The future of e-commerce is in new and advanced blockchain technologies that offer a fast, secure, and efficient way to do business online. It’s with that in mind that Omnitude foundation has been working hard for the past ten years to create their platform. The Omnitude platform will allow a flawless integration between the blockchain technology and existing e-commerce platforms. One of the key factors hindering the use of blockchain is the need to find a bridging technology that will not require a change in the existing e-commerce platforms as businesses transition to using blockchain. Furthermore, the current setup of cryptocurrency exchanges makes it hard to transact with cryptocurrency than credit cards and debit cards. With that in mind, let’s look at how Omnitude is going to transform the e-commerce industry.
The first step to stimulating the use of Omnitude tokens in online trade will be launching of their platform. Once it has been launched, other e-commerce technologies will be able to use to connect with blockchain technologies. Technologies using the Omnitude platform will not need to develop their own platforms to interface with blockchain technologies. That will allow businesses to enjoy a quick and efficient connection to blockchain-based services.
Once the Omnitude platform has been launched, the next step will be to create apps for specific use cases of the new platform. The app development will be by the Omnitude team, as well as the Omnitude community with support from Omnitude. To get the community started, the Omnitude platform will be launched with some of the specific use cases that the team has already created. The support from Omnitude will be in form of the shared code and documentation detailing how to use the code.
In order to finance and support the Omnitude platform, Omnitude will launch the ECOM utility token, the token will available in exchanges from the day they launch their platform. Apart from helping to generate funding for the project, the token will provide buyers with potential rewards for being part of the community involved in the groundbreaking work of the Omnitude launch. All users of the Omnitude platform such as Merchants, suppliers, and customers will require ECOM, FIAT, or cryptocurrency to participate in the Omnitude ecosystem.
However, unlike the recent scam cryptocurrency projects we have already experienced, Omnitude does not promise any returns now or in the future for those who choose to invest in their token. Furthermore, it doesn’t promise that it will share any of the profit resulting from the success of the project with buyers and investors of the ECOM token. The token will merely facilitate the use of their platform by users, to provide a universal way to settle transactions on the Omnitude platform.
Key e-Commerce Areas Targeted for Improvement
Fraud in e-Commerce
According to their white paper, the value of the global trade stood at $1.6 trillion in 2016, and it’s expected to reach $4.8 trillion in 2021. However, as the volume of trade grows, the number of fraud cases has also risen to record levels. About 45% of merchants say they have lost at least $1 million to fraudsters either through identity theft, which led to charge-backs, account takeover by fraudsters, and or strategies such as re-shipping. In re-shipping, fraudsters use stolen data to buy items, ship them to a wrong address, then get the receiver to ship them to their addresses.
Omnitude will use the blockchain technology to provide users with a single form of identity and act as the reliable way to identify customers. That will relieve merchants of the burden of identifying fraudulent orders made using stolen identity. They will not also have to keep extensive databases that hold sensitive personal information, which in many cases helps to fuel online fraud after a cyber attack on such databases. Furthermore, by reducing the use of credit cards, it will have significantly eliminated issues of chargeback fraud. For buyers, it will eliminate the rising issues of merchant fraud where payments are collected but services or goods are not delivered.
The supply chain in global commerce is currently worth over 2 trillion dollars. However, about 2.5% of that value is lost to counterfeits or pirated goods. The supply chain consists of two major parts, there is the supply of goods from the merchants to the customers, and there is a flow of payments from customers to merchants. Losses and delays occur frequently in the flow of money from the customers to merchants during manual reconciliation of sales made, returned products, and replacements made. In the European Union alone, about 55 of the goods imported are pirated, which puts the buyer at risk, as some of the goods are dangerous to the user or consumers. Good affected by those practices include medical instruments, baby formula, perfumes, handbags, and toys.
Omnitude will solve these problems experienced in the supply chain by tagging products as they transform from raw materials to finished products, and finally are delivered to customers. As the products move along key points of the supply chains, their state will be recorded, and the points marked as “trustees.” Finally, that information will be stored in the blockchain, where anybody along the supply chain can access it to help in identifying the authenticity of the products.
The smart contracts between the buyer and supplier will then be used to track the product’s progress and release payments to suppliers as soon as milestones are achieved. Omnitude will, therefore, eliminate the need for manual reconciliation even when there are several parties involved in the supply chain. The tags used to identify the products will be easy to read using apps installed on smartphones or other gadgets. Overall, the Omnitude supply chain system will make it easy to track, pay, and validate the authenticity of products throughout the supply chain. It also allows merchants to make “micropayments” as their associates along the supply chain fulfill their obligations. Overall, that will make the supply chain work efficiently and cut down on losses.
In the current setup, each merchant has to keep their own databases and protect it from hackers. That creates duplication of efforts, which is necessary for each merchant to keep trading. Omnitude will resolve that inefficiency by creating a central database that supplied by users and merchants. Whoever gets to create an identity first is paid in ECOM by anyone who uses that identity. Since there will be no duplication of identities created, both users and merchants will benefit by helping to create a decentralized database of identities. That will help to deal with cases of fraud and increased trust in the e-commerce industry.
Cost of Doing Business
In the current setup of e-commerce, we have payment processors charging exorbitant gateway fees to process transactions. Furthermore, the approval takes some time before the merchant can access their money. That happens because the payment processor needs time to verify that the customer received their products before it can release the payment to the merchant. Omnitude will deal with that problem by providing buyers and merchants with the faster but cheaper blockchain system of verifying, approving, and completing the financial transaction. Using its Omnitude blockchain, it will be able quickly to verify the genuine transaction and charge lower blockchain fees. Currently, the typical fee paid by merchants to receive payments is about 2.9% of the total transaction cost. The payments will be made in ECOM and so will be the fees charged on each transaction. Buyers will be able to buy the ECOM at current exchanges price in the market.
Operation of the Omnitude Platform
Omnitude will build its platform on the Hyperledger, which is an open source, a colloborative global project that’s hosted by The Linux Foundation. The Hyperledger support business-to-consumer as well as business-to-business transactions. It provides the basic blockchain services, such as the ones that Omnitude is built upon. Some of the entities that will compose the Omnitude ecosystem are suppliers, customers, couriers, merchants, and affiliates.
The number of ECOM tokens that were sold during the presale amounted to 5 million. There are 50 million ECOM tokens that will be available for sale to investors by the foundation. The core team and advisors awarded themselves 12 million ECOM for the time and resources they have spent in developing the Omnitude ecosystem. To that end, 20% of their share of tokens will be released to them each year for five years.
Chris Painter- Founder
Robert Belgrave- Founder
Jon Harris- Brand Director
Lianne Byrne- Crypto Marketing Advisor
Andrew Starmer- Project Manager
Ben Bennett- Operations
Gregory Painter- Community Manager
Benjamin Van Every- Blockchain Architect
Sahil Gupta- Advisor
Tiago Henriques- Cybersecurity Advisor
Short Video Presentation about Omnitude
Overall, the Omnitude platform will offer a useful service to the global e-commerce trade, and eliminates many of the issues affecting it such as fraud, and make it easy for businesses to use the blockchain. It’s therefore easy to see that investing in the ECOM is a smart move, although, one should approach it with a plan. We hope that you are as excited as we are and look forward to enjoying the many benefits expected to come from the use of the ECOM cryptocurrency as well as the Omnitude platform.