Omnitude - A Blockchain Middleware Layer
What is Omnitude? It's a blockchain solution for existing enterprise systems, supply chains and existing ecommerce platforms and they want to tie these all together so they can benefit from the blockchain technology. The problems they want to solve are fourfold. Ecommerce fraud is one, supply chain is another, ID confirmations another and the general cost of doing business is the final one now. Ecommerce fraud always going to be a problem and by using an immutable ledger like the blockchain, we can reduce fraud by having a single identity document or a single recognizable identity. ID confirmation for people because a lot of the fraud is actually people impersonating other people and stealing their data, getting access to their data through hacking or and other attacks and then using that to make transactions. There are four different types of common fraud. Clean fraud which is just impersonating the cardholder with the acquisition of extensive amounts of personal data. There's the account takeover where they takeover your account by phishing or some other manner and then use your account to make purchases. There is identity fraud as well when they actually pose as somebody else to obtain, access to goods and services. And then the final one’s re-shipping which is basically a middleman basically gets the good ship to them and then they forward them on as well for a fee. Chargeback rates also a problem, it costs 31 billion a year by 2020. That's a lot of money being lost due to fraud.
The next problem they want to solve is issues with the supply chain. Supply chain is big businesses as you can imagine, there are other blockchains that are involved in it. Such as Vechain is a very big one. There's obviously a lot of concern and need to improve the way we actually deliver goods through the supply chain. One of the big problem of the supply chain is the counterfeit and pirated goods economy and that was worth half a trillion dollars last year. Two-point five percent which is a really staggering number of global imports are actually pirated goods and not originals. 86 percent of retailers see their sales are hurt by the sale of counterfeit goods. So, those are big numbers and it's a big issue. The other issue with the supply chain is customer deliveries. When we talk about the UK as an example 2015-16 over two billion items were delivered to UK households but 43% of the customers did not receive dispatch and delivery date notifications. 46% of etailers did not receive a delivery confirmation either. A lot of things could go missing, there's a big issue there and that's exactly where the blockchain can come in and solve this problem as the smart contracts can automate the notifications and there will be a mutable ledger to see whether you did send the goods, receive the goods etc. The third big problem is identity confirmation, to give you a couple of examples of how this is a problem. You have to supply your identity and your information every time you sign up for a new service. That's an issue in itself but there's also a problem where the data isn't safeguarded, it isn’t secure and it could leak out get hacked or whatever and you could be a victim of internet fraud.
Another thing is that reviews, product rating that type of thing especially on TripAdvisor other such businesses they can be faked so you can use that to damage competitors, you can use that to build up your own reputation but it’s fake. If we talk about the statistics if you've got a review system for every star a business gets there's approximate 5 to 10 increases in business revenue so people do actually go online and make decisions based on what people tell them. It's quite influential way of improving your business if you're faking profiles and faking reviews. Customers are likely to spend 31% more on a business with excellent reviews as well. I think that's true, we've all done it before we all go on to Expedia, booking.com similar websites to pick your option and we always look at the rating of the hotel before we make a decision. So, reviews do matter and there’s a lot of fraud being committed to boost up businesses that don’t necessarily deserve the customer. The final problem is the general cost of doing business. When you use a payment gateway as a merchant, there's a lot of fees involved especially if you’re using PayPal and they are one of the biggest and if you're an online retailer there's not much you can do about it. You really have accepted PayPal these days and that’s a problem because you're paying at least two-point nine percent in transaction fees plus another fixed fee as well every time you sell an item. It's not really an economic, it does cost a lot of money and it eats your profits. So, the solution to this is obviously having a cryptocurrency where payments g made using the crypto and that will reduce the fees. Fees will be negligible and encourage more people to pay in that manner.
The aim of Omnitude is just to create their own blockchain solutions to all these problems and by doing that they will be able to integrate existing enterprise systems, existing supply chains and existing ecommerce platforms as well so you’ll be able to use it as a merchant. For example, if you've got your own website and it will integrate with the other enterprise systems already existing like Shopify and that type of websites so merchants can easily get the benefits, the advantages of the blockchain. By having the blockchain integrating you will be able to integrate with blockchain systems, existing systems such as ERP and WMS. If you don’t know what they are the ERP is enterprise resource planning and that basically just automates all the business activities like the accounting, inventory management etc. WMS is warehouse management and that's more focused on managing the storage and the movement of the inventory. They'll be able to hopefully reduce fraud and create this transparent and accountable supply chain as well by implementing the blockchain technology.
Website: https://omnitude.tech
Twitter: https://twitter.com/Omnitudeorg
Facebook: https://fb.me/Omnitude.tech
Telegram: https://t.me/joinchat/GvyX0g8PC7_JsyUu0fruUw
Whitepaper: https://files.acrobat.com/a/preview/75fe0af9-d98b-4002-863c-138b43a131ef
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=2683959.0
Authored by: donniedarko
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