Shopin, the platform designed to record universal shopping profiles on the blockchain for use across multiple retailers announced January 11th, 2018, a partnership with iExec to scale their transaction volume to 1 million or more per second. The Shopin ecosystem delivers highly personalized experiences on participating retailers’ websites for product recommendations and rewards, while giving users total control over how, when and where retailers use their consumer data.
Eran Eyal, CEO of New York-based Shopin, said in a statement, “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.”
Based in the area of Lyon, France, iExec provides off-chain cloud computing solutions via atomic swaps, allowing Shopin to continue interacting with the Ethereum blockchain while going far beyond the existing threshold of seven to 15 transactions per second. The iExec partnership will also provide the computing power necessary to run the machine learning algorithms that power Shopin’s enhanced customer experience. Shopin will use a federated private blockchain via BigChainDB to store consumer data at a scale not achievable with existing solutions while still being compliant with strict EU regulations governing user data protections.
Gilles Fedak, CEO of iExec, said in a statement, “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 strategic partnership comes ahead of Shopin’s plans to announce an initial coin offering (ICO) to further develop their platform in early 2018. More than 700,000 users have signed up for the Shopin service, generating USD 14.7 million for retailers and a 22 percent increase in transactions conversions from product recommendations over consumers not using Shopin, according to the company.
To learn more about Shopin, visit www.shopin.com/.
To learn more about iExec, visit https://iex.ec/.