Before I begin with the facts, let me share with you one incident. I indulge sometimes in online shopping sprees due to oodles of discount and offers I get to grab. Whopping sales and massive deals - that's what excites me. But this time it was something else, I received a coupon from the e-Commerce website I was shopping with, to grab a 100% discount on selected articles if I reviewed the app with top ratings. This was ludicrous; being bribed for reviewing.
And then I wondered about the shady deals and niche market these websites indulged in to garner good credit scores to attract traffic on their sites. It was the customers being used to dupe a few more customers all for pennies.
In 2016 itself, eCommerce sale was valued at $1.86 trillion. The escalations in fraud, misappropriations, and hacking growing along. Merchants have lost more than a $1 million in revenues and customers through card frauds and account takeovers. Other vices include pirated or counterfeit goods (86% retailers affected annually), 46% customers didn't even receive a confirmation slip for the delivery.
To deal with all the issues, an all-pervasive ecosystem OMNITUDE developed by Omnitude foundation, a UK-based organization.
It brings together blockchain technologies, eCommerce platforms and enterprise systems involved in building end-to-end supply chains. The platform works by integrating existing systems into the blockchain and there arises no need to replace the current systems.
The platform will be open sourced where anyone can design and build Omnitude applications to integrate with existing solutions and in turn, transform their capabilities.
In short, Omnitude is the next revolution in eCommerce trade. This will be done in two phases- the first involving the launch of the platform and connectivity between other platforms and technologies. The second phase would include the development of Omnitude apps that can be developed by the core team as well as the community.
Salient Features:
- It will be an open transparent ecosystem where every merchant, supplier, retailer, customer etc. will be provided an OID to join the platform.
- No unauthorized ascertainment of identities and patterns of behaviors of customers by third parties. A certain level of confidentiality will be maintained where only the stakeholders will have the access to the information concerning them.
- Transparent and easy tracking of transactions stored on the blockchain.
- The differentiating feature will be HYPERLEDGER. I t will be built on hyperledger, a permissioned blockchain protocol which enables business-to-business and business to consumer transactions. The hyperledger provides independence within the platform since each of the technology has their own core functionality.
- Easy adoption through plugins to ensure integration.
- Collaborations with other blockchain technologies will be explored as well.
- All the users will be authenticated and their personal information will be kept confidential.
- Through concealment of identities and ledger details, it will provide a level playing field for all parties.
Use Cases:
Omnitude's single identity and single reputation will reduce most common forms of eFrauds.
Omnitude's supply chain solution will allow for the tracking of individual items or shipments tagged with identifiers and written immutably on the blockchain.
Omnitude's single identity will reduce the burden of customers by providing a simplified and quicker onboarding experience.
Omnitude's proof of interaction will establish that the user verifying a merchant has a history of interaction with them.
Omnitude's single reputation will allow tracking of timely shipping of goods and whether payments are made in time and full.
The Benefits:
It reduces the cost of doing business by removing payment gateways.
It will lead to transparent and accountable manufacturing and supply chains.
Ease of operations and security of transactions
A multitude of technologies clustered together through blockchain integration.
Reduction in online frauds and authenticated reviewing.
And much more as the platform further progresses.
ECOM token and ICO details:
ECOM will be the utility token that customers, merchants, and suppliers would require to participate. The initial tokens will be used to fund the platform and further finance long-term development, incentivize participants to operate and create a common settlement method for people.
The total number of tokens issued will be 100,000,000 ECOM. The price per token would be $0.40 USD/ECOM with 10 million as the cap during the private sale.
The main sale will have per token price fixed at $0.46USD/ECOM with the hard cap fixed at 45 million ECOM. About 5% of the tokens will be up for sale.
A $50,000 USD is fixed for every person. About 50% of the tokens will be up for sale.
The token sale will take place in the first quarter of 2018.
Concluding Verdict:
Omnitude presents itself as an omnipresent platform for all the individual platforms and technologies and uses hyperledger to deal with the subverting misuses and frauds. For the investors, no ownership rights are awarded the tokens and appreciation is dependent on the popularity of the platform. Users such as sellers, customers, suppliers, referees etc are sure to benefit with the secure and integrated ecosystem. Also, this project as an investment can appeal to the users and participants of e-commerce.
For more details visit:
Website: https://omnitude.tech/
Whitepaper: https://files.acrobat.com/a/preview/75fe0af9-d98b-4002-863c-138b43a131ef
Blog By: Lanirm Knayam
BTT Profile: https://bitcointalk.org/index.php?action=profile;u=1308391
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