If you've used a data or power cord for long enough you might run into some cracking or fraying around the end points. I've seen some products out there to prevent this but I'm not about to use them.
I got my first can of PlastiDip the other day, knowing that I will find cool uses for it. I got a paper clip and gently painted the cracked portions of my iPhone cord with this stuff, overlapping some. It seems to dry completely in a couple hours.
There also seems to be a little shrinkage that occurs when it does dry. This didn't bother me any. I just applied a little extra. One the one end I had to give it two coats.
It does come in several different colors. I think white is one of them. And while that might have looked a little cleaner on this project my main concern was functionality. And I already had the black. Heck, maybe this color-coding of the ends will help distinguish the cable as mine and not someone else's.