Omnitude ECOM is a smart platform powered by the blockchain technology. It will provide the link between existing eCommerce platforms to blockchain technology. That way, current systems will not need to be replaced.
The Omnitude platform is committed to staying transparent and open to the community. This will enable everyone to create Omnitude applications that can be integrated with existing application in the supply chain, e-commerce, and enterprise systems.
Omnitude ECOM Will Be Launched in Two Phases
In the first phase, the platform will be launched. It will allow various applications to be connected to the blockchain without having to replace them. In the second phase, both the team from Omnitude and the community will work towards the launching of apps for use on the platform. There are already a few apps in the works waiting for the launch of the platform.
How They Will Fund it All
The entire project is going to be funded using the ECOM token. This token will not only provide developers with the resources they need, but it will also give an opportunity to the public to be part of it all. The ECOM token will be released on the same day as the launch of the platform. This token is how users of this platform will be able to participate in the ecosystem.
The Current eCommerce Market
According to a study conducted in 2016, eCommerce is worth about $1.86 trillion. By 2021, it is expected to have reached over $4 trillion. It was also estimated that China and the US would account for about 69% of all e-commerce trade in the world. In China and India, 70% of e-commerce will take place on mobile platforms. In the use, mobile devices will account for about a third of all eCommerce.
The Problems it Faces
As the market grows, it experiences more problems from fraudsters. These criminals are always attracted to where the money is, and right now, eCommerce has big potential. It is estimated that about 45% of all suppliers and merchants dealing in eCommerce have been victims of online fraud at some point.
This fraud is not only going to persist, but it is expected to keep growing. For every $100 spent in 2017, criminals stole about 5.65 cents. Part of the reason why criminals succeed is that customers have to use a bank transfer mechanism. This exposes them to an attack with ease. Besides that, the misuse of chargeback services is another reason why fraudsters are usually so successful.
How Omnitude ECOM Will Solve These Issues
Online fraud usually takes place because of identity theft. The Omnitude team will address this issue via the use of blockchain technology. The blockchain is able to create immutable records, which means fraudsters cannot easily bypass security.
Besides that, since this platform will reduce the use of credit cards, it will reduce the likelihood of chargeback fraud. This will be made possible through the token to be issued alongside the launch of the platform.