In their own words:

Omnitude is a radical concept in blockchain ecosystems.

Not only creating our own blockchain solutions that integrate enterprise systems, supply chains, and eCommerce platforms. But also enabling a community of app developers that can imagine, build and deploy blockchain solutions to real-world problems.

Omnitude will be a permission network where nodes are run by known whitelisted organizations or individuals. Depending on the role of the participant, the Omnitude Foundation will assign to that OID the appropriate level of access required to transact in the ecosystem.

So without any further ado, let’s delve into a detailed review of Omnitude’s ICO.

Market Opportunity

In terms of volume and value, global eCommerce sales in 2016 were estimated to be worth $1.86 trillion, and are projected to grow to $4.48 trillion by 2021. Of this China and the US will have a combined volume of $1.584 trillion in eCommerce sales in 2017, representing 69.1% of global eCommerce revenue.

In 2017, mobile commerce will account for more than 70% of eCommerce sales in both China and India and 59.0% in South Korea. In Germany, the UK, and the US, mobile commerce will comprise at least one-third of total retail eCommerce sales.

45 percent of merchants and suppliers have lost more than $1 million in revenue due to challenges faced when integrating cross-channel capabilities into their commerce strategy, according to WorldSync’s recently released study, Charting Course for Global Commerce.

In 2016, for every $100 spent through eCommerce, fraudsters stole 5.65 cents. Part of the problem is that customers must use either a slow bank transfer or a credit card, mechanisms that expose customer and merchant to the risk of ‘phishing’, ‘pharming’ and ‘man-in-the-middle’ attacks.

According to The Nilson Report, $31 billion will be lost to chargebacks by 2020. 70 percent of customer disputes involve fraudulent/mistaken or unfounded product/service related chargebacks.

Supply chain finance is big business, with $2 trillion in financeable highly secure payables globally, and overall supply-chain effectiveness is impacted significantly by inefficiencies on the financial side.

In particular, manual reconciliation between payment orders and invoices is time-consuming, costly, vulnerable to errors, and subject to delays arising from differences between clearing systems.

Simultaneously imports of counterfeit and pirated goods are worth nearly half a trillion dollars a year, or around 2.5% of global imports. 86% of retailers say their sales are hurt by phony goods. Up to 5% of goods imported into the European Union are fakes; substandard, faulty, and often dangerous.

Goods can include; foods, machine and auto parts, chemicals, medicines, toys, baby formula, medical instruments, perfumes, and handbags. In 2015-16 over two billion items were delivered to households across the UK, which is an increase of 12% on the previous year.

A recent survey on online deliveries showed that both customers and e-tailers want more updates from delivery companies on the location and status of their order; 43% of customers stated they did not receive dispatch and delivery date notifications; 46% of e-tailers that they did not receive a delivery confirmation.

Crowd Sale

Distribution of tokens

50% 33 12 5 Crowd Sale Foundation Team and advisors Pre sale

Allocation of Funds

60% 20 10 5 5 Platform development Marketing Business development Legal R&D

Team

Chris Painter, CEO

Robert Belgave, Founder

Ben Every, Blockchain Consultant

James Worthington, Hyperledger Consultant

Ben Bennett, COO

8 advisors

Opinion

Powered by Hyperledger, Omnitude is solving a problem that exists in a large market, namely, e-commerce platforms and end-to-end supply chains. There is a huge opportunity for Blockchains to enable new modes of operations in these industries as demonstrated by the increases in pirated and counterfeit goods in recent years.

Allowing retailers to run private chains is an interesting idea, as it allows them to adopt the advantages offered by Blockchain technology without any of the external risk factors that can arise when using a public chain. It also gives greater control to those running nodes on the network.

With a decent amount of interest and hype on Youtube and social media, they have a following of 16,385 on Telegram and have already sold out in the pre-sale. The hard cap for the public sale is a modest ~20mil which I would imagine will sell out in short order.

This looks like a promising ICO and could do well when it goes onto an exchange. If they allocate the funds properly after the ICO and grow the team I can see this project doing well in the long term. This is definitely one on my watch list.

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Whitepaper

That sums up my Omnitude ICO review. Do you think it’s worth investing in? Let me know what you think in the comments below!

Featured image by Omnitude