Many companies are reading about blockchain and decentralized computing but a few have “what it takes” to adopt these modern technologies. This in turn represent an opportunity for various consultants and software developers to offer their services to businesses willing to “take a leap” forward.
The UK-based Omnitude is one of those looking to benefit from this huge opportunity with its so called “middleware” that could allow many traditional IT systems to adopt blockchain-based functions. Such setup could potentially save companies millions they would otherwise have to pay to create new blockchain-based systems from the scratch.
“Omnitude is a radical concept in Blockchain,” Chris Painter, the founder and CEO of Omnitude, said in a statement. “The vision for Omnitude is much bigger than one single application.”
For what it matters, Omnitude’s software is built on the Hyperledger Fabric, which is a broad open source industry standard for Blockchain and other distributed ledgers.
Omnitude will start with focus on e-commerce
Omnitude plans to launch its offering with focus on e-commerce platforms where blockchain could be used to fight fraud and streamline the payments process.
Fighting fraud in this instance involves doing something regarding product counterfeiting and violation of intellectual property rights, which according to the European Commission was a problem worth about 672 million euro in 2016. With all the product information stored in a blockchain, Omnitude could provide a record of manufacture origin and provenance, making sure only the original stuff is found on virtual shelves.
The other part of the fraud deals with credit card fraud which costs even more. This problem could be tackled with a blockchain-based identity system.
As for the payments part of the equation, Omnitude’s service will offer lower transaction costs — which right now come with a few of around 2.9 percent — while also enabling users to pay for goods and services with cryptocurrencies.
Exchange and support for returns come built-in
Another part of the platform will make transactions from crypto to fiat and vice versa easier, which Painter calls “one of the biggest pain points.”
“That’s why we’re looking to deliver exchange functionality. Just imagine, through every e-commerce site that runs the Omnitude middleware layer there is a live ledger of customers who wish to move their cryptocurrency into fiat or their fiat into cryptocurrency. That transaction can take place through matching both ledgers simultaneously. The result would be an instant exchange,” he said.
Omnitude also hopes to address another problem e-commerce sites are facing – returns. This part could be solved with earlier mentioned sign-on process and profiles that could help users to measure sizes better and update records. As a result, costs could be cut down on returns because of sizing problems.
“As a customer, I will be able to put my body measurements onto the system, and then every fashion retailer also in the system will be able to supply the correct size,” Painter said.
A few partners are already on board
Omnitude has already managed to corner a few partners, including Switzerland’s largest telecommunications provider Swisscom, and e-commerce specialist CS Cart – which powers around 35,000 online stores in over 160 countries. Both companies worked toward unveiling Omnitude’s proof of concept, which took place at the end of March.
At that time, Omnitude has shown a service with a single sign-on online profile that can be used across Omnitude-based ecommerce sites, and a stock dataflow system that tracks real-time stock levels and automates replenishment using a live smart contract.
ICO is on…
Even before the public offering, Omnitude has managed to raise $4.2 million. Its Initial Coin Offering (ICO) for ECOM tokens is currently under way and will last through May 31st, after which the company will focus on building out the product. And, I guess, changing the world for the better. 😉