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Omnitude

About Omnitude

Omnitude is a project borne out of an existing enterprise eCommerce agency which saw first-hand the time and difficulty involved in integrating and reintegrating systems. Blockchain technology has the ability to solve problems in ways not previously possible. Omnitude will help achieve:

  • The creation of transparent and accountable manufacturing and supply chains.
  • A significant reduction in eCommerce fraud.
  • The enablement of a single customer identity for use across any Omnitude-connected eCommerce site.
  • Blockchain integration between enterprise systems such as Enterprise Resource Planning (ERP) and Warehouse Management Systems (WMS).

Hyperledger will form the heart of the Omnitude platform. A permissioned blockchain protocol, it will enable business-to-consumer and business-to-business transactions. Unlike public blockchain protocols, it will be a permissioned network where nodes are run by known whitelisted organizations or individuals, with oversight from the Omnitude Foundation. To further enhance security and transparency, the Omnitude blockchain will be periodically anchored to transactions on public blockchains such as Bitcoin and Ethereum.

Omnitude technology will enable a wide variety of different 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.

To help fund these initiatives they are launching their ECOM utility token. As well as offering an opportunity to be an integral part of the Omnitude community, the ECOM token presents a robust option to realise the potential rewards that groundfloor involvement means for this pioneering project.

What is the ECOM token ?

An ECOM token will be launched alongside the Omnitude platform. Merchants, customers and suppliers will require ECOM, crypto currency or FIAT to participate in the Omnitude ecosystem. The initial ECOM tokens issued will be used to fund the development of the Omnitude platform and ecosystem, incentivise participants to operate and secure this ecosystem and create a common settlement method for people to participate in the Omnitude ecosystem.

eCommerce Fraud

This booming online industry is facing some serious challenges. In fact, 45 percent of merchants and suppliers have lost more than $1 million in revenue due to challenges faced when integrating cross-channel capabilities into their commerce strategy, according to 1WorldSync’s recently released study, Charting Course for llGlobal Commerce. 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 Omnitude Solution to eCommerce Fraud

In this turbulent environment, the need for an effective, state-of-the-art solution prevails. Omnitude’s Single Identity and Single Reputation will provide the means to help merchants reduce the most usual form of eCommerce fraud, Identity Theft, whereby fraudulent transactions are undertaken using a different identity, typically spending on someone else’s credit card or account. The Omnitude solution addresses all the major forms of fraud by using Blockchain technology. In providing users with a Single Identity on the blockchain, Omnitude will relieve merchants from the need to keep and secure extensive local databases containing sensitive personal data about their customers. Such databases are at risk of being compromised by ‘hacking’. The risk of Chargeback Fraud is also minimised by reducing the use of credit cards.
Omnitude will also reduce Merchant Fraud (i.e. the collecting of payment upfront, but with subsequent failure to deliver). Omnitude will facilitate staged release of payments depending on stage of delivery.

For more information, visit the WEBSITE or read the WHITEPAPER.

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