Omnitude – E-Commerce Industry’s Blockchain Solution
OMNITUDE – Project Review
In this paper I will be explaining some of the problems with the ecommerce industry and how Omnitude is going to provide an innovative way of solving them.
Omnitude is a pioneering project to revolutionize connectivity between blockchain technologies, eCommerce platforms and enterprise systems.
The problems:
The common types of problems that businesses face in the ecommerce industry which the Omnitude platform is providing solutions for are stated below;
1. Ecommerce Fraud
2. Supply Chain
3. Identity Confirmation
4. The Cost of Doing Business
Ecommerce Fraud: The present global eCommerce market is flawed and faces serious challenges, the biggest of which is fraud. The boom of the online ecommerce industry has also lead to exponential increase in online fraud. Apart from fraud, a lot of other problems exist currently in the industry. Some of which are stated below.
Card Frauds: Card Frauds has grown to be an even bigger problem for eCommerce merchants. Card not present (CNP) accounts for 60% to 70% of all card fraud in many developed countries, according to Juniper Research, and are increasing.
Slow Bank Transfer: Part of the problem is that customers must use either a slow bank transfer or a credit card, mechanisms that expose customer and merchant to the risk of ‘phishing’, ‘pharming’ and ‘man-in-the middle’ attacks.
Chargeback Fraud: The misuse of chargeback rights, either friendly fraud or chargeback fraud, is the methods by which the majority of fraud losses are surrendered. According to The Nilson Report, $31 billion will be lost to chargebacks by 2020. 70 % of customer disputes involve fraudulent/mistaken or unfounded product/service-related chargebacks.
Supply Chain: In supply chain there are both financial and physical factors with both involving flow of money and goods between the customer and suppliers. The problem however ranges from the inefficiencies of the industry to meet up with its financial demands to the high volume of pirated products flooding the market.
This poses a big problem for both the suppliers and the customers. As also there is a lingering problem of ineffective tracking of products ordered by the customers as the infrastructure currently in place is Insufficient to meet the industries demands and may in end result in dissatisfaction from a customer and lead to bad reviews for a service defect which the supplier has no control over.
Identity Confirmation: Identity confirmation is also a big problem faced by the actors in the ecommerce industry;
Product suppliers are dedicated to providing good service to customers and hoping they will in return get good reviews for a service rendered, the customer who is a total stranger then in turn rates the service of the supplier. However the system is flawed as creating fake customer profile is as simple as ABC in the existing system and both sellers and buyers can create fake profiles either to promote or sabotage a particular merchant with good or bad reviews respectively.
Also customers have to repeatedly provide their contact information while dealing with different sellers even on the same platform which can be a tiring task.
The Cost of Doing Business: There are currently high fees being paid by merchants to gateway providers in order to receive online payments. These fees are usually paid both monthly and per transaction. There are huge amount of money paid for this services which reduces the already small income of the merchants.
The Innovative Solution: The Omnitude Solutions
The Omnitude Solution to Ecommerce Fraud:
Omnitude utilizes the Blockchain to address the major forms of fraud by providing users with a single identity on the Blockchain which will also in turn relieves the merchants of the need to have a physical infrastructure in place to securely store sensitive personal data of their customers.
This goes further to reduce the risk of hacks and chargeback fraud because the ecosystem will be governed by a smart contract which will facilitate staged release of payments depending on stage of delivery.
The Omnitude Solution to Supply Chain Problem:
Omnitude is going to solve the problem with supply chain ineffectiveness and product tracking and authenticity through its supply chain blockchain.
Omnitude’s supply chain blockchain creates a live, tamper-proof and auditable tracking of a product’s full journey, from the store to the customer’s doorsteps. Omnitude will allow individual items to be tagged with fool-proof cryptographic identifiers or serial numbers, to be carry out product tracking and to establish provenance and authenticity.
Customers will be able to verify the history of items and if the actually match the claims of the seller; this can be done easily on any smartphone.
The Omnitude Solution to Identity Confirmation Problem:
This solution involves the issuance of a unique identity to customers; the Omnitude Identity (OID). This identity will be verified by the merchant and then encrypted and recorded on the Omnitude blockchain.
The OID solution will increase customer staisfaction by eliminating the need for customers to repeatedly provide their data and details to merchants whenever they want to purchase a product. In turn this will allow merchants expend less effort in verifying customer identities and also reduce scams carried out by making fake review by merchants wanting to gain an edge over their competitors.
Omnitude’s Single Identity will reduce effort required by merchants to establish customer identity, and provide a simplified, quicker onboarding experience for customers.
The Omnitude Solution to Cost of Doing Business Problem:
Omnitude will provide an alternative, cryptocurrency-based payment mechanism that eliminates gateway provider fees and replaces them with lower blockchain transaction fees.
An ECOM token will be launched alongside the Omnitude platform. ECOM will serve as a medium of exchange in the Omnitude ecosystem between the participants. Payments are made and settled instantly through the Omnitude network and recorded on the Blockchain.
Token Economics:
Ticker: ECOM
Tokens: 100,000,000 ECOM
Inflation: None (no further tokens will be issued)
Private pre-sale cost: $0.40 USD/ECOM
Private pre-sale cap: 10 million ECOM (4 million USD)
Token Sale cost: $0.46 USD/ECOM
Token Sale hard cap: 45 million ECOM (20.7 million USD)
Official:
Website: https://omnitude.tech/
Whitepaper: https://files.acrobat.com/a/preview/75fe0af9-d98b-4002-863c-138b43a131ef
Bitcointalk [ANN]: https://bitcointalk.org/index.php?topic=2683959.0
LinkedIn: https://www.linkedin.com/company/11320641/
Twitter: https://twitter.com/Omnitudeorg
Facebook: https://fb.me/Omnitude.tech
Telegram: https://t.me/joinchat/GvyX0g8PC7_JsyUu0fruUw
Reddit: https://www.reddit.com/r/Omnitude/
Medium: https://medium.com/@Omnitude
Conclusion:
The Omnitude project is solid and provides fool proof solution to existing problems that has been calling out for a solution for a long time. How the system works as explained above proves a project that will gain worldwide acceptance and recognition from the masses and also subsequent increase in its value.
Disclaimer:
I am not a business advisor and this piece is not meant to be an investment advice. This is my personal opinion about a project I have researched and analyzed. I recommend that you “DYOR” do your own research, join their Telegram community, read the Official Whitepaper and consult your legal adviser before investing in any ICO as they all carry a level of risk. I shall not be deemed liable for any profit or loss on funds invested in this project. Thank you.
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1556229