Nuggets puts consumers in control of their personal data, using ‘NUG’ cryptocurrency for companies to pay consumers for sharing their info.
The business funded on SyndicateRoom through Access EIS in February 2020.
"These days, the average person has sensitive personal data – emails, payment card details, home addresses, passwords – stored with over 100 online accounts. And that’s set to double in the next five years"
Nuggets was inspired by its founder’s personal experience of having his payment details used fraudulently – and the complicated, frustrating process that ensued.
Nuggets sees the current “perfect storm” of data issues as an opportunity. It lists four key issues facing consumers and companies: data security, card declines, tough regulations and hundreds of online accounts per user. Looking to biometrics on mobile devices and the rise of cryptocurrency, they believe they’ve found a solution.
Nuggets aims to remove cyber security risks for companies who would historically be storing large amounts of personal information, and puts consumers in control of when personal data is passed onto a company. Nuggets use tokens or ‘NUG’ for the transaction of this data, so companies can reward consumers for sharing information, and consumers can spend that currency on purchases anywhere that uses Nuggets.
As all personal and payment data is stored on Nuggets itself, users would be able to log into websites and make purchases with their Nuggets login.
More information can be found on the Nuggets website.