THE SAFE FUTURE OF E-COMMERCE — Repost
Have you ever participated in an ICO (Initial Coin Offering)? If no, this is a good opportunity for you to take part in what could be a new era in technology, if yes, you can continue supporting ideas for the future.
An ICO is like an IPO but for companies who sell their crypto tokens for the normal currency or cryptocurrency. Just like in IPOs, companies conduct ICO events to help source funds for creating their products or developing for the future. For the participants of this ICO, there are usually incentives such as bonus tokens but the most lucrative, just like shares in IPO, is the possibility of these tokens increasing in value in the future.
One of the most common strategies of ensuring this happens is creating a demand pool for these tokens. The other is selling these tokens for a fixed period of time and only offering a limited number for the public to purchase. In economy, for any profit to be realized, demand must always outweigh supply, and that is the same thing being done by these companies.
Omnitude.
Omnitude is planning to have its ICO public sale from the 28th of March 2018 to the 25th of April 2018. It will be selling 100 million tokens dubbed ECOM, part of these tokens will however be reserved for different teams. 5% will be for the early investors while 33% will go into the Omnitude foundation. 12% will be reserved for the Omnitude team and advisors. The funds it seeks to raise is for the establishment of their ecosystem.
Omnitude wants to create a solution for e-commerce platforms across the web. It wants to make online shopping better for both the merchant and the buyer. Omnitude will also create an app developing platform within its ecosystem which will allow the Omnitude team and other app developers come up with specific solutions for peculiar problems that e-commerce businesses face.
E-commerce platforms are built with the owners having a vision of creating something that will create convenience in our daily lives. Sometimes it becomes too hard to get to a physical store and so the e-commerce platform becomes a good alternative. At other times, we may just be too lazy to leave the house and we even opt to order food using e-commerce websites. E-commerce websites just want to make life easier for everyone at a small fee. The e-commerce business is a multi-billion-dollar business worldwide.
It involves so many players, the notable ones being Amazon and E-bay. There have been numerous upcoming e-commerce websites which shows how successful they have become over the years. This has however been marred by the loss merchants and buyers suffer from in millions of US dollars yearly to fraud. Fraud in the e-commerce industry is so common that it has divisions. There are about four types of e-commerce fraud that occurs almost daily.
Credit Card 💳 Fraud
The most common type of fraud within e-commerce is identity theft. This is widely used for phishing by criminals as they try to obtain credit card data of buyers who are duped into their scams. Criminals who practice identity theft have become so good at it these days. They evolve with technology and come up with new ways of by passing security systems in place. These criminals create fake e-commerce sites for the purpose of collection of credit card data. It would be very easy for anyone to reveal credit card information to an online store than to a random e-mail. These websites seem so legitimate that users rarely question until their credit cards start registering unusual uses. Merchants are also not spared as the criminals try to make the e-commerce platform controllers access the fake site. They end up giving vital information about the official site which these criminals can then use to take over the official website. They then disappear with money and goods easily.
Clean Fraud.
Clean fraud is another source of loss mainly on the buyer. Criminals use their wit to prevent detection of fraudulent activities while using stolen credit card information. They try to behave as much as the original owner would when purchasing any good online.
Clean fraud may go undetected for a long period of time hence the name. there is also triangulated fraud which uses a different approach to avoid detection. It differs form clean fraud only in method but the result is the same. Triangulated fraud involves three steps which are meant to lure the buyer into giving up vital credit card information which is then used to make purchases. What makes it hard to detect is the fact that they make fraudulent purchases right after making legitimate ones for the victims of this scam.
Lastly.
Chargeback fraud
This type of fraud is carried out by the buyer. Buyers intentionally claim to have not received goods which they ordered from a merchant yet they are in possession of them. This forces the merchant to suffer losses as they lose their product and money.
All these e-commerce problems can be summed up in three major segments:
1. Supply chain.
2. Customer identity
3. Outright fraud.
— Omnitude has devised a transparent system, through its ecosystem, that will be able to battle these three e-commerce vices. Omnitude is based on blockchain technology which increases the transparency of any system it is applied to because of the ledger like records it keeps.
Within blockchain you can only create or add entries but not delete or alter. Omnitude will base its Single Identity and Single Reputation program on this. Members of an e-commerce platform that has adopted Omnitude will have only one identity that can be used across the existing e-commerce platforms within the Omnitude ecosystem.
They will have their previous transaction records attached to this identity to help merchants know the characteristics of this buyer. By having this system, Omnitude will have reduced cases of identity theft, clean fraud and triangulation fraud.
To reduce chargeback instances, Omnitude will require the use of ECOM tokens within its ecosystem. Without use of credit cards, chargeback instances will be reduced by a large percentage.
The Single Identity strategy will also be used to ease confirmation of a buyer by merchants within the Omnitude ecosystem. Members will key in extra data about themselves that merchants across the platform can use to confirm their identity.
Merchants will however be required to pay buyers through ECOM if they use this process to make use of the buyers Single Identity. They will also pay their fellow merchants incase this extra data that the member provides was done initially in another merchant’s website within the ecosystem.
Supply Chains.
The other system Omnitude plans to introduce is in the supply chain. Omnitude wants to make this process as transparent as possible to both the buyer and the seller. Buyers will be able to track their goods from the moment they order them. They will even be given the product’s history to prevent the sale of stolen products within the ecosystem. Buyer will be able to know the exact date their product is arriving and not rely on the assumptions that suppliers usually give them. For buyers, they will be assured of payment of their goods by the ecosystem. Payment for goods will be done in checkpoints. Whenever the product clears that checkpoint, payment to the supplier and the buyer is notified of the current location of the product. Omnitude will employ the use of smart contracts that are enabled by the blockchain system to ensure a trustworthy process is in place.
Omnitude, through this system, is set to ease the burden that e-commerce businesses have felt over the years.
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. — https://omnitude.tech/
🔗 HYPERLINK
For any assistance. You can also read their whitepaper through this link — https://files.acrobat.com/a/preview/75fe0af9-d98b-4002-863c-138b43a131ef
blog by Rhinoboy11
Bitcointalk: rhinoboy11
Telegram: @rhinoboy11
Facebook: /Conservationists
Medium: Kifaru Mweusi
Steemit: Rhinoboy11
Reddit: Rhinoboy1