Blockchain ID Solution Intends to Tackle Spike in Delivery Fraud
Nuggets, a digital identity and payments platform, has developed a way to receive deliveries without requiring a physical signature to fight a spike in fraud and chargebacks. Utilizing biometrically authenticated contactless delivery technology secured with blockchain technology, the London-based firm needs to provide customers with the means to give verified proof of identification while still managing the social distancing needed under coronavirus measures.
😎 We are thrilled to be collaborating with @money2020 taking place in Amsterdam from 7-9 June 2022 ⚡️🇳🇱— Nuggets (@nuggetsPAYandID) March 28, 2022
The theme we’re most excited about is Trust – data, identity, privacy, security and web3.
Nuggets states the contact-free signing system would support counter a rise in delivery fraud and chargebacks during the pandemic. Since consumers no longer have to sign for deliveries to maintain distancing, fraudulent chargebacks are skyrocketing. Quoting figures from the U.K., Nuggets also stated failed deliveries have also cost courier firms as much as £1.6 billion (US$2 billion).
“Merchants are so overstretched with increased orders, staffing issues, and supply chain fulfillment problems that are having to dispute chargebacks ends up at the bottom of the list,” said Nuggets CEO and co-founder Alastair Johnson in a statement. During delivery, the courier would utilize an app for scanning the receiver’s digital ID (issued by Nugget) to prove that they are the consumer who ordered the item(s).
When the consumer is successfully recognized, the parcel is delivered, and proof of delivery is immediately transferred to the company at which the purchase was made. Nuggets stated the system “guarantees verified delivery of a package to the right recipient,” while utilizing a blockchain provides for the safe communication of consumers’ biometric and payment information.
Also, read – Why Crypto Privacy Is A Matter For Concern In 2022?
E-commerce has seen a massive boost in recent months, mainly due to coronavirus stay-at-home orders. Global courier DHL “has seen volume growth of more than 36% in domestic volume and 28% cross border volume from the daily averages seen in February,” industry publication Aircargo News reported on May 14.
“The combination of the astronomical costs facing our eCommerce businesses, from fraudulent chargebacks to failed deliveries and fake user reviews, big savings can be delivered by having Nuggets integrated,” said Johnson in a statement.
👉 The use of information becomes permission-based and an individual is the one giving the permission— Nuggets (@nuggetsPAYandID) March 28, 2022
👉 Payments will merge with identity
👉 The future of the industry is in the grey area between DeFi and CeFi, virtual and real, where the best of both worlds merge