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Below is our recent interview with Abhishek Pitti, Founder & CEO at Nucleus Vision:
Q: Could you provide our readers with a brief introduction to Nucleus Vision?
A: Nucleus Vision is an end-to-end technology solution provider that was incepted at the Harvard Business School in 2014. Our solution is a unique customer identification system that leverages blockchain and real-time sensor technology to collect and distribute unique data from the offline world, enabling retailers to provide a personalized shopping experience to their customers.
Nucleus Vision is backed by investors including Tim Draper, founder of Draper Fisher Jurvetson, and many others who trusted the potential of our disruptive technology. Early this year, we raised $40 million through a token sale.
We enable our retail partners to grow their loyal customer base with a universal loyalty program powered by nCash, our utility token. We bridge the gap between the online and offline retail worlds with an omnichannel retail strategy to provide data to help both the merchant and consumer in having a personalized, shopping experience. To further this, we have also recently launched nCash Pay – a payment solution for merchants.
Q: How does Nucleus Vision’s sensor technology work?
A: Nucleus Vision is primarily made of three components: ION Sensor, a proprietary IoT sensor which can identify customers within a 200-meter radius; a blockchain-powered network for secure data exchange; and Neuron, a neural network for data analysis.
The ION sensor technology doesn’t depend on any RFID, WiFi, Bluetooth, or even facial recognition technologies. The sensors capture information of customers entering a brick-and-mortar store with their consent and feed the data to Neuron. The deep-learning algorithms in Neuron create real-time customer personas that help retailers with dynamic pricing strategy.
We have partnered with some of the leading retail brands in India and have launched pilot projects with them. During the pilots, our proprietary solution generated great value for our partners with the behavioral patterns of more than 200,000 customers. Our current partners want to expand the scope of the partnership by employing the technology in more retail outlets.
We are constantly working with our partners to not only cater to their needs but also to make the sensor more robust with their input. This builds a purely symbiotic relationship from which both can benefit.
Q: Could you please take us through the Nucleus Vision ecosystem?
A: Nucleus Vision’s proprietary ION Sensor technology, which captures insights around customer footfall, dwell time, repeat visits for retailers, offers personalized real-time offers to its customers on the basis of their spend & purchase history. In order to make this concept easily adaptable, we created an interoperable loyalty program that enables customers to earn and redeem nCash tokens with multiple Nucleus Vision partners across the globe. nCash Pay, our new crypto-based payment solution, is an addition to the company’s existing ecosystem, which includes nCash token and a universal loyalty program, to add more value to the token holders. nCash Pay will enable online merchants to accept payments through nCash and create an alternate payment option for online shopping.
Q: Tell us more about the Universal Loyalty Program.
A: As per our market research, loyalty programs are expensive to design and are poorly implemented. As a result, consumers the world over waste around $360 billion in loyalty points. Our token-based loyalty program provides a solution to this problem. We envision a world where every retailer has a loyalty programme that is truly useful for them as well as their customers. Retailers can reward their customers for shopping preference exchange. Customers can redeem these rewards at any retailer in the Nucleus Vision network. nCash forms the backbone of the loyalty program.
Q: You have recently ventured into Korea with two back-to-back partnerships. Throw some light on the partnerships.
A: South Korea is the leading country which is bringing about the 4th industrial revolution. It has
been a fascinating market with over 21% of its population acquainted with blockchain technology and its applications. We are tapping into the Korean market with our partnerships with ZOYI Corporation and StarFeed.
ZOYI Corporation is a Korean retail computing company that develops customer-analytics tools for retailers through their technology in 12,000 stores in 20 different countries. Our partnership will provide a personalized retail shopping experience par excellence in India, Korea, Japan, and rest of the world.
Starfeed is a Korean media curation and syndication company that accepts payments in tokens. Following the partnership Starfeed accepts nCash, adding more utility to our token.
We are working towards more partnerships to increase our footprint in the Korean market.
Q: You’ve recently introduced nCash Pay — your payments solution for merchants; could you tell us something more?
A: The demand for transactions in token has grown substantially. In fact, the number of retailers accepting cryptocurrency rose by 30% in 2017 alone. nCash Pay is our new payments solution that will pave way for the future of token-based business transactions. It will capitalize on the company’s existing ecosystem to provide more utility for its nCash token which is crucial in further expanding the Nucleus Vision Ecosystem.
The payment solution supports any ERC20 wallet and allows merchants to accept payments in nCash, providing an alternate payment option for shoppers around the world. The new plug-and-play solution can be integrated easily with an e-commerce platform. With nCash Pay, merchants can be a part of the 100,000+ member global community, which is one of the biggest and most engaging blockchain communities in the world.
Q: Tell us your journey so far in leading the blockchain revolution in India.
A: Being a pioneer in the Indian blockchain industry, we are on a mission to give India the revolution it needs to be a blockchain powerhouse.
Earlier this year, we co-hosted International Blockchain Congress 2018 with NITI Aayog and the state governments of Telangana and Goa. The three-day conference was our first step towards bringing the brightest minds in the industry, entrepreneurs, investors, students, and government authorities to one place. With more than 5000 attendees and 80+ speakers from across the world, the event turned out to be the biggest blockchain conference in Asia and was successful in bringing Indian blockchain industry into limelight.
We are co-hosting Genesis Hack 2019 – the world’s biggest blockchain hackathon, with IBC Media. Genesis Hack aims to bring together over 65 thousand developers to compete against each other for a cash prize of over Rs 1 Crore, in the wake of increasing adoption of blockchain technology and the growing need for blockchain talent in India.
Q: What is on the roadmap for Nucleus Vision moving forward?
A: Shoppers love personalized experience with customized offers in physical stores. This is necessitating retailers to rely on technology solutions like Nucleus Vision that provide unprecedented customer intelligence. We strive to bridge the gap between the online and offline retail worlds while expanding our retail footprint with global partnerships. We are more focused on advancing our sensor technology and developing AI algorithms to analyze the ever-changing consumer behavior. With our utility token nCash and our payment solution nCash Pay, we want to pave way for the future of token-based transactions. To that end, we are working on more collaborations that add more to the value of our ecosystem.Activate Social Media: