E-commerce Giants Are Fooling Consumers Into Giving Up Their Data
‘Data-less payments’ are now possible thanks to blockchain technology, according to CEO of Nuggets dubbed ‘PayPal on Steroids’ solution
London, UK - Feb 20, 2018 - Data sharing for simple e-commerce payments and other transactions is not necessary and e-commerce giants should come clean with consumers about why they are storing their personal data, according to Alastair Johnson, CEO and Founder of Nuggets, a blockchain-based e-commerce payments and ID platform being dubbed ‘PayPal on Steroids’.
With the compliance deadline for the General Data Protection Regulation (GDPR) set to come into force across Europe in May 2018, the rights of consumers to dictate how companies store and utilise their data are set to be strengthened. However, Johnson argues that such storing of personal data, even if done to the letter of the new GDPR law, is totally unnecessary and that consumers need to be made aware of this.
“The simple fact is that the mass storing of personal data by a whole range of retail companies and payment providers is not necessary for individuals to continue making e-commerce payments as they choose. While the consumer rights ethos of GDPR should be commended, it is out of date before it has even come into being. Technology is moving faster than the regulators ever can. A new approach is needed that enables consumers, who really want to own and control all of their personal data, to still make safe and simple online transactions,” said Alastair Johnson, CEO and Founder of Nuggets.
The revelation comes at a time when consumer confidence in the ability of firms to securely store their data has been reduced by a string of personal data breaches at high profile firms. Most recently, in 2017, global credit reporting agency Equifax admitted that 145 million consumers were affected by a data breach, before having to admit recently that the number affected is even higher.
Only last week, it was reported that half of all web users admitted to falsifying data that companies ask them for to access online services because of security fears, according to security company RSA.
“The smoke and mirrors that surrounds data sharing for online payments must stop,” continued Johnson. “Consumers need to be able to make simple e-commerce payments and other transactions without sacrificing personal data to anyone - including Nuggets!”
Nuggets works by first enabling individuals to securely store their personal data on the blockchain and then using it to make simple e-commerce payments and other transactions, without sacrificing it to third parties. That means no more data breaches because companies don’t have to store consumers’ data.
Nuggets will be available across e-commerce platforms and payment gateways so that, instead of entering an existing payment method, they can just select “Nuggets”. Not only that, because Nuggets is a blockchain-based and tokenised platform, users can accrue Nugget tokens for using it. They can use these tokens to buy physical and digital products and services from Nuggets-enabled merchants.
As part of its development roadmap, Nuggets is holding an Initial Token Offering (ITO) in order to raise up to $30 million. For the public sale, there is a $10,000 minimum for purchases made in US dollars and no minimum for purchases in BTC or ETH.
Nuggets is an e-commerce payments and ID platform. It stores your personal and payment data securely in the blockchain, so you can make simple e-commerce payments and other transactions, without having to share your personal data with anyone – not even Nuggets.
For more information and to read the whitepaper, visit: https://nuggets.life/