Nuggets Partners XYO To Enhance Data Privacy On E-commerce Platforms
Most of the online services require you to share private data. For instance, if you are subscribing to a streaming service, you will share your name, your address and so on. This also applies when you buy an item from an e-commerce store.
We’ve partnered with @nuggetsPAYandID to take back control of your data!
Read more here: https://t.co/RknX3eh1jE pic.twitter.com/CIVmDV9ouK
— XYO (@OfficialXYO) February 22, 2019
Have you ever wondered where such data goes? What happens to it? In most cases, it is stored in a central server for months. Other organizations keep it for years.
Inside the aforementioned servers, your personal data is stored alongside information sourced from other individuals who use the same service. Although each of the contributing users has a unique profile, the unifying factor is that you are all clients of the same business.
The main disadvantage of centralized storage systems is their vulnerability when hacked. If the cybercriminal breaches the security mechanisms, they could have access to thousands – or even millions of private user information. Such data is invaluable to hackers.
A common perception of hacking and identity theft is that it only targets credit card information. This couldn’t be farther from the truth. In addition to the bank card details, hackers often steal other credentials such as your name, phone number, and addresses. This information is then used to facilitate criminal activities or borrow money from banking institutions.
Nuggets is a blockchain-driven solution that removes the need for sharing private information when making online purchases. This week, the platform partnered XYO with the objective of enhancing privacy in the e-commerce sector. The two companies will also work to streamline the buying and delivery of goods from only platforms.
Under the new partnership, Nuggets users will no longer have to provide their delivery address when shopping online. Also, users will be able to receive their goods at any location. The deliveries will be confirmed cryptographically using the XYO network.
Alastair Johnson, the founder of Nuggets, said that the partnership will allow users to participate in a buying process that is entirely private. At no point will they be required to share personal information with third-parties. Johnson believes that this is a huge step towards the realization of personal data privacy in online platforms.
Furthermore, this collaboration will eliminate the need for storing data on centralized servers. This means that such data will no longer be accessible to hackers. It is expected that companies will embrace this solution because it reduces the volume of customer information in their possession.
Arie Trouw, the CEO of XYO, said that they are excited to work with Nuggets in providing data privacy solutions to the e-commerce sector. He acknowledged that users have had to take the risk of sharing their private information with third-party platforms for too long. Aries concluded by saying the Nuggets-XYO collaboration will ensure that personal data remains with the owner throughout.
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