A Blockchain Solution for E-Commerce Industry(Omnitude ICO Review)

eCommerce has a very simple definition: The provision of goods and services online, via electronic means. People love shopping online because it is easy and convenient .According to a study conducted in 2016, eCommerce is worth about $1.86 trillion. By 2021, it is expected to have reached over $4 trillion. As the market grows, it experiences more problems from fraudsters. These criminals are always attracted to where the money is, and right now, eCommerce has big potential. It is estimated that about 45% of all suppliers and merchants dealing in eCommerce have been victims of online fraud at some point.

This fraud is not only going to persist, but it is expected to keep growing. For every $100 spent in 2017, criminals stole about 5.65 cents. Part of the reason why criminals succeed is that customers have to use a bank transfer mechanism. This exposes them to an attack with ease. Besides that, the misuse of chargeback services is another reason why fraudsters are usually so successful. So what's the solution to have a secure eCommerce ? Blockchain is the solution.The blockchain is able to create immutable records, which means fraudsters cannot easily bypass security and OMNITUDE is making that possible

What Is Omnitude

Omnitude is a blockchain smart platform that connects blockchain technologies, eCommerce platforms and enterprise systems involved in building end-to-end supply chains. Utilising Omnitude as an integration layer between existing systems enables rapid deployment of blockchain technology without the need to replace current systems.

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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.

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.

What Are Problem Of Modern Day eCommerce

• Firstly, the growing issue of fraud in the sector. These days, fraudsters impersonate legitimate account holders, take over their accounts, and use them to make purchases.
• Secondly, the financial supply chains that are supposed to ensure the release of cash after delivery of goods are very inefficient. This inefficiency stems from their dependence on manual processes.
• Thirdly there is an uptick in the amount of fake reviews on eCommerce platforms. Some of the fake reviews are done by the merchants themselves, in a bid to boost their reputation. Competitors also initiate fake reviews to damage their rivals’ reputation.
• Lastly, online payment merchants have to pay excessive fees to gateway providers; sometimes, they pay up to 2.9% of the transaction amount.

How Will Omnitude Solve The Modern Day eCommerce Problem?

Omnitude aims to solve the issue of supply chain inefficiency with a system that facilitates the release of payments depending on the stage of delivery. This system will track deliveries stage-by-stage along the supply chain and ensure that the seller’s claim is accurate. Omnitude also have a system in place to forestall fake customer reviews; the Proof of Interaction system. Here is how it works: it verifies that a transaction has indeed successfully occurred between 2 parties. Once there is proof that the transaction took place, the system will allow the customer who made the purchase give the merchant a review.

What is the ECOM token?

Omnitude has its own token, famously known as the ECOM token. This the most essential part of the Omnitude community. This has many options that help to realize the possibility of the reward techniques for all innovative projects that this platform deals with. To be a part of this ecosystem all individual will need ECOM, crypto currency or FIAT. The early ECOM tokens are issued for the betterment of this platform and the whole ecosystem.

Conclusion

In my own opinion this ICO is worth investing because it will revolutionize the eCommerce industry making it even more safer for anyone to shop online securely and because of the safety alot more people will adopt shopping online which will increase the over all amount of money in the eCommerce

Omnitude have scheduled their ICO for the sale of their ECOM token you can participate and join in the upcoming public sale.

Token Sale Information
Crowd Sale Period : 2018-03-28 - 2018-04-25

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Note: This is not a financial advice I am just sharing my personal opinion on ICOs. Do your own research before getting into any ICO. Investing in ICO is risky and you could lose your money.