Elrond Network & Neurolabs partner to build complex retail automation solutions using computer vision & blockchain technology
Elrond Network and Neurolabs are pleased to announce a research and development partnership. The two companies will focus on building solutions that leverage the advantages of computer vision and blockchain technology to enable meaningful automation in retail environments.
By integrating the capabilities of computer vision product recognition with blockchain powered payment and supply chain tracking, the partnership seeks to create complex solutions that will reduce in-store checkout times, “shrinkage” of inventory due to shoplifting or human errors, and increase overall efficiency through innovative payment solutions, all while ensuring data protection.
“The Neurolabs solution has the potential to outperform its competitors with an excellent combination of simple design and efficient algorithms. Complementing it with a blockchain layer of trust makes perfect sense”, Elrond Network CEO, Beniamin Mincu said.
The unmanned automated retail sector has experienced a lot of growth, with the automated kiosk markets being estimated to grow to $34bn by 2023, in the US alone. Since 2016, when Amazon launched their Go fully automated shops, a lot of other large retailers have followed suite, with Alibaba, Auchan, 7-Eleven and others each piloting their own visions.
“Increasingly automated and digitized processes bring a lot of benefits for retail operators and their customers, but they also create an increasing amount of related data. By integrating with Elrond blockchain technology, we look forward to adding a layer of customer privacy and supply chain transparency to our solutions”, Neurolabs CEO, Paul Pop stated.
About Elrond
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Neurolabs
Neurolabs develops unique technology that uses camera inputs to analyze and identify objects in a drastically cheaper and faster way than traditional computer vision approaches. Building on their technology, they have created a frictionless cashierless checkout solution that automatically identifies products in real-time, eliminates barcodes and can detect multiple items simultaneously rather than one-by-one.
