Really knowing your customer involves mutual understanding, and earned trust. The following scenario illustrates how Lichen can provide both retailers and customers better stewardship of data that encompasses in-store, web, mobile and voice transactions.
Once it’s launched, Lichen will generate interesting new data for omnichannel awareness—but with a twist. Each user will control access to their own transaction data collection.
Under the exclusive control of each user, as determined by a given identity—an archive algorithm would operate in the background on each device to maintain a confidential, immutable user-searchable record of all Lichen-mediated algorithm activity that has taken place under that user’s identity.
As this service is linked to identity rather than device, it would function seamlessly across all of the particular user identity’s Lichen-assisted transactions, whether in-store, web, mobile or voice. The encrypted data would be stored at a user-determined location, which could either be self-identified or chosen from a list of accredited commercial cloud-storage services.
MyLichenCollection has four purposes:
- Provide users access to immediate ad-hoc verification;
- Supply transaction data to the user’s electronic accounting systems;
- Serve as documentary evidence to support audits and dispute resolutions;
- Generate a store of valuable information that the user can choose to sell under a Bid4MyData contract (see below), or any other channel the user prefers.