Omnitude ICO review: Middleware Service for Enterprise and eCommerce Systems
Omnitude is a platform that integrates blockchain technology into eCommerce and enterprise systems involved in building end-to-end supply chains. The Omnitude platform is a cross-chain solution connecting various blockchains into one simple-to-use service.
The Omnitude platform acts as middleware, enabling simple and cheap integration and adoption of blockchain technology into existing enterprise systems, eCommerce platforms, and supply chain structures. Their goal is to reduce online retail fraud, to create transparency, and to resolve problems in these sectors.
Basically, they offer an open-source API which is designed in a way that developers of an existing software can easily deploy and utilise the benefits the blockhain technology offers. This could be for example a software for customer management, warehousing, or inventory. Since its open-source, plugins can be developed through 3rd party developers.
The Omnitude CEO, Chris Painter, gave an interview on Youtube. He describes his product as a blockchain framework helping enterprises to integrate blockchain functionality faster and cheaper into their existing systems, such as SAP.
Omnitude for Supply Chains
Looking at the supply chain use case, Omnitudes platform can be used for tracking of goods throught each step from the raw material to delivery. Therefore, the customer can exactly look up from where the product he purchased comes from which omits the fraud problem with fake replicas.
Just think of the problem where fruits and vegetables are sold for a higher price illegally classified as organic. Up to 5% of the imported goods into the EU are supposed to be fake. Omnitude wants to improve the product tracking problem by putting a easily readable 2D tag representing an immutable cryptographic identifier.
Omnitude for eCommerce
Omnitude will solve issues of transparency and fraud in eCommerce and supply chains by providing a record of manufacture origin and provenance on the blockhain. The Omnitude’s Single Identity, Single Reputation, and Proof-of-Interaction mechanisms will help reduce identity theft. This means that the identiy of the producer and the customer are recorded within the Omnitude ecosystem and by being recorded on the blockchain are immunte to manipulation.
Other types of fraud which are mitigated by this are online paymant fraud (credit card theft, etc.), account takeover, and re-shipping fraud. Merchants don’t have to maintain databases with their customer data since their single identity is stored persistent on the blockchain.
As a buyer, I ususally scan the user reviews of a product. However, studies indicate that a huge portion (up to 30%) of these reviews are fake or at least phony. Using the Single Identity system, each review could be easily tracked back. Therefore, fake reviews through multiple accounts are no longer possible.
Omnitude is built using IBM’s Hyperledger Fabric, which has transaction capabilities of 100.000 tps. On a side note, Omnitude will have masternodes. The ECOM token serves as the underlying layer of settlement for the platform. Everyone who wants to take part within the network can do so by purchasing ECOM utility tokens, fiat, or other crypto currency.
The customer sends ECOM to the the retailers Omnitude Wallet when purchasing a product. The transaction is recorded within the Omnitude blockhain. Merchants could pay ECOM to user for writing a review or as part of a loyalty program.
1 ECOM token is valued at $0.46 USD during the mainsale and was sold at $0.40 during the presale.
Omnitude addresses problems ofa business sector
A downside for the moment is that they have not shown a prove of concept. Also there is no Github yet for the source code for their API. However, they state that they working hard on it and they would release a prove of concept in the near future (probably around the end of the ICO).
Recently, two very strong partners joined, Swisscom Blockchain AG and CS-Cart. Swisscom Blockchain is a global leader in Blockchain advisory and development services. CS-Cart is one of the world’s leading multi-vendor eCommerce platforms currently being sold in more than 160 countries worldwide.
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KYC: Yes (prove of address, pictures of ID)
Crowdsale Hard Cap: $24 million
Total Supply: 100,000,000 (55m circulating)
Token Distribution: 50% to crowdsale, 33% to Omnitude Foundation, 12% to team and advisors, 5% to pre-sale investors
Maximum Market Cap (at crowdsale price): $48 million USD