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A company that empowers eCommerce platforms by enabling them to integrate Blockchain technology into their existing systems on a “plug and play” basis has launched its token sale.
Omnitude says its “middleware” has tangible benefits for businesses – achieving transparency and accountability in supply chains while reducing cases of fraud that drive up costs for everyone.
The project’s goal is to ensure it is “easier, quicker and cheaper” for companies of all sizes to embrace Blockchain, paving the way for the technology to be adopted on a mass scale.
Despite encountering “challenging market conditions,” Omnitude said funding targets were met before the close of its presale, with 17 percent of its total goal being raised over a two-week period.
Describing Omnitude as a “radical concept” in Blockchain, its founder and chief executive Chris Painter said: “The vision for Omnitude is much bigger than one single application. Not only do we add value through our easy to implement eCommerce middleware solutions, but we are pushing the mainstream adoption of Blockchain technology by building an ecosystem.”
“Accelerating and easing the purchasing process”
Although online trade is booming, Omnitude believes that the industry faces some “serious challenges” which could put consumers and merchants in danger.
One of these issues is “card not present” fraud, where criminals steal a person’s identity and make unauthorized purchases using their credit cards.
Omnitude’s white paper cites a Juniper Research study which suggests these incidents are on the rise – with data from 2016 indicating that for every $100 spent on eCommerce platforms, 5.65 cents was fraudulent. The company claims its prevalence is exacerbated by the economy’s reliance on slow payment methods such as bank transfers and card payments.
Among the services being offered by Omnitude is a “state-of-the-art solution” known as Single Identity, which enable merchants to clamp down on eCommerce fraud and shield their clients from crime. A merchant using the platform would register a first-time customer and verify their details, with these details then being encrypted and recorded on the Blockchain.
This helps save shoppers time because they then gain a unified account which they can use on other eCommerce sites powered by Omnitude. When another merchant makes use of this Single Identity during their authentication process, they pay a fee in ECOM – Omnitude’s utility token – to the merchant who originally signed the customer up.
The company believes this method will “accelerate and ease the purchasing process, increasing customer satisfaction and loyalty.” Merchants will also need to deploy less resources when they are checking someone’s identity – and the use of Blockchain means they no longer need to maintain local databases with sensitive information that can fall victim to hacking.
Omnitude also plans to modernize supply chains – enabling an item to be tracked at every stage of production from raw materials to delivery through a real-time, tamperproof system.
Two crucial benefits arise here. Firstly, it can reduce payment delays suffered by suppliers and shippers. Secondly, this technology can also be used to clamp down on counterfeiting – with research in the company’s white paper suggesting up to 5 percent of goods imported into the EU are counterfeit. Among the “substandard, faulty and often dangerous” items affected by fakery include baby formula, car parts and medical instruments.
“Well-respected” advisory board
Omnitude says its management team boasts a “strong track record” aided by more than 60 years’ experience in enterprise, technology and eCommerce – with a “well-respected” advisory board offering support as development continues.
The company has struck several partnerships – and a proof of concept with Swisscom, one of Switzerland’s most prominent telecoms providers, has now gone live.
Omnitude’s token sale ends on April 25 2018.