Through collaboration with iExec, Shopin will run as a decentralized application on a private blockchain that interfaces with the Ethereum blockchain using atomic swaps. This means that Shopin can offer partners the benefits of being on an Ethereum blockchain in regards to decentralization and strength, while enhancing speed. Retailers can fold a new layer of data into their omnichannel marketing plans, without being limited to their IT capabilities, helping them to engage with their customers more thoughtfully and strategically.
In partnering with iExec, Shopin will bring highly cost-effective, secure blockchain solutions that increase revenue for many retailers that need a better understanding of their customers in today’s hyper-competitive marketplace. It also makes Shopin one of the first companies to deliver a tangible token economy for mainstream consumers.
“Our partnership shows how innovative companies can power core products and services on Ethereum, use cryptocurrency in their token economies off the Ethereum blockchain, and have those same tokens publicly traded on exchanges,” said Shopin CEO Eran Eyal, a serial entrepreneur with three exits as a founder and more than a decade of experience in retail and e-commerce. “Our partnership with iExec will help us bring retail to the blockchain at massive scale and give shoppers the fastest and most secure way to interact with the brands they love.”
“We brought iExec to market to support efficient blockchain computing solutions. Today we are excited to partner with Shopin, providing the infrastructure the brand needs to help it establish a more sustainable retail economy,” said Gilles Fedak, CEO of iExec.
The use of BigChainDB as a federated private blockchain configuration will allow Shopin to attain 1 million transactions per second, a significant increase in transaction speed over Ethereum’s current limit of 7–15 transactions per second. When combined with the scalable blockchain database BigChainDB, Shopin will not only sustain these transaction speeds but also store highly valuable purchase data and shopping metadata.
“Think of how cryptokitties recently brought Ethereum to a screeching halt,” said Shopin’s Eyal. “With this solution, based on open source solutions, you can have unlimited cryptokitties and similar or more intensive DAPPs. iExec solution for off-chain computing will allow Shopin to deploy state-of-the-art distributed machine learning algorithms, providing customers an unmatched user experience while ensuring data privacy.”
Shopin remains committed to security as it scales for growth and is GDPR compliant, meeting the EU’s most stringent guidelines for protecting customers’ data. This is also critical for U.S.-based, multinational companies doing business in Europe. Customer data is never stored on the cloud, and users always have the option to withhold their data from being exchanged on the Shopin blockchain.
This partner announcement is the latest in Shopin’s advancements leading up to its token sale in early 2018. More than 700,000 shoppers have signed up for the service, generating $14.7M in revenue for retailers. Shoppers who used a Shopin profile received product recommendations that led to a 22 percent increase in transactional conversions over other shoppers who did not receive Shopin product recommendations.
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