Blockchain tech to change face of online shopping, Nuggets

Blockchain tech to change face of online shopping, Nuggets

Blockchain technology may be the saving grace that the online retail sector needs, according to Alastair Johnson, Founder & CEO, Nuggets.

In a comment piece for RTIH, he argues that e-tailers are facing a handful of hurdles, most stemming from the payment process. “From the ‘abandoned shopping cart’ issue (it’s been estimated that almost 70% of shoppers leave their purchase at checkout) to individuals losing faith in the retailer’s ability to keep their details safe, there’s a range of issues that demand a remedy as the e-commerce sector continues to grow,” he states.

Blockchain technology can change the face of the online shopping process, he adds. “Consumers using a platform based on a decentralised ledger are privy to a more seamless experience that doesn’t sacrifice their privacy. With zero-knowledge storage, an individual can simply upload their payment details (or identification, for verification purposes), encrypt these, and store them in a container visible only to themselves,” says Johnson.

He adds: “This ensures that they retain full ownership over their own data, but at the same time allows them to reveal it at checkout. It’s a stretch to say anything is ‘unhackable’, but blockchain technology comes close: to compromise the network, a malicious actor would need to control over half of the nodes validating transactions (considering these are spread across the globe, such a feat is technically impossible). On the convenience front, it means that, when it comes to payment, there’s no fiddling with a plastic card, squinting to read the various bits of information as you type them in. The user can authorise a payment without any of the traditional hassle.”

Read the full comment piece here.

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