Nuggets is a consumer blockchain platform with the power to revolutionise payment, privacy and security. It puts personal data back in control of individuals, enabling ‘self-sovereign identity’ on a mass scale. And it solves the biggest single headache for businesses: data security.
Nuggets was inspired by its Founder’s personal experience of having his payment details used fraudulently – and the complicated, frustrating process that ensued.
Nuggets solves this problem, using zero knowledge storage, encryption, privacy, security and trust, all combined with the immutable ledger that’s decentralised. This creates an entirely new, blockchain-enabled platform for making simple e-commerce payments without having to sacrifice control of their personal data.
This is a consumer platform that everyone will use every day, to make trusted transactions with one simple, biometric verification. Those transactions go well beyond payments. Nuggets also enables secure login, ID verification and courier deliveries – with a many other applications and opportunities in the pipeline.
1. No uncontrolled storing or sharing your data – but still use the services you love.
2. Privacy and security assured by leveraging the blockchain and data encryption.
3. Payment with existing methods and crypto currency – including credit and debit cards.
4. Single sign-on, without tracking and selling your activity.
5. Biometric access: simple and secure.
6. No passwords, no social engineering, No hijacking Phone Accounts.
7. Update everything at once, instead of dozens of services individually.
8. Rewards for loyalty and referrals, which you can spend with any merchant in the ecosystem, as well as on charitable benefits.
Reduce fraud – $16 billion has been lost to card and identity fraud in the US.
2. Reduce false positives – $118 billion has been lost or passed up in the US through false positives.
3. Reduce fraudulent charge backs – These currently make up 42% of retail fraud losses.
4. More transactions – Thanks to greater peace of mind from trusted and verified transactions.
5. Minimise regulatory exposure – Massively reducing data silos means less risk of non-compliance with upcoming General Data Protection Regulation (GDPR) and the Federal Trade Commission Act (15 U.S.C. §§41-58) (FTC Act).
6. Customize experiences using anonymous behavioural data – offer the services users want, without compromising their privacy and security.
7. Offer Nuggets Tokens as incentives – Nuggets Tokens will be a valuable and attractive form of incentive, as users can spend them with any merchant in the ecosystem.
Nuggets’ technology is split into three distinct layers:
1. Biometrics: confirms user identity (without storing)
2. Data encryption: keeps data private
3. Blockchain: stores encrypted data in tamper-proof form
Combining these technologies allows us more control than a central corporate server to the user’s device. Biometrics allow Nuggets to verify the user on their device, without retaining the required data outside the device. The Nuggets software enables the device to be used in this way, and the encryption itself is done on the user’s device. That means the user is in sole control of who can decrypt the data.
Finally, blockchain ensures that we are not dependent on any one entity (including Nuggets itself) for storing or maintaining the integrity of the data – which means they also can’t compromise it.
One of the core principles of Nuggets is future-proofing. In practical terms, this means that we have designed a solution that works today, but we are also fully aware that all three areas of Nuggets’ technology (biometrics, encryption and blockchain) are evolving rapidly, so we are ready to adapt the platform as they do so.