Nucleus Vision, an IoT & Blockchain technology company serving the retail industry, launches GIDC (Global Identity and Consent) blockchain network for consent-based data access management. The private multi-node blockchain network gives power to users to control who can access their data. Nucleus Vision announces the launch of this network at Genesis DevCon, a blockchain conference held in Bangalore, India, on 24 & 25 November.
Nucleus Vision addresses the challenges faced by brick-and-mortar businesses through a technological solution that is built using the Internet of Things and Artificial Intelligence technologies to provide knowledge of consumer shopping behavior and preferences in real-time for retailers. With data at the core of this solution, Nucleus Vision brings in Blockchain technology to ensure privacy and security.
Users can visit Nucleus Vision’s block explorer to explore the private blockchain network that currently has five active nodes. Through a user interface developed by the company, users can manage access control to their shopping and behavioral data. Based on the consent of the users, the network executes smart contracts to allow information exchange among the businesses and data partners in the Nucleus Vision ecosystem. Users can also disable permissions to any particular party to access their data.
While unveiling the network at Genesis DevCon, Abhishek Pitti, CEO of Nucleus Vision, says, “The challenges with existing systems in the retail industry are creating opportunities for innovation. Especially, crucial aspects like Data privacy and Consent Management have prominent use cases for Blockchain. Though the availability of information has a lot to offer, lack of stringent security solutions gets in the way to leveraging the data and that’s where Blockchain steps in. The launch of the GIDC blockchain network is a way-forward for Nucleus Vision to redefine consumer experience in brick-and-mortar stores.”
SOURCE Nucleus Vision