Omnitude - Blockchain enabled revolution in ecommerce
Omnitude is stepping into the scalable industry of ecommerce with an aim to make the place more transparent, secure and profitable. Building a platform that is backed by Blockchain this one connects all the blockchain enable technologies, available ecommerce platforms and enterprise system for a seamless end-to-end experience for the user.
Omnitude is a blockchain smart platform that connects blockchain technologies, eCommerce platforms and enterprise systems involved in building end-to-end supply chains. Utilising Omnitude as an integration layer between existing systems enables rapid deployment of blockchain technology without the need to replace current systems. Omnitude will make the online retail marketplace more and more secure.
Omnitude enables businesses to solve problems in ways that were not previously possible, without the rise of blockchain technology.
- The creation of transparent and accountable manufacturing and supply chains
- eCommerce fraud
- The enablement of a single customer identity for use across any Omnitude connected eCommerce site
- Blockchain integration between enterprise systems such as ERP & WMS
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. Omnitude technology will enable applications to be built. The Omnitude team will build its own, whilst supporting the community to develop their own, through open documentation, example code and support.
Online payment fraud is set to not only keep the pace, but grow to an even bigger problem for eCommerce merchants. Card not present (CNP) accounts for 60% to 70% of all card fraud in many developed countries, according to Juniper Research, and it’s increasing. In 2016, for every $100 spent through eCommerce, fraudsters stole 5.65 cents. 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.
The misuse of chargeback rights, either friendly fraud or chargeback fraud, are 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 percent of customer disputes involve fraudulent/mistaken or unfounded product/servicerelated chargebacks.
Customers must usually provide details about their identity (e.g. name, email, phone, address and payment details), and about their preference information (e.g. style, sizing, delivery times) when transacting online with a merchant. Usually, this information must be provided every time they transact with a new merchant, even though the same information is being provided each time. Additionally, each merchant must expend effort and incur costs to record this data and safeguard it properly. Buyers depend heavily on online customer reviews for their buying decisions, even when these reviews are written by complete strangers. Evidence suggests online customer reviews are now more important than TV ads, branded websites, print ads and media. Businesses are under increasing pressure to show positive reviews. However, researchers now estimate that up to one-third of online reviews are phony, and posted falsely either by the merchant itself, to boost, or by a competitor, to damage the business involved.
Omnitude will be built on top of Hyperledger, the open source, global, collaborative project hosted by The Linux Foundation. Hyperledger is a permissioned blockchain protocol which enables business-to-consumer and business-to-business transactions. The Hyperledger architecture provides core blockchain services, on which the Omnitude ecosystem is built.
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Website : https://omnitude.tech/