Shopin, a universal shopper profile that provides a personal shopping experience on retailers’ websites using blockchain and A.I. technology, has announced a strategic partnership with iExec, a blockchain-powered, cloud computing platform. Through collaboration with iExec, Shopin will run as a decentralized application on a private blockchain that interfaces with the Ethereum blockchain using atomic swaps.
The partnership enables Shopin to scale its application to enterprise-level needs for millions of shoppers and retailers, enhance the benefits of the Ethereum blockchain without restrictions, and democratising shopper data by giving consumers full ownership and control over how, when and where they use their preferences and purchase history data. Through this, Shopin hopes to provide a cost-effective, secure blockchain solutions that increase revenue for retailers that need a better understanding of their customers.
Eran Eyal, Shopin CEO, commented: “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. 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.”
iExec plans to decentralize the cloud computing market, which will power the future infrastructure of the Internet. iExec aims to provide companies with scalable, secure, and easy access to the services, datasets, and computing resources they need. Its technology relies on Ethereum smart contracts and enables a virtual Cloud infrastructure that provides high-performance computing services on demand.
CEO of iExec, Gilles Fedak remarked: “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,”
The use of BigChainDB as a federated private blockchain configuration will allow Shopin to attain 1 million transactions per second. When combined with the scalable blockchain database BigChainDB, Shopin will also store highly valuable purchase data and shopping metadata.
Eyal added: “Think of how cryptokitties recently brought Ethereum to a screeching halt. 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.”
Security remains a priority for Shopin as it scales for growth and is GDPR compliant, meeting the EU’s guidelines for protecting customers’ data. This is also importnt for U.S.-based, multinational companies doing business in Europe. Customer data is not on the cloud, and users 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 reportedly received product recommendations that led to a 22 % increase in transactional conversion over other shoppers who did not receive Shopin product recommendations.