E-commerce (electronic commerce or EC) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. These business transactions occur either as business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business. The terms e-commerce and e-business are often used interchangeably. The term e-tail is also sometimes used in reference to transactional processes for online shopping.
I will tell you why Omnitude is the Future Generation of E-commerce and why we should support this project.
What is Omnitude?
Omnitude is a pioneering project to revolutionise connectivity between blockchain technologies and eCommerce platforms & enterprise systems.
The Omnitude platform will act as middleware, enabling simple integration of blockchain technology into existing systems and in doing so, transforming their capabilities.
It will do this in two phases…
Phase 1
The first phase of Omnitude will launch the Omnitude platform, this will enable connectivity between numerous technologies and platforms and allow them to take advantage of blockchain technology quickly and efficiently.
Phase 2
During the second phase, both the community and the Omnitude team will build Omnitude apps to solve speci c use cases. There are already several Omnitude Apps designed for launch that are detailed in the use cases section.
Omnitude technology will enable a wide variety of different applications to be built and the team will build its own, whilst supporting the community to develop their own, through open documentation, example code and support.
Problems:
1.E-commerce Fraud
.ONLINE PAYMENT FRAUD: There’s a lot to be vigilant about between now and the year 2020. Online payment fraud just won’t stop growing. And gift card scams aren’t going away either. Card-not-present (CNP) transactions account for 60% to 70% of all card fraud in many developed countries
.SLOW BANK TRANSFER: Part of the problem is that customers must use either a slow bank transfer or a credit card, mechanisms that expose customer and merchant to the risk of ‘phishing’, ‘pharming’ and ‘man-in-the middle’ attacks.
.Chargeback Fraud: The misuse of chargeback rights, either friendly fraud or chargeback fraud, is the methods by which the majority of fraud losses are surrendered. According to The Nilson Report, $31 billion will be lost to chargebacks by 2020. 70 % of customer disputes involve fraudulent/mistaken or unfounded product/service-related chargebacks.
2.Supply Chain
in supply chain there are both financial and physical factors with both involving flow of money and goods between the customer and suppliers. The problem however ranges from the inefficiencies of the industry to meet up with its financial demands to the high volume of pirated products flooding the market.
This poses a big problem for both the suppliers and the customers. As also there is a lingering problem of ineffective tracking of products ordered by the customers as the infrastructure currently in place is Insufficient to meet the industries demands and may in end result in dissatisfaction from a customer and lead to bad reviews for a service defect which the supplier has no control over.
3.Identity Confirmation
identity confirmation is also a big problem faced by the actors in the ecommerce industry;
Product suppliers are dedicated to providing good service to customers and hoping they will in return get good reviews for a service rendered, the customer who is a total stranger then in turn rates the service of the supplier. However the system is flawed as creating fake customer profile is as simple as ABC in the existing system and both sellers and buyers can create fake profiles either to promote or sabotage a particular merchant with good or bad reviews respectively.
Also customers have to repeatedly provide their contact information while dealing with different sellers even on the same platform which can be a tiring task.
4.The Cost of Doing Business
There are currently high fees being paid by merchants to gateway providers in order to receive online payments. These fees are usually paid both monthly and per transaction. There are huge amount of money paid for this services which reduces the already small income of the merchants.
The Innovative Solution: The Omnitude Solutions
The Omnitude Solution to Ecommerce Fraud:
Omnitude utilizes the Blockchain to address the major forms of fraud by providing users with a single identity on the Blockchain which will also in turn relieves the merchants of the need to have a physical infrastructure in place to securely store sensitive personal data of their customers.
This goes further to reduce the risk of hacks and chargeback fraud because the ecosystem will be governed by a smart contract which will facilitate staged release of payments depending on stage of delivery.
The Omnitude Solution to Supply Chain Problem:
Omnitude is going to solve the problem with supply chain ineffectiveness and product tracking and authenticity through its supply chain blockchain.
Omnitude’s supply chain blockchain creates a live, tamper-proof and auditable tracking of a product’s full journey, from the store to the customer’s doorsteps. Omnitude will allow individual items to be tagged with fool-proof cryptographic identifiers or serial numbers, to be carry out product tracking and to establish provenance and authenticity.
Customers will be able to verify the history of items and if the actually match the claims of the seller; this can be done easily on any smartphone.
The Omnitude Solution to Identity Confirmation Problem:
This solution involves the issuance of a unique identity to customers; the Omnitude Identity (OID). This identity will be verified by the merchant and then encrypted and recorded on the Omnitude blockchain.
The OID solution will increase customer staisfaction by eliminating the need for customers to repeatedly provide their data and details to merchants whenever they want to purchase a product. In turn this will allow merchants expend less effort in verifying customer identities and also reduce scams carried out by making fake review by merchants wanting to gain an edge over their competitors.
Omnitude’s Single Identity will reduce effort required by merchants to establish customer identity, and provide a simplified, quicker onboarding experience for customers.
The Omnitude Solution to Cost of Doing Business Problem:
Omnitude will provide an alternative, cryptocurrency-based payment mechanism that eliminates gateway provider fees and replaces them with lower blockchain transaction fees.
An ECOM token will be launched alongside the Omnitude platform. ECOM will serve as a medium of exchange in the Omnitude ecosystem between the participants. Payments are made and settled instantly through the Omnitude network and recorded on the Blockchain.
Token Sale Structure
Ticker: ECOM
Tokens: 100M (Team & Advisors = 12%, Omnitude Foundation = 33%, Pre-sale Investors = 5%, Main-sale Investors = 50%)
Inflation: None (no further tokens issued)
Private pre-sale cost: $0.40 USD/ECOM
Private pre-sale cap: 5 million ECOM (2 million USD)
Token Sale cost: $0.46 USD/ECOM
Token Sale hard cap: 50 million ECOM (23 million USD)
Total sale cap: 55 million ECOM (~25 million USD)
Token sale will require pre-registration with KYC and $50k USD limit per person (final cap still being finalized).
Following 1st round, unsold tokens will be made available to all those registered with each
individual able to purchase another $50k USD worth of ECOM until sold out.
This will repeat until the 5th round at which point the token sale will end if still not sold out.
In the event that the Token Sale funding cap is not reached, all remaining tokens will be
burned.
How do I participate and what are the terms of the token sale?
Our main ICO will be launching March 28th 2018 so sign up at our website (http://omnitude.tech) to get the latest.
In the meantime, please also have a read of our technical and main whitepapers (https://files.acrobat.com/a/preview/75fe0af9-d98b-4002-863c-138b43a131ef).
For more information visit:
Website: https://omnitude.tech
Whitepaper: https://files.acrobat.com/a/preview/75fe0af9-d98b-4002-863c-138b43a131ef
Bitcointalk [ANN]: https://bitcointalk.org/index.php?topic=2683959.0
LinkedIn: https://www.linkedin.com/company/11320641/
Twitter: https://twitter.com/Omnitudeorg
Facebook: https://fb.me/Omnitude.tech
Telegram: https://t.me/joinchat/GvyX0g8PC7_JsyUu0fruUw
Reddit: https://www.reddit.com/r/Omnitude/
Medium: https://medium.com/@Omnitude
Bitcointalk username: xputchakabax
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1670249
