As many of my friends know, and perhaps so do you by glancing at my sidebar, I’m into cryptocurrencies. Back in 2013 I started mining Litecoin. Nowadays I’m mining Ethereum and I’m interested in ICOs. This post marks the start of a new series of blog post where I dive into different cryptocurrency topics. Today, I’ll start off with an interesting ICO named ‘Nucleus Vision’.
The Nucleus Vision cryptocurrency was originally founded in 2014 at one of the most prestigious education establishments in the world, Harvard University. It describes itself as an end-to-end technology solution that is able to capture and provide unaccessed data, which was previously unavailable to retailers and other businesses. You could argue that at some points, there is a gap between the worlds of offline and online retail, and the creators of Nucleus Vision want to provide a solution for this by creating a platform that doesn’t depend on the likes of RFID, WiFi Bluetooth, or Facial Recognition. This leap forward in sensor technology could change the way data can be collected and analysed, not just for the retail space, but for other areas too.
The creators of Nucleus Vision have outlined exactly where they plan on taking this technology in the future. This show a very clear understanding of what they feel they are capable of, and gives them time to make necessary improvements to the infrastructure if the need arises.
As this is their first phase as part of their launch, we will look at what is going into this sector. Nucleus has built the world’s first IoT (Internet of Things) based contactless identification system using blockchain technology. With the use of this technology, a retail outlet will be able to tailor a customer’s shopping experience into something more personal. The platform uses blockchain sensors that can be used to track a customers’ visit into a particular store, as well as being able to collect data to interpret which aisles they ventured down, to the path that they took throughout the store itself. Upon collecting all of this valuable data, a retailer can then create a more immersive shopping experience, and predict customer behaviour, which results in a more positive experience for any customer that enters the retail store.
Through the use of the re-nowed blockchain technology, Nucleus Vision hopes to enhance the experiences of the 2.6 trillion customers that visit the 91 million physical stores, all in real time. The worry that some people might have when they visit these stores, is that their privacy is being violated and the corporations are solely benefitting from this. However, the light at the end of the tunnel suggests that Nucleus aims to shift the power of data monetization to the customers themselves, which give them opportunity to take full control of their data, as well as the power to monetize it. The nCash token is going to be the currency for the data exchange between customer and company and will act as a remuneration and reward customers for willingly sharing their personal data. For personal data to be so open and freely exchange is the pillar on which a decentralised system like blockchain exists.
In order for Nucleus Vision to fully immerse itself into a retail store and be used to 100% of its capacity, there are a couple of things that need to be built into the system in order for it to be fully operational, these include:
- ION Sensor: Proprietary Sensor Technology. This piece of technology can be used to uniquely identify and sense changes in temperature, motion, pressure, acceleration and sound within the confines of the sensor. This allows the retailers to capture an avenue of new data that was previously unobtainable, and can be used to produce a greater shopping experience for a customer.
- Orbit Blockchain: This platform known as Orbit is the foundation where everything that is known about a customer that enters a store, will be shared securely between people and retailer. This includes the nCash token.
- Neuron Layer: This intelligence platform utilises deep learning, blockchain and IoT in order for the state-of-the-art analytics engine to connect the customers and retailers and the right time.
- nCash: Token-Based Payments. This is the decentralised cryptocurrency, which will be used for a number of transactions between a retailer and customer who decides to opt in for sharing their personal details with a store.
The potential for Nucleus Vision to spread out across different sectors is only limited by their imagination, and from the sounds of it, there’s no stopping them. With promises to expand into security and provide a solution to an already lacking market, Nucleus Vision will provide a way for information to utilised, again by blockchain technology, in real time. I don’t think I’ve come across a company that has thought this far into the future with their proprietary technology, so this is certainly one to watch for during their ICO.