Omnitude: A New Revolution

reallinks (30)in #cryptocurrency • 6 years ago

Online payment fraud is set to not only keep the pace, but grow to 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 it’s increasing. In 2016, for every $100 spent through eCommerce, fraudsters stole 5.65 cents. 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. That why Omnitude is here, to solve problems like this and many more.

Omnitude is a pioneering project to revolutionise connectivity between blockchain technologies and eCommerce platforms & enterprise systems. The Omnitude platform will act as middleware, enabling simple integration of blockchain technology into existing systems and in doing so, transforming their capabilities.

MISSION

We aim to revolutionise eCommerce and supply chains with blockchain technologies.The Omnitude platform will itself be open and transparent, enabling anyone to design and build Omnitude applications to integrate with existing solutions in eCommerce, supply chain and enterprise systems.

ABOUT OMNITUDE

In this turbulent environment, the need for an effective, state-of-the-art solution prevails. Omnitude’s Single Identity and Single Reputation will provide the means to help merchants reduce the most usual form of eCommerce fraud, Identity Theft, whereby fraudulent transactions are undertaken using a different identity, typically spending on someone else’s credit card or account.

The Omnitude solution addresses all the major forms of fraud by using Blockchain technology. In providing users with a Single Identity on the blockchain, Omnitude will relieve merchants from the need to keep and secure extensive local databases containing sensitive personal data about their customers.

Such databases are at risk of being compromised by ‘hacking’. The risk of Chargeback Fraud is also minimised by reducing the use of credit cards. Omnitude will also reduce Merchant Fraud (i.e. the collecting of payment upfront, but with subsequent failure to deliver). Omnitude will facilitate staged release of payments depending on stage of delivery.

OMNITUDE ECO-SYSTEM

Omnitude will be built on top of Hyperledger, the open source, global, collaborative project hosted by The Linux Foundation.

Hyperledger is a permissioned blockchain protocol which enables business-to-consumer and business-to-business transactions.

The Hyperledger architecture provides core blockchain services, on which the Omnitude ecosystem is built. The Omnitude ecosystem will be made up of a variety of entities, including those mentioned above (i.e. merchants, customers, suppliers, couriers and affiliates/referrers).

FEATURES AND BENEFITS OF THE OMNITUDE BLOCKCHAIN

Fast deployment of blockchain technology

The Omnitude platform will act as middleware, enabling simple integration of blockchain technology into existing systems and in doing so, transforming their capabilities.

Private transactions and confidential contract

Omnitude will conceal identity, transaction patterns, and terms of confidential contacts from unauthorized third parties by encrypting transactions so only the stakeholders can decrypt and execute them. In this way Omnitude will allow for competing business interests (or participants requiring private, confidential transactions) to exist on the same permissioned network.

Hyperledger

Omnitude will be built on top of Hyperledger, the open source, global, collaborative project hosted by The Linux Foundation. Hyperledger is a permissioned blockchain protocol which enables business-to-consumer and business-to-business transactions.

Omnitude & Community Apps

Omnitude technology will enable a wide variety of different applications to be built.The Omnitude team will build its own, whilst supporting the community to develop their own, through open documentation, example code and support.

Identity and auditability

The Omnitude Foundation will manage user OIDs and authenticate all participants on the network. It will be possible to use access control lists to provide further layers of permission through authorization of specific network operations. For example, a specific user ID could be permitted to invoke a smart contract application, but blocked from deploying a new smart contract.

Solving Problems via our own apps

Some specific issues within eCommerce that Omnitude technology will solve are:-Online payment fraud (two-thirds of Card not present (CNP) transactions are fraudulent)-Counterfeit & Pirated Goods in the supply chain (86% of retailers say their sales are hurt by phoney goods)-Identity confirmation (multiple logins supplying the same information across different retailers)