Omnitude - integration of e-commerce in the blockсhain

peskin13 (25)in #omnitude • 6 years ago

What is Omnitude?

Omnitude is a revolutionary project that aims to integrate enterprise systems, supply chains, and e-commerce platforms into the blockchain while also enabling a community of app developers that can develop blockchain solutions which will be deployed into the real-world problems. Omnitude will make the online marketplace a more transparent, secure and profitable industry. It will act as a middleware or integration layer that will enable rapid deployment of blockchain technology with existing e-commerce platforms without the need to change current systems.There are two phases of this integration:

The launching of the Omnitude platform that will enable connectivity of many existing technologies and platforms in a transparent and secure ecosystem.
Development of Omnitude apps intended for specific cases that will answer to the unique needs of each e-commerce platform.

Problems and solutions

Omnitude wants to solve some of the pressing problems in the e-commerce and supply chain. First, they want to solve the growing problem of fraud in this sector. These days swindlers personify legitimate account holders, take on their accounts and use them to make purchases. In addition, the financial supply networks, which should ensure the release of cash after the delivery of goods, are very inefficient. This inefficiency stems from their dependence on manual processes; processes that are time-consuming, expensive and inaccurate. In addition to these, there is a surge in the number of fake reviews on e-commerce platforms. Some of the fake reviews are conducted by the traders themselves to enhance their reputation. Competitors also initiate fake reviews to damage the reputation of their rivals. Finally, online payment vendors must pay excessive fees to gateway providers; sometimes they pay up to 2.9% of the transaction amount.

To solve the problem of e-commerce fraud and identity theft, Omnitude provides all users with a single identification of the chain. This certificate will provide customers with simplified and accelerated training on board. In addition, all user IDs and their profiles are stored in the Omnitude block chain, so whenever they want to make transactions with other traders on the platform, their identifiers and preferences are automatically checked and the transaction terminates instantly. As for the payment for the gateway services, Omnitude plans to use low transaction fees.

Omnitude aims to address the inefficiency of the supply chain with a system that facilitates the issuance of payments depending on the stage of delivery. This system will track deliveries in stages through the supply chain and ensure the accuracy of the seller's claims. Omnitude also has a system to prevent fake customer testimonials; Proof of the interaction. Here's how it works: he checks that the transaction has really been successfully accomplished between the two parties. After confirming that the transaction took place, the system will allow the customer who made the purchase to give the seller a review.

Introduction

As the years go by, it is becoming more evident that the blockchain technology will play a big part in future industries. It has become such a huge market now with billions of revenues collected only in the first quarter of this year. In some places, cryptocurrencies such as bitcoin are now accepted in lieu of fiat currencies. That is how influential the crypto market fueled by the blockchain has become. Because of this, more and more e-commerce platforms are running over to integrate themselves into the blockchain. The e-commerce sales industry was said to be worth $1.86 trillion last 2016 and is projected to rise up to $4.48 trillion by the year 2021. The blockchain will provide transparency and security in e-commerce transactions that will eliminate the potential for fraud and illegal activities.Because of the need for a solution, a team of developers and advisors developed, for the last ten years, the answer to e-commerce integration into the blockchain. This project is called Omnitude.

What is Omnitude?

The launching of the Omnitude platform that will enable connectivity of many existing technologies and platforms in a transparent and secure ecosystem.
Development of Omnitude apps intended for specific cases that will answer to the unique needs of each e-commerce platform.

Omnitude Solutions to Leading E-commerce Problems

1.E-Commerce Fraud

The E-commerce industry has been continually growing over the years with the introduction of technology. However, along the growth of the industry is also the potential for fraud and cases of deception.

Solution: Omnitude plans to utilize the blockchain technology in order to establish a Single Identity and Single Reputation for its participants that will greatly reduce the most usual form of fraudulent activity.

2.Supply ChainThe supply chain finance is a big business that amounts to $2billion globally. However, there may be inefficiencies on the financial side such as time-consuming and costly manual reconciliation of payment orders and invoices which are prone to human errors. Also, merchants are greatly affected by pirated and counterfeited products and goods which totaled to nearly half a trillion dollars last year. Customer deliveries were also unsatisfactory as shown on a recent survey wherein both customers and e-tailers were not updated on the location and status of their orders.

Solution: Omnitude supply chain solution will track a product’s progress from the “first mile to the customer in a real-time, transparent, tamper-proof way. As the products are being delivered, item’s location will be recorded by trusted witnesses at key points and log into the blockchain for updates. Smart contracts will follow the progress of the items and payment will be gradually released to the shipper or merchant depending on the progress of the delivery. That way, the customer will be able to make sure that the products will be delivered as agreed and fraudulent activity cannot take place.

3.Identity confirmationUsually, customer information is needed when transacting with a new merchant even though same information is given to each of them. Also, a lot of buyers read online reviews and base their decisions on that review. But a recent study showed that more than one-third of these so-called reviews are false and provided by the merchants themselves to attract customers, which may be misleading.

Solution: Omnitude solves this problem by establishing a Single Identity or Omnitude ID (OID) for all its customers. These data will be re-usable for other participating merchants so that customers will not have to provide and prove his/her identity every single transaction. Merchants will also not have to spend more on customer verifications since the data has already been verified by the Omnitude ecosystem.Also, Omnitude will provide Proof-of-Interaction every transaction so that it will be made sure customers doing product reviews will be legit and not phony reviews made by the merchants themselves.

4.Cost of Doing BusinessAs a form of payment, e-commerce retailers use online payment gateways that require fees either per transaction or monthly fees. Although they have no choice but to use these online payment platforms, merchants and customers are also burdened and reduction of these said fees will greatly benefit both.

Solution: Omnitude provides the ECOM tokens as crypto-currency based payment mechanism that takes away the pricy gateway providers’ fees and replaces them with much lower blockchain transaction fees.

The Omnitude Ecosystem

The global e-commerce market reached the level of 1.6 trillion US dollars in 2016. The projected growth of this market by 2021 is almost triple, to the level of 4.5 trillion US dollars. The main turnover is accounted for by online retail stores.

However, this industry is constantly facing serious problems. The most common problems leading to losses:

45% of online stores report financial losses when introducing new software into the existing structure;
When paying online, the losses of Internet traders from fraud reach 0.5% of gross sales;
The loss of sellers from the abuse of credit cards is approaching $ 25 billion a year;
fraud with the identity of legitimate cardholders also causes significant damage to free trade.

The launch of the Omnitude platform can help in achieving the following goals:

Introduction of honest and "transparent" accounting systems in production and supply chains;
Maximum reduction in the possibility of fraud in e-commerce;
Implementation of a unique user ID for use on any site, online store and so on;
Help in the integration of blocking technologies into corporate systems, such as ERP & WMS.

The ECOM Token

Vehicles need fuel to start their engines. Just like a vehicle, Omnitude platform will not be fully realized without supporting funds. That is why along the launching of the platform, ECOM token will also be introduced. These tokens will be the currency used to transact inside the Omnitude ecosystem.

The funds raised by the tokensale will be used to fund the development of the platform, maintain the operation of the platform and give incentives to participants who will operate and secure the ecosystem.5M ECOM tokens will be released to the investors during the pre-sale stage while 50M ECOM tokens will be available during the main sale. 12M ECOM tokens will be allocated for the core team and advisors wherein 20% will be released each year for five years.