INTRODUCTION
We all loves shopping online. Selecting our favourite product from our home itself and getting delivered it to our home has always been an attraction. E-commerce is indeed a booming industry with over 1.5 trillion dollar worth transactions happening each year. E-commerce giants like Amazon and Alibaba are many of ours favourites.
In spite of its rising interest, e-commerce industries still faces a lot of problems including identify theft, online payment fraud etc. Blockchain has been proved to be a superior technology with applications in vast fields. Blockchain technology can indeed be used in e-commerce marketplace to overcome the current problems to a big extent and that is what the Blockchain project Omnitude aims to achieve.
WHAT IS OMNITUDE?
Omnitude is a new blockchain based project that aims to bring up a revolution in the e-commerce marketplace. It's main goal is to introduce a permanent resolution to the Current existing problems in the e-commerce industry which can be used by the existing companies for their development. Omnitude acts as a mediator between online retailers and consumers and moderates the whole supply chain process. Omnitude thus aims to increase the transparency, profit and security of the process. The platform connects blockchain technologies, e-commerce platforms and enterprise systems which helps to build and effective and efficient end to end supply chain systems. Omnitude ecosystem can be used by existing e-commerce platforms for rapid deployment of blockchain technologies.
Omnitude can help to Create,
1.) A transparent and reliable platform for efficient supply chains.
2.) It helps to reduce the present existing e-commerce frauds by implementing blockchain technology.
3.) Identity frauds can be avoided by using single customer identity and reputation technology.
PRESENT EXISTING PROBLEMS AND OMNITUDE'S SOLUTION
The present e-commerce industry is facing a lot of problems that degrades its use cases. Problems includes,
1.) Variety of e-commerce frauds including online payment fraud, identity theft, account takeover, re-shipping etc.
2.) Counterfeit and pirated goods that effects the reputation as well as revenue of the original manufacturers.
3.) Identity confirmation with each transaction which includes storage of customers personal information which is a tedious process.
4.) Mediator charges which includes payment gateways that charges about 1-2% of the transaction amount.
The above listed problems are faced by almost every e-commerce companies. Omnitude puts forward a permanent resolution to these by using blockchain technology. One of the main features of the platform is the use of Single identity and single reputation system which stores customers personal information securely without the concern of being hacked and also Building a reputation system based on customers previous activities and transactions. This is a one time process and the data stored can be used for all future transactions without the burden of storing it each time. The information collected can be extensively used across all merchants that are incorporated within the Omnitude Platform. To avoid counterfeit products Omnitude uses shipment tags and tracking system which monitors the whole supply chain system. The informations would be tamper proof and no altering would be possible. The whole process would be recorded by trusted witnesses and are recorded to the blockchain. Omnitude ecosystem uses a crypto currency based payment mechanism which eliminates payment gateway charges. ECOM tokens would be used across the marketplace which provides significant rewards for all transactions.
HOW DOES IT WORK?
Omnitude platform implements it's operations in two phases. Initially the Omnitude marketplace is launched which helps to connect numerous technologies and Platform that will help in the implementation of blockchain technology in existing systems. In the second phase Omnitude apps will be launched which focuses on a specific issue and it's avoidance. The apps will be built by cooperation between both community and Omnitude team which ensures transparency in the whole process.
ABOUT ECOM TOKEN & TOKENSALE
ECOM is a utility token which fuels the Omnitude ecosystem. All transactions within the marketplace happens through ECOM tokens. Merchants, customers and suppliers uses ECOM tokens to participate in the ecosystem. ECOM tokens will have a total fixed supply of 100,000,000. The tokensale is live and runs until 31/05/2018. A total of 55 million tokens would be sold in the sale. Price of one ECOM token is fixed at 0.46$. The hardcap for tokensale is fixed at 20.7 million USD and all unsold tokens would be burned.
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