributed record keeping of digital operations without the intervention of third parties. It has also been used by Galician director Julio Fernández, film producer and distributor FilmMax, to celebrate the 15th anniversary of the premiere of “REC”, a milestone in the cinematographic history of the Sitges Film Festival. in Spain.

Fans of the “REC” series can purchase a limited edition of digital collectibles created as NFTs (Fungible Token) that works via blockchain and which allows access to 3D figures and other larger environments. Its peculiarity is that this type of document is unique and immutable, there is no other like it.

Products of this type have been used in other movie collectibles such as “Matrix”, “No Time to Die” or “Top Gun: Maverick”, among others.

Professor at the University of Santiago de Compostela (USC) from the Economic Analysis and Modeling Group- Manuel Fernández Grela highlights that “this is an area that holds great promise for the future”. But what is to be found in Europe, in general, and in Spain in particular, is that there is a great lack of information as well as training”. Tuesday in a Training Day at USC’s Faculty of Economic Sciences in Compostela in collaboration with the Professional College of Computer Engineering of Galicia and the Technical Modernization Agency of Galicia.

will also include Vladimiro Navarro, Blockchain Director at Addalia Which will talk about application in real world. Navarro gave part of his speech to FARO and we also took this opportunity to ask him what exactly blockchain is.

“In general, all models of society work because they are centralized and someone guarantees us that things work a certain way. I know I have my money because the bank tells me and everyone else That’s what I have. We all trust the system. In terms of blockchain, it is a technique that allows it to work the same way but without someone in the middle to guarantee everything because it works with defined and implemented rules. So, I can send money to another person without any bank guarantee”, he says.

Navarro Recalls That Blockchain Came looking for a way to exchange money -Although he clarified that bitcoin is not money- without using an intermediary such as a bank. “This was the first of the applications of the technology. Cryptocurrencies appeared, mechanisms for their exchange and speculation. Soon it was seen that this technology could be applied in other areas. For example, it could be used for any This is done to guarantee the traceability of the product from its origin to the table because at all times I have a trace (footprint) of each of the people who participate in that product without relying on third parties. In the food industry, it is widely used”, he details.

In the case of art, it details how the NFT blockchain Allows us to prove that we own a digital work that we can transfer it to another person with all the guarantee that we are the owner and that we have transferred it.

Those shoes are not bought for running in the field but to show the avatar

Vladimiro Navarro says the scheme has been chosen by large fashion firms like Nike to launch NFT products – such as digital sneakers – that represent the avatars of people in the metaverse (a digital world where our virtual selves can move). You can use. “Those shoes are not bought for running in the field, but for bragging that I have. I won’t buy them because I’m older, but my son will show his avatar in the metaverse or video games. Nike has made $180 million in sales For those shoes”, highlights this expert.

But there are other more tangible applications such as using blockchain For companies to submit their offers in public tenders. The government of Aragon has implemented it So that a fraction of that offer can be recorded in the blockchain. “Nobody can know what I am offering and neither I nor anyone can modify it later. Escrow opening day is verified and you guarantee that there can be no system manipulation” , Navarro says.

In Galicia, Manuel Fernández Grela says, they are using Traceability in the timber industry and also for initiatives like Bitcoin GoldIn which one of the promoters is of Vigo.

The problem with this technology is the lack of training to educate professionals in it. “If its potential is not known, it will be difficult to develop a significant activity in Galicia regardless of legal constraints,” warned Grela.

There are three Galician public universities (USC, Uvigo and A Corua University). Working to start offering programs Including matters related to blockchain.

,They began to be introduced in some subjects related material. What is not there is a specific program dedicated to blockchain or specific topics. At the moment, the material has only been offered in pilot experiences, he explains, waiting for the Ministry of Education to proceed.

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