Blockchain-based e-commerce platform, Omnitude, has simultaneously started its token sale whilst launching its proof of concept product. Omnitude plans to revolutionise the e-commerce industry by offering companies access to a blockchain-based network which targets fraud and theft within the supply chain management industry.
The solution they propose is a “middleware plug-and-play blockchain built on Hyperledger Fabric” which integrates with legacy systems through an API that links back to its blockchain technology. Omnitude’s ERC20 ECOM tokens will be used for settlement across the network.
Among Omnitude’s other propositions is a single customer identity which consumers can use with any connected e-commerce store. The network will also allow consumers to trace products back to their origin and track orders in real time and promises to lower the cost of payment solutions for vendors.
If the company’s solutions really can solve problems related to fraud and counterfeit goods, it may well be a hit with e-commerce vendors. As much as five percent of items sourced on the web turn are thought to be counterfeit and over five percent of e-commerce revenue is lost to fraud.
However, to succeed, its solution will also need to stand out – the e-commerce/blockchain space is rapidly becoming saturated. At least five other projects, including UHub, Storweey, Teky and SyncFab are also building similar platforms.
The proof-of-concept site which was launched yesterday includes mock e-commerce stores and allows users to create an ID and test the network’s functionality.
Omnitude is seeking to raise a total of $25 million, of which it has already raised $4.2 million in a pre-sale. The public token sale started yesterday and runs until 12th April.