Pioneering project to revolutionise eCommerce using blockchain technologies & ecosystems to address challenges around fraud, identity theft, supply chain & more
The e-commerce industry has seen a rapid ascension in the past decade powered by the likes of Amazon and Alibaba. Many traditional brick and mortar stores have been forced to file bankruptcy and adopt the internet way. E-commerce sales were estimated at $1.86 trillion in 2016 and are expected to reach $4.48 trillion by 2021, making it one of the fastest growing industries. The industry, however, is plagued by issues like identity thefts, fake goods (2.5% of goods are fakes), issues with supply chain, lack of coordination among different entities and others.
Omnitude offers multiple solutions to improve the state of e-commerce by providing connectivity between blockchain technologies and the e-commerce platforms. Omnitude will serve as an integration layer between existing systems while enabling rapid deployment of blockchain technology without the need to replace current systems.
Omnitude provides the following solutions for e-commerce industry:
- Fraud prevention: Each user signing up on Omnitude powered e-commerce platforms will get a unique identifier which stores his important data and information on the blockchain. E-commerce platforms do not need to store this vital information on their centralized systems thus removing the threat of hacks and identity thefts.
- Trust issue: Omnitude will enable staged release of payments. As a result, merchants cannot collect the payment upfront without delivering the product. This will bring user trust in smaller platforms as well.
- Supply Chain: Omnitude’s supply chain solution will allow individual items or shipments tagged with identifiers to be tracked as they move along the supply chain. This will create a real-time, auditable, tamper-proof record of a product’s full journey, from ‘first-mile’ to the customer.
- Identity confirmation: Omnitude’s Single Identity will reduce the effort required by merchants to establish customer identity, and provide a simplified, quicker onboarding experience for customers.
- Single Reputation: Similar to Tron’s single reputation for entertainment systems, Omnitude’s unique identifier will serve as a single, tamper-proof reputation score for each entity of the e-commerce ecosystem ( suppliers, users, merchants).
Omnitude will be built on top of Hyperledger. Hyperledger’s multilayer, permission-based architecture is suitable for a platform like Omnitude. Omnitude will also facilitate the creation of multiple decentralized applications related to e-commerce and supply chain on top of its protocols.
Development of Omnitude will be done in two phases; the first phase will focus on providing connectivity among different entities related to e-commerce and supply chain while the second phase will focus on creating apps for multiple use-cases.
Omnitude does not have a tangible product as of now, but a proof of concept ( or an MVP) will be available before the ICO on March 28.