Nuggets blockchain e-commerce payment platform: your data information is at your disposal

By Alastair Johnson, Founder and CEO of Nuggets

As the world's largest and most dynamic e-commerce market, China's total e-commerce transaction volume in 2017 reached 29.2 trillion yuan, and both B2C sales and the number of online shoppers ranked first in the world1. However, the increasingly prominent problem of data leakage is plaguing Chinese e-commerce consumers. How can consumers enjoy the fun of online shopping while ensuring data security and protecting them? Nuggets, an e-commerce payment and identity authentication platform based on blockchain, has provided a revolutionary solution.

When many people talk about big data, they always mention this point: data is value. Although data information itself does not have the ability to be directly monetized, the leaked data itself is like a lost key, providing the person who obtains the data with the possibility of illegally using the data and monetizing it.

You can imagine that during online shopping, we are handing over more and more personal data and payment data to e-commerce companies and storing them in centralized databases. While hackers are coveting the monetizable data information in these centralized databases, we as consumers are powerless to protect the security of these private data. At the same time, we are also exposed to the risk of economic loss due to data leaks.

According to a survey conducted by the Internet Society of China, in 2016 alone, the economic losses suffered by Chinese netizens due to spam, fraudulent information, and personal information leakage amounted to 133 yuan per person, with an overall economic loss of 91.5 billion yuan2. In the past few months of 2018, data leakage incidents have occurred frequently at home and abroad. On April 19, Hong Kong Broadband Limited announced that an unused database server owned by its group had been hacked by an unidentified person, and about 380,000 customer information in the database, including personal information and about 43,000 credit card data, was affected3.

Faced with the increasingly prominent data security issues, what should consumers do in the era of online shopping?

Leveraging powerful biometrics, encryption and blockchain technologies, Nuggets e-commerce payment and identity verification platform stores consumer personal and payment data on the blockchain through zero-knowledge storage, allowing consumers to regain control of their personal data and conveniently implement secure and reliable financial transactions through simple operations on a user-friendly platform.

Nuggets is not intended to be a competitor to existing payment applications, but rather to add technology and usage value to these payment applications, allowing all users to benefit from the potential of personal cloud data.

It is worth noting that during the entire process of simply making e-commerce payments and other transactions, consumers no longer need to share personal data with anyone (including the Nuggets platform). Nuggets will completely realize the vision of letting consumers regain control of their data and "your data information is yours".

Nuggets uses black technology to let you control your data

Biometrics: Users can confirm their identity through biometrics without data storage. Nuggets uses biometrics to scan users’ faces from multiple angles. The initial KYC (know your customer) authentication process is completed by combining ID scanning technology and optical character recognition technology. After that, the biometric information will only be stored on the user’s device for local authentication during future e-commerce payments.

Data encryption: Through data encryption, personal data is kept safe and secure. On the user's mobile phone, computer and other devices, Nuggets will first encrypt all the user's personal information, and then encrypt it again on the blockchain. In addition, the data can only be decrypted with the key specified by the user. This anonymity feature is the basis for Nuggets to meet the strict requirements of ever-changing data protection and privacy laws and regulations.

Blockchain: Blockchain is a public, fully decentralized network that allows third parties to store encrypted data in an immutable ledger in a tamper-proof manner. Combined with blockchain technology, Nuggets can better control every aspect of the identity authentication and payment management process without the need for a centralized corporate server.

Note:

1. "World E-Commerce Report 2017", http://www.jiemian.com/article/2054801.html

2. "China Internet User Rights Protection Survey Report 2016", http://www.isc.org.cn/zxzx/xhdt/listinfo-33759.html

3. A database of Hong Kong Broadband Company was hacked: 380,000 customer information may be leaked, http://finance.ifeng.com/a/20180419/16136372_0.shtml

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