Omnitude blockchain technology.
Omnitude Blockchain Technology;
E-commerce has faced challenges in the past that this Omnitude Blockchain system will eliminate. One of the most common challenges in the e-commerce space is fraud. There are so many memes made about this and their wide acceptance is proof of the vast amount of fraud present in e-commerce platforms. Most sellers use enticing pictures as adverts but the product they deliver is no where close to what was displayed. They hide behind fine print like disclaimers to justify their wrongs. Sometimes you pay for goods and they are just not delivered. This usually makes many users within e-commerce platforms angry and they take it out on the platform creators and not the actual sellers. Buyers also have their fair share of fraud. In fact, fraudulent buyers probably account for more e-commerce fraud than sellers.
The advantage with this single identity system is that the company hosting the e-commerce platform will not have to store any user data centrally as they will be in the blockchain system. This will discourage hackers from attempting to breach the system as the loot they get will be meaningless. To prevent charge back by the seller and failure to delivery goods by the buyer, Omnitude has a system where payments made are done in stages of delivery. For every stage confirmed, payment is released to the seller. This will increase trust in the Omnitude ecosystem.
The Omnitude single identity system will also be used for identity confirmation especially in cases such as product online reviews as some traders usually pay fake reviewers to give their products positive reviews. This will promote a more transparent Omnitude ecosystem as all reviews within this platform will be verified therefore more likely to be genuine.
The other solution Omnitude will offer apart from the assistance in the e-commerce platform is in the supply chain industry. Through the Omnitude platform, users will be able to track products they have ordered real time. Payment will also be made in stages of delivery. Omnitude nodes will be track in the progress of the delivery and will be simultaneously releasing payment once the goods are verified to have reached a certain level in the supply chain.
This will also increase trust in the process as machines are less likely to be compromised compared to people.
Omnitude will not stop here. It plans to have an interactive platform in its ecosystem where various problems within systems can be solved by tailor made apps by members of the Omnitude community. This means that for every business signed up in the Omnitude community, there is always a dedicated team of developers ready to solve the most complex of system problems using blockchain technology.
Omnitude will provide ECOM tokens which will have a variety of uses within the Omnitude ecosystem. it will be used as a currency in the ecosystem. Users will be able to carry out transactions using ECOM. FIAT and cryptocurrencies will be allowed as well. ECOM will also be used in rewarding users taking part in the validation of information within the Omnitude ecosystem. This will promote the participation of users within the ecosystem.
The ECOM will also be a means of fundraising for development of the Omnitude ecosystem project. Omnitude will have a public ICO from 28th march to 25th April 2018 that will involve anyone willing to fund the new technological wave that is embracing blockchain.
Why Omnitude Blockchain Technology will be so much useful in the E-commerce
These strong suits that blockchain exhibited meant that it could be useful across a number of systems facing transparency and security challenges. This lead to a global trend in adaptation of blockchain to solve various issues and make different processes more efficient. These companies include Smart Property and Blockchain business which uses the smart contract function of blockchain to carry out their dealings.
Blockchain is really shaking up the current systems in place and soon many businesses may have to shift from their current networks to a blockchain system which may be costly if they were to completely overhaul their system structure.
The creators of Omnitude experienced this, together with many other challenges, while running their e-commerce platform. They wanted to have a structure where by integrating new systems or switching from one system to another is as smooth as possible.
Omnitude therefore evolved and become the center of the integration systems. They offer integration solutions for companies who want to adapt the blockchain platform without messing up with their entire enterprise systems. This type of service is particularly important for businesses that are online based and have e-commerce platforms.
These fraudulent buyers use some of the e-commerce policies to swindle sellers. return policies are often abused as buyers use a delivered product for a short period of time and return them after ageing them.
Sellers also suffer from credit card fraud by these fraudulent buyers and hackers. These buyers may order a product and claim not to have received them then charge back the seller. The seller suffers a loss as the product remains with the buyer who ends up paying nothing. Sometimes the company hosting the e-commerce platform is hacked and a lot of data is stolen, these sets of data may be used to defraud sellers through buyers with fake identities.
Omnitude has a solution within its systems for this. When e-commerce platforms are integrated with the blockchain system through Omnitude, all their users and user data will also be integrated. Omnitude will then use its Single identity system to create one identity for each user that will be used across all platforms participating in the Omnitude ecosystem. The single identity system will ensure that sellers are not defrauded by stolen credit cards or identities.
Starting up a business may require very few systems in place. In fact, it may only require a laptop or desktop and a back up along with your knowledge on that business.
You may need to buy applications for you work and store client data. As the business grows, you will find out that you need to upgrade to two or more computers and get more backups. This means that you will need to purchase the same software twice or thrice or even more times depending on how fast your business is growing.
Disadvantages of having a Central System.
It reaches a point where you will require a network to connect all these devices to one central point. This becomes convenient at first until some other form of improved system comes and you have to switch.
A central system is also a potential for a breach into your systems. If hackers get control of just one of the computers connected to your network, they will have access to all your information including you client database. This may cause you clients to lose faith in your systems and consequently your business and it will cost you.
The cost of upgrading systems is also not cheap. Moving from one to five computer requires a lot of investment. It also poses the risk of losing data during the movement. The time taken to completely shift systems may also be long and your systems may be down for that whole period. These are some of the challenges highlighted by growing businesses in various sector. There is hope however in technology to solve this crisis.
History about the Blockchain Technology Invention
In 2008, Satoshi Nakamoto invented blockchain. Blockchain was developed to form the foundation of Bitcoin. Transparency and trust was needed in the cryptocurrency space. The possibilities of blockchain at that time were very limited to Bitcoin as it was only invented to address the trust issues with cryptocurrencies.
As years went by, the success of blockchain was being seen in Bitcoin and the tech community started observing it keenly and noting its strengths and weaknesses. The major strength that blockchain has is its ability to decentralize systems. This provides for a much safer system as data is stored across the members in a particular block.
Once information is validated and logged into blockchain, it can not be changed nor manipulated, information can only be added to it.
To participate in their public ICO, you may follow this referral link
🔗 HYPERLINK
For any inquires that you may have about Omnitude you can visit their website — https://tokensale.omnitude.tech/register
🔗 HYPERLINK
This link will give you a deeper understanding of how Omnitude works.
website — Omnitude
🔗 HYPERLINK
For any assistance. You can also read their whitepaper through this link
— https://files.acrobat.com/a/preview/75fe0af9-d98b-4002-863c-138b43a131ef
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Originally published at cryptocurrencyafrica.wordpress.com on March 4, 2018.