Omnitude – Blockchain Solution For The E-Commerce Industry

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Omnitude: ICO and Project Review

This article is written as a review of the Omnitude Initial Coin Offering by evaluating the team, token structure, some of the challenges with e-commerce industry and the innovative solution, which is Omnitude. 
The E-commerce industry is a vast ecosystem that is growing with enormous pace and provides high opportunities in the delivering of value across different geographical zones and locations. Services that are being exchanged online grows by the day due to the ease in the methods of which they are done and the massive room for scalability the industry possess. However for whatever has a good side, there is most often a bad side which leads us the the several challenges of this industry. this paper provides insight into these challenges and how Omnitude provides the long due solution.

What is Omnitude?

Omnitude is a blockchain smart platform that connects blockchain technologies, ecommerce platforms and enterprise systems involved in building end-to-end supply chains. Omnitude is a pioneering project to revolutionize connectivity between blockchain technologies and ecommerce platforms & enterprise systems. The aim of Omnitude is to revolutionize ecommerce and supply chains with Blockchain technologies.

The Challenges 

The over the years businesses have faced some types of challenges in the ecommerce industry in which the Omnitude platform is providing solution to. Some of these challenges are discussed below.
• Ecommerce Fraud
• Identity confirmation
• Supply chain
• Cost of doing business
Ecommerce Fraud: Ecommerce fraud is increasing rapidly as more and more consumers turns to online shopping. Ecommerce fraud is an illegal or false transaction made in a web shop. Some of the types of ecommerce fraud are discussed below.
  1. Friendly fraud: This is also known as chargeback fraud.  This type of fraud occurs when a consumer purchases an item from an online store with his own credit card but deny receiving the product in other to get a refund. Some consumers even keep the item purchased and get a refund by falsely claiming the project does not meet the expectations or they claim payment was made with a stolen card.
  2. Triangulation fraud: This type of fraud refers to a situation in which a fraudster creates a fake online store and sells goods to consumers at a very cheap price. The main aim of creating this online store is to gather credit card data of consumers. The fraudster then orders the goods at a real merchant and have them delivered to the original customer.  The fraudster gains the payment for the goods, but the consumer pays twice.  Sometimes the fraudster uses the card details to order products for himself.
  3. Billing fraud: This type of fraud occurs when the address of the suspected victim is associated to the payment account used to purchase stolen goods. Mainly products are bought using the unfortunate victim address but later delivered to an address where the fraudster can pick up the product.
Identity Confirmation: Identity confirmation has been highlighted as an huge problem businesses in the ecommerce industry encounter;
Producers and suppliers of goods commit much of their time and effort to provide their customers with top quality goods and services and then expect the customers to leave a positive review for the services enjoyed, which will help in influencing the buying decisions of other buyers. However this act has been manipulated as it is easy for sellers or buyers to create a fake customer profiles either to promote or sabotage a particular merchant with good or bad reviews. Businesses make use of false reviews to damage the image of their competitors. 
Supply Chain: the supply chain consist of both physical and financial factors. Physical factors consist of the physical movement of goods from supplier to customer while financial factors consist of financial flows from customers to suppliers.  The challenge here ranges from inefficiencies on the financial side of the industry to meet financial demands due to manual reconciliation between payment orders and invoices which could be time consuming and costly, to the importation of counterfeit and pirated products. This pose a huge threat to both the customers and the suppliers.
There is also a problem of improper monitoring of the goods ordered by the customers as there are not sufficient amenities to meet the industrial demands. The aftermath effect of this is that there may be reduction in the level of customer satisfaction which will lead to bad reviews for a service defect which the supplier has no power over.
The Cost of Doing Business: In order for businesses to collect payments online, suppliers make use of payment gateway and pay fees to the gateway providers. Usually these fees are monthly and per transaction. The fees paid to these gateway providers are usually high and cuts into the profit margin of the suppliers. 

The Ground-breaking Solutions Provided By Omnitude

Omnitude platform will act as an intermediary which enables simple integration of blockchain technology into existing systems and in doing so, transforming their capabilities. 
The Omnitude Solution to Ecommerce Fraud: Omnitude employs the Blockchain technologhy to address all the major forms of fraud by providing each user with a single identity on the Blockchain which 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 hackers. This will reduce the risk of chargeback fraud by minimizing the use of credit cards.
The Omnitude Solution to Identity Confirmation Problem: Omnitude will reduce identity confirmation problem by assigning of unique identity to each customer; (The Omnitude identity).  This identity will be affirmed by the merchant and then encrypted and recorded on the Omnitude blockchain. The Omnitude identity will accelerate and ease the purchasing process because customers will not have to go through the process of repeatedly providing their details every time they want to purchase an item.
The Omnitude Solution to Supply Chain Problem: Omnitude will solve the supply chain problem by creating a real-time, auditable, tamper-proof record of a product’s full journey, from ‘first-mile’ to customer. Omnitude will allow individual items tagged with unforgeable crytographic identifiers or identified by serial number, to be tracked to establish provenance and authenticity. At key points during an item’s journey from first-mile to customer, its location will be recorded by trusted ‘witnesses’ and written immutably to Omnitude blockchain.
The Omnitude Solution to Cost of Doing Business Problem: Omnitude solve the cost of doing business problem by providing 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. 

The Team and Advisors

The Omnitude has a team 12 members who consist of marketing, financial and Blockchain technology experts. I did a good research and analysis on the team’s history and expertise by researching their LinkedIn profiles. The core team can be seen on the team section of the Omnitude website: https://omnitude.tech/  I advise you do due diligence and research for yourself also.

Token Sale/Structure 

The ECOM Token sale starts 28th of March and ends 25th of April. Potential investors have to get whitelisted and pass a KYC. The Tokens will be issued within two weeks of the token sale ending and all unsold tokens will be burned.
Ticker: ECOM
Token type: ERC20
ICO Token Price: 1 ECOM = 0.46 USD
Fundraising Goal: 20,700,000 USD
Sold on pre-sale: 4,256,307 USD (15% BONUS)
Total Tokens: 100,000,000
Available for Token Sale: 55%
Min/Max Personal Cap: 150 USD / 25000 USD
Token Issue: WITHIN TWO WEEKS OF THE TOKEN SALE ENDING
Accepts: ETH, BTC, USD

Official Contacts:

Disclaimer:

This is my personal estimation about this project. I would propose you do your own research about this project before you invest in it as I am not a business advisor or analyst. I shall not be deemed responsible for any profit or loss incurred for investing in the project. Thank you 

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