Colnago, a leading Italian road-racing bicycle manufacturer, has integrated blockchain technology into its new bicycles so that customers can get proof of validity and ownership. New technology, as a result, is expected to combat counterfeit and theft.
Manolo Bertocchi, the head of marketing at Colnago, welcomed the move and stated:
“We have been looking at the security provided by blockchain technology to give our customers the confidence to know that the frame they are buying is authentic and to demonstrate the chain of ownership forever.”
MyLime, a blockchain-based tracking platform, will be tasked with linking Colnago frames to the automotive blockchain, where information about any frame’s manufacture, sale, and transport are stored.
Tour de France Champion to race a blockchain-powered bike
Tadej Pogacar, the 2020 and 2021 Tour de France Champion, is scheduled to run a blockchain-enabled bicycle dubbed Colnago V3Rs at the UCI Road World Championship set for September 26.
“It’s the first time I have designed a bike, and working with Colnago engineers and designers has been very exciting. The idea is that my head is cold like ice while racing, but my legs are always on fire, and Colnago has delivered frozen colors to represent this dichotomy.”
Next year, Colnago intends to incorporate blockchain transactions to team and production bicycles and sales, ownership, and manufacture stored on MyLime’s blockchain platform.
Colnago to establish an NFT version of every bike
Colnago is also eyeing the NFT world, given that it will avail a non-fungible token to every bike owner.
The NFT sector has experienced an uptick in activities, given that the tokens offered are different from the typical ones because of fungibility.
NFT is a blockchain-based ownership digital asset, and its value is pegged on its uniqueness, given that the tokens are non-divisible and have to be bought in their entirety. Therefore, these traits create intrinsic value for NFTs because of their limited supply.
Spanish LaLiga League recently teamed up with Ethereum-based fantasy soccer game platform Sorare to establish NFTs for all its players.
Image source: Shuttstock