ShopChain reveals an innovative approach to decentralizing shopper data leveraging Ethereum Blockchain, federated consensus, and an asynchronous distributed hash table technology.
Brooklyn, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Shopin releases a first look at ShopChain: a GDPR compliant approach for retail, and other industries, to offer their customers self-sovereignty for their most valuable data, with enhanced security.
“Between its utilization in BitTorrent and (Content Delivery Networks) CDN’s, more than 44% of Internet traffic is peer-to-peer traffic* that has been transmitted through the use of DHTs” states Lane Campbell, Shopin Advisor and co-inventor of ShopChain. “The concept of storing user data directly on a traditional blockchain is ludicrous and not at all the correct application of today’s blockchain technologies. Today blockchain technology is best described as fundamentally decentralized worm storage that is slow and correctly utilized as an immutable log for transactions.”.
DHT technology is not new. Most people have encountered the peer-to-peer technology via torrent networks such as BitTorrent. In these synchronous and symmetrical data exchanges, the peers all want to at some stage have the complete file.
ShopChain innovates in several ways, with the core concept that the encrypted data of a consumer exists in an asymmetrical and asynchronous distributed hash table (aDHT). The blockchain implementation allows the user to own and secure their data via private keys, with the blockchain attesting to where the data is stored in the exchange. To stay compliant, the data can be deleted from the exchange, is portable, and the blockchain also serves as an immutable attestation to any changes.
Furthermore, the network is resistant to distributed denial-of-service (DDoS) attacks, Sybil and other attacks, requiring a 2/3rd network control for changes to occur. This approach makes the network ideal for a federation of enterprise clients to offer intense levels of user data protection, whilst simultaneously offering very fast transactional speeds.
Shopin CTO Professor Georgi Gospodinov elaborates “One retailer gets hacked a month right now. The situation is intolerable for consumers who trust companies to host their data, and more so, the fines companies such as retailers face are crippling. Shopin presents an enterprise-grade solution to bring value to both sides of the table. Over the next weeks, we will be making regular commits of the production code for ShopChain.”
"The Shopin 'Decentralized Amazon-like' ecosystem offers the ability to let consumers own their data, be rewarded in tokens for when their attention and loyalty is engaged. In tandem, Shopin’s Retail Intelligence Data Engine offers a powerful artificial intelligence-driven business intelligence and recommendation engine fueled by the decentralized purchase data of the world of retail, to increase conversions-to-sales." elaborates Shopin CEO Eran Eyal.
The Shopin public Github can be found at https://github.com/uniteddata/shopin_public
The Whitepaper and Yellowpaper can be downloaded from the Shopin Github or the Shopin website.
Shopin invites technology-driven companies, brands, and consultancy companies to partner and pilot with them here: https://www.shopin.com/contact-us/
Shopin is dedicated to ensuring that timeless brands can remain timeless. We leverage groundbreaking A.I., blockchain, distributed networks and learnings from e-commerce giants like Amazon and Alibaba to bring consumers closer to the brands they love whilst
enabling them to control their data more securely than ever before.
We have two core products:
- ShopScore - aka Retail Intelligence Data Engine, where we have invented a patent-protected technical methodology to acquire and reverse engineer the purchase data insights of Amazon, eBay, Macy’s, Coach and many other major retailers to deliver unparalleled personalization and actionable recommendations for multiple divisions within the brand/ retailer.
- Shopin - aka ShopChain, which is our long term vision for consumers to own and control their purchase data to drive the most personal experience in every site, app, and store, with a cryptocurrency to reward shoppers for engaging with ads, marketing and loyalty campaigns.
Shopin’s approach is to firstly create a massive data fabric decentralizing the retail industry’s purchase data and the underlying tools to interpret that data into actionable recommendations available through retorts and an API feed.
This data fabric is the core of ShopScore, and of ShopChain’s ability to make recommendations and personalization at heretofore unforeseen accuracy and performance with even minimal data as the entire retail industry’s purchase data is driving the results.
ShopChain’s unique architecture which combines an asynchronous, asymmetrical DHT and Blockchain ensures that the retailer and shopper’s data is highly performant, yet incredibly secure.
The Lead named Shopin as retail’s “Moonshot of the Year” in the Leading 100. Shopin is the winner of BTC Miami (North American Bitcoin Conference), CoinAgenda Global and Bitcoinference 2018.
Recent and relevant articles:
- Shopin Github ShopChain DHT Blockchain Infrastructure
- Shopin Shopchain DHT DLT blockchain infrastructure