Blockchain-powered payment platform promises improved e-commerce security
28 May 2018 - 13:01 by Graham Miller
A new app which is based on the same technology as Bitcoin and other popular cryptocurrencies has been announced, aiming to make it easier for people to pay for goods and services without giving out any personal data.
Known as Nuggets, the platform is currently in alpha testing but could be the first blockchain-based service of its kind to arrive in the UK and will be a boon for consumers who are concerned about their privacy and security when carrying out safe shopping online.
Internet Retailing reports that the app makes use of biometric login capabilities offered by modern smartphones, specifically via the fingerprint scanners that are common across the iPhone range and several other devices. This serves a dual purpose of making it easy to log in and verify payments, while also getting rid of passwords, which can be a serious weak point of any other digital platform.
Nuggets gives users complete control over the way they pay and lets them add trusted contacts to the app, which can include other users as well as businesses that are committed to the platform.
The blockchain tech on which it is based is designed to allow anonymous payments, while also avoiding many of the security issues which face traditional online transactions. This is because it acts as a digital ledger, of which every user has a copy that is updated whenever a change is made.
Many experts believe that blockchain will eventually underpin the entire market for safe shopping online, although retailers might be concerned about the fact that customers could soon buy items without leaving any private data on their systems. This is a positive step in the wake of the rollout of the General Data Protection Regulation last week, but could compromise the power of some online advertising platforms which are based on personalisation.