Have you ever walked into a store and got paid just for sharing your identity? Nucleus Vision has made it possible to make some bucks out of visiting retail counters. Started in 2014, NV has been successful in linking Blockchain technology with the retail sector. Established at Harvard university, the company has tied 10 retail counters together including one of the biggest brands in India i.e. Gini and Jony. Observing last year’s analysis, NV has made more than 47k unique identifications. Company has introduced the concept of “Internet of things” (IOT) which is based on contactless identification system and have created world’s largest universal loyalty program backed by digital currency.
NV currently works with market giants including Tim Draper, Vodafone, Idea, Reliance communications and more. It is also backed by technological companies including Intel, Alpha networks, Radisys and Wavenet. Company focuses on its smart retail model in its first phase which includes taking care of customer behavior and visits with modern technology. Its aim is to indulge more than 2.5 trillion costumers and 91 million stores that exist across the globe. Sharing identity may not be comfortable for some people but with the help of NV security, intruders and threats get eliminated and the data reaches to right place via Blockchain network. Company is planning on taking in other sectors including agriculture, health, transportation, homes and cities.
The reward process works with the help of nCash token. Based on Ethereum network, a total of 10 billion tokens have been listed worth $40 million. A detail process takes places while the reward mechanism and identification process is in the course.
When costumer enters a store, ION sensor is recognized to detect ID which is sent to NV. NV offers costumer reward with a text. Retailer automatically receives costumer’s data from NV incase the costumer is new to the store. nCash is provided for users who share data after the authorization process. The costumer receives request when he/she is registered to a new store which if accepted, more nCash is added to the wallet. NV keeps a score of the same which represents customer’s value and records.
In the technological aspect, NV ecosystem works with the help of ION sensors which helps in identifying various levels of temperature, pressure and sounds which further gives rise to new data for retailers. Other major components of NV include Orbit and neuron. These two components help retailers to act according customer reception levels. Founder and CEO Abhishek Pitti with his team of 40 members are encouraging the retail market. Offline market comprises of 90% of retail sector. A growth of 3.8% has been observed in a decade and is expected to increase as much as $28 trillion by the end of 2019. With a share of 31% in global GDP, Offline markets have a great influence over the economy and have been the major employers for years. The company has been working really hard to eliminate existing drawbacks in retail economy and taking it to next level.
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