FinTech Magazine February 2019 | Page 42

BLOCKCHAIN
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Having bank details lost or stolen is something many of us have experienced , but as technology continues to disrupt the finance industry the lengthy process of resolving the problem seems increasingly archaic . This was certainly the case for Alastair Johnson , founder and CEO of blockchain startup Nuggets , upon losing his own card details . When he eventually received his replacement card , he had to re-enter new information on dozens of websites and was struck by the lack of both convenience and security at a time when data breaches were making the headlines . “ You wouldn ’ t write down your mother ’ s maiden name , email address and national insurance ( NI ) number on a post-it note and leave it in every cash till on the high street – but in a digital sense we do that all over the place ,” he comments .

The experience prompted Johnson to found Nuggets , which promises to help customers “ take back control ” of their data in 2016 . The ecommerce payment and ID platform allows users to store their payment details on blockchain technology to achieve a single sign-on method which means personal data doesn ’ t need to be shared with multiple organisations . “ You can transact securely and verify your identity without somebody having access to that data and being able to take over
FEBRUARY 2019