Nuggets is developing an e-commerce payments and identity platform
that stores users’ personal and payment data securely on the Ethereum blockchain.
The users decide if, when and how they want to share their data, which Nuggets
itself is unable to access. Nuggets’ stated goal is to give power back to
the people by “enabling ‘self-sovereign identity’ on a mass scale.” Another value
proposition is that the Nuggets platform could free companies from the burden
of storing and protecting millions of customer records.
“Our technology has huge implications for e-commerce markets
around the world,” Johnson wrote. “So this added support is a huge boost to
helping us establish our business in China. Being able to tap into these
powerful networks is fantastic for business development and our growth.”
U.K. and London authorities’ focus on China is part of the plan to
establish a new “Golden
Era” in the relations between the two countries, with increasing
commerce and technology transfer. With Brexit looming ahead, the U.K. is in
need of new trade partners, and China seems a sensible bet.
Johnson and other Nuggets representatives recently
presented the platform at Tsinghua University in China, and meetings with
potential integration partners are underway.
“The news that Nuggets is working with a number of China based
businesses is yet another example of how the UK and China can work more closely
together in this hugely exciting market,” said Sherry Madera, the City of
London Corporation’s special adviser for Asia, according to a press release.
It’s worth noting that e-commerce is exploding in China. The Asian
giant has 40 percent of global retail e-commerce, and its mobile payment market
is 11 times the size of the U.S. market, Fortune reported in
“Whether we’re talking about transactions, technology, or money,
China really stands out,” said McKinsey senior partner Jonathan Woetzel,
according to Fortune. “And this is
only the beginning for China’s astronomical growth in the e-commerce space.”
At the same time, with the increasing awareness that customers’
personal and payment data are at risk of being stolen or sold, consumers are
becoming more privacy conscious. While e-commerce is growing fast, a loss of
consumer confidence could seriously harm its further growth prospects. Johnson
conceived Nuggets after a personal experience of having his payment details
“Nuggets solves this problem, using zero knowledge storage,
encryption, privacy, security and trust, all combined with the immutable ledger
that’s decentralised,” claims the Nuggets
In other words, Nuggets’ technology addresses important challenges
in a sector that is increasingly important for the Chinese economy. This
justifies the interest of the U.K. government to promote the company in China.
The Department for International Trade will support the company’s business
development in China with introductions to potential clients and regulators.
The Nuggets platform will be available via iOS and Android mobile
apps, whose alpha versions are being rolled
out to prospect users.
“Once you’re set up on the app, you can use Nuggets to pay, login
or verify your identity using just your fingerprint (or other biometrics),”
reads the Nuggets FAQ. “And
every time you do, you earn Nuggets Tokens, which you can spend with any
Nuggets is issuing an ERC-20/223 token on the Ethereum public
blockchain network to power its platform. A presale of the NUG token ended earlier
this month, and a public sale will
start on May 1.