5W1H concept
Continue our 5W1H series, I introduce to you Omnitude - the breakthrough solution in eCommerce.
Disclaimer: The information on this article is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. I make no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contained in this article or any sites linked to or from this article.
What is it?
To begin with, as usual, I need to give you a background information on this project:
Omnitude is an ecosystem built on hyperledger acting as an intermediate platform which integrates blockchain into the existing system of eCommerce enterprise involved in establishing end-to-end supply chain to solve the currently existing bottlenecks of the industry.
Why is it there?
Because the eCommerce is thriving market yet being constrained due to serious problems. To prove its enormous market size, have a look at this report conducted by eMarketer:
Specifically, retail ecommerce sales worldwide is estimated to reach $2.304 trillion in 2017, a 24.8% increase over the previous year.
Meanwhile, the problems that this industry is facing is also arising spontaneously:
Fraud and counterfeits: According to a recent research, fraudsters took 5.65 cents of every $100 spent in on eCommerce meanwhile 2.5% of global imports are counterfeit goods and 86% of retailers claims business loss due to fake products.
Therefore, the trust issue is also a concern, which sometimes vastly costs both side (buyers and sellers) lots of time and effort to verify their stakeholders' identities, especially in transactional cases where repetition of profile checking takes place many times. Moreover, reviews and ratings from the online community are often taken into account heavily when it comes to identity verification or purchase consideration even those are written by some random guys whose profile you can't ironically verify as well since those are usually the only source.
The poor delivery system performance: the noteworthy records of UK households delivery reveal that 43% of consumers did not receive dispatch and delivery notifications while 46% from the e-tailers did not receive a delivery confirmation.
High cost of business operating of which the payment gateways fees make up a considerable proportion. Specifically, the revenue from online purchases must be collected through payment gateway providers' systems charging business owners around 2.9% of the transaction value.
And Omnitude aims to solve those problems by utilizing the blockchain technology wisely.
How do they do that?
With the Omnitude blockchain and their ECOM token.
As for fraud and counterfeits, Omnitude introduces their “Single Identity" concept to deal with the most common form of eCommerce fraud - Identity Theft. Put simply, once confirmed by the merchants, each stakeholder's identity would be stored on the blockchain which means its data would be theoretically unhackable and integrity is well-maintained since there is no single central point break for hackers to conduct malicious attacks. Therefore, merchant could easily access and verify the identity of the person he is dealing with via the Omnitude ClientApp whenever he wants while buyers know that they can trust that seller. And that model saves a lot of times and effort for the industry, accelerating all the working processes.
And that solution also partially solves the trust issue, meanwhile the “Single Reputation" answer the remaining questions of rating and reviews in it. “Single Reputation" proposed by the Omnitude team is an innovative method to automatically and objectively fact-check the historical performances of the stakeholders, such as the shipping completion records or payment milestones since, just like the ones from “Single Identity", those data are also stored in the Omnitude blockchain. Therefore, no more reliance on ratings and reviews from strangers on the Internet.
Regarding the supply chain issue, all items or shipments involved in the systems would be tagged with identifiers for easy-to-use traceability along the movement. And of course, whenever reaching some key points on the track, the location data at that time is recorded by trusted witnesses and then written immutably into the Omnitude’s blockchain to maintain integrity as well as the continuous tracking process.
Last but not least, the cost of business operating is resolved thanks to the use of ECOM token. With the ECOM payments model, no third party payment gateways are needed. Therefore, no more unnecessary costs. For your information, ECOM tokens are also used to access those mentioned features of the Omnitude blockchain.
Who're behind the project?
The team is led by Chris Painter who has 9 years experiences of Managing Director at a web design and development agency named Pixel by Pixel, whose focus is on Commerce platforms solutions.
Core Team
Developers and Advisors
Even famous ICO advisors and investors such as Danii Morozov, Mofassair Hoassain and Richard Kastelein or the experienced blockchain & Marketing Consultant Tyler Sanford all gave tremendous compliments on this rocking team and showed their confidences on the team's capacities make the project a reality.
Where do they aim at deploying the project?
eCommerce of course, yet since Omnitude is delopved by the Omnitude Foundation which is a UK-based organization and most of their research information is about the European market, it might be their primary target.
When does it happen + Token info
Token Symbol: ECOM
ICO time: 28/03/2018 - 31/05/2018 (LIVE)
ICO Token Price: 1 ECOM = 0.46 USD
Hardcap: 15,700,000 USD
Platform: Hyperledger
Whitelist: No
Know Your Customer (KYC): Yes
County of Origin: United Kingdom
Token distribution:
Notes:
You should be notice that the implementation of Omnitude is effortless and requires no need to replace the existing frameworks. With that approach, the Omnitude is a promising project to have swift adaption of the blockchain technology into practice and therefore, seems to be less risky in the investors' eyes. Especially when it comes to obscure innovation like blockchain.
Links and Media
Website: https://omnitude.tech
White paper: https://files.acrobat.com/a/preview/75fe0af9-d98b-4002-863c-138b43a131ef
Telegram: https://telegram.me/Omnitudechat
Author's information:
Bitcointalk username: damdumtuss123
Telegram username:@quanghuy96