Cosmas Wong, Founder & CEO
The Blockchain and AI revolution is upon us. What with 2.5 quintillion bytes of data generated every day, and the advances made in processing speeds, it is only natural for computers to have gained the capability to “understand” information far more quickly. A good share of this data deluge is contributed by consumers who leave unique digital data trails, whenever they are connected to the internet. The creators of GNY.IO found a lucrative opportunity for businesses—retailers in particular—in combining these invaluable data trails and AI algorithms to help them target consumers to improve sales conversion, now, supercharged by blockchain technology.
GNY.IO began as Grey Jean Technologies, a personalization company that offers a powerful AI-powered platform, Genie, which increases customer acquisition and sales output for retailers and marketeers. As a self-learning cognitive engine, Genie is capable of predicting consumer purchase behavior and assisting companies in targeting buyers with personalized offers for desired actions. “Our platform incorporates contextual value to data in a way that safely and securely helps retailers target consumers with the right product and messages,” says Cosmas Wong, a serial entrepreneur for 20 years and also the founder and CEO of Grey Jean Technologies and GNY.IO. “We can predict consumers’ purchase behaviors with as much as 70 percent accuracy,” says Wong.
Genie helps retailers collect consumers’ information including transaction history, demographics, location, preferences, and behavior. The platform can be connected seamlessly with the retailer’s POS or CRM system and be fed with the data about consumers.
With the help of machine learning algorithms, Genie identifies repeated patterns of how and why an individual purchases a specific product or avails any service. By searching for other consumers with similar product preferences, Genie can predict what customers may buy next. Not just the power to trace loyal customers, but retailers can also send personalized messages across various channels like e-mails, push notifications, and apps to influence a purchase.
As an implementation highlight, a media company that publishes hobbyist articles wanted to know the content preference of their online readers and also increase their subscriber base. Grey Jean used Genie to look into the web traffic of the readers and find the readers who have subscribed and the ones who hadn’t. By correlating the behavioral pattern amongst those who read articles and what kind of articles they like, Genie was able to recommend specific articles to readers as they accessed the website. This resulted in an increase in user interaction and also a rise in subscribers by 120 percent.
In 2018, Grey Jean Technologies took this innovation to the next level by creating GNY.IO, the world’s first decentralized machine learning platform within a blockchain. Due to security hacks in the past, organizations have remained concerned about releasing their data to the cloud; especially in centrally located machine learning processes, securing data becomes mandatory. Seen as a linear mechanism, GNY.IO decentralizes the data stored inside a blockchain, making it secure and unhackable.
GNY.IO has successfully developed a working model of this technology and has filed a provisional patent in the United States. Genie’s machine learning platform is capable of recording, maintaining and processing consistent data securely without leaving the chain. The application is proving to be highly useful to new customers from industries such as financial, insurance, and pharmaceuticals. “No one has been able to decentralize the machine learning process on a blockchain, and this puts GNY.IO a quantum leap ahead,” informs Wong. Striding forward, GNY.IO is focused on enhancing their technologies further and helping their customers reap more benefits. The organization is also planning to expand to newer markets in the European Union and Asia.