eCommerce has been a big business around the world in 2016 alone, the business is worth $1.86 trillion, and will increase to $4.48 trillion by 2021. Ironically, along with its growth, our eCommerce is facing some challenges and highly in risk of frauds such as: clean fraud, account takeover, identity fraud, re-shipping etc.
The good news is Omnitude offers the solutions for those problems of our existing eCommerce market. It will reduce the risk of potential fraud and promote the trust within the ecosystem. First, let’s see how the platform works to solve the problems.
Oftentimes, merchants require for personal data of their customers, while at the same time they have to protect the centralized database from hackers and identity thief. This time, the merchants and buyers will be at ease since Omnitude will not use such a database, yet a decentralized system. It will reduce the risk of identity fraud by using Single Identity and Single Reputation. The detail information about the Single identity and single reputation is available on its whitepaper.
Omnitude supply chain will increase the trust of each other between sellers and buyers. Besides, it will lower the risk of merchant fraud by enabling its users (both of sellers and buyers) to track their goods from the starting point to customers’ doors. Another way Omnitude’s supply chain will reduce the fraud is by facilitating the staged release of payments. The payment will be completed on the time the goods reach the customers’ doors.
Up until now, merchants have to use a payment gateway to manage the payments for their product/services. The problem is, most gateways providers require for a high gateway fee. On the other hand, Omnitude will use a cryptocurrency-based payment method which will eliminate the role of gateway providers. Besides, the platform will only require lower fees.
This time, the Omnitude platform offers you an opportunity to be a part of the platform. For your information, Omnitude has its own tokens called ECOM with total supply 100,000,000 tokens. The token itself will be used for all transactions within the ecosystem and also give the access to the Omnitude services. You could read the rest information about ECOM token sale and token distribution on its whitepaper.
Both of its technical and business roadmap contains information about ICO phase. It also shows us the development of the platform and the future plan: started from the concept creation of Omnitude in 2017, testing phase, ICO, until the plans by 2019 and beyond.
We know that our existing eCommerce business is at risk of some fraud. But we also have known that Omnitude as a blockchain-based platform knows how to prevent the fraud. There are more features of the platform which will help the eCommerce participants to trade securely. In case you still want to know how the services and features will work, you are highly recommended the whitepaper on the important sections.
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