Welcome to the Omnitude ID
The Omnitude Identity (OID) is one of the cornerstones of Omnitude’s push into real-world applications for blockchain.
The Omnitude Identity (OID) is one of the cornerstones of Omnitude’s push into real-world applications for blockchain. Its principles revolve around making online transactions more secure for both data and customers while benefiting businesses through a joined-up system of privacy, data management, storage and ease of interaction with customers.
This is the first article in many about the myriad of applications that the Omnitude Identity (OID) can undertake with little or no integration headaches. Let’s break down just a few of those advantages for a start.
Single sign-on and a self sovereign identity
We are all far too familiar with the process of signing into websites, remembering passwords and entering data such as delivery address and banking details every time we log in. It’s true that many websites hold and store this information for us making the process easier over time, but each site and vendor has their own system and holds this consumer data in their centralised databases, which is privately managed and maintained.
With a single sign-on to the OID any consumer need only use this system once to access any website that supports OID. This means that their data is held securely on the distributed network of our blockchain, not within centralised business data silos. This creates a world where the consumer themselves can allow what data is required to be released to each vendor on a permission basis. This creates a “self sovereign identity” where the vendor no longer needs to know the shipping address in its entirety – that piece of your data can be solely released to the courier. The benefits to the consumer are not only convenience but also privacy and integrity of their digital identity.
Well so far so good, but what about the vendor? Why does that have a benefit to them? Consider the cost of safeguarding those huge centralised silos of data, ensuring compliance with data laws, and ongoing maintenance and the like. These can be punitive costs that cripple businesses holding them back from developing forward facing IT systems.
Then there are the processes and resources required to onboard new customers and verify those identities.
And we haven’t even touched upon the reduction of ongoing fraudulent transactions that haunt the eCommerce world like a bad dream.
Fraudulent transactions haunt the eCommerce world like a bad dream.
In 2016, for every $100 spent through eCommerce, fraudsters stole 5.65 cents.
Who goes there? The issue of online fraud
So far so good… let’s just dig a little deeper into one of these issues – online fraud. Both customers and merchants are shouldering this growing problem and accept it as the cost of doing business online.
This booming industry is facing some serious challenges.
In fact, 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 1WorldSync’s recently released study, Charting Course for Global Commerce.
Online payment fraud is set to not only keep the pace, but grow to an even bigger problem for eCommerce merchants. Card not present (CNP) accounts for 60% to 70% of all card fraud in many developed countries, according to Juniper Research, and it’s increasing.
The misuse of chargeback rights, either friendly fraud or chargeback fraud, are the methods by which the majority of fraud losses are surrendered.
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.
In 2016, for every $100 spent through eCommerce, fraudsters stole 5.65 cents
It doesn’t have to be this way! Blockchain systems, and primarily our OID, are perfectly placed to battle this scourge with a distributed ledger that is cryptographically secure, ensuring that each participants data is verified and shared through a network of peers. This means increased security for both the customer and the merchant.
Increased trust manifests itself in many other ways… online customer reviews
Customers depend heavily on online reviews for their buying decisions, even when these reviews are written by complete strangers. Evidence suggests online customer reviews are now more important than TV ads, branded websites, print ads and media. Businesses are under increasing pressure to show positive reviews.
However, researchers now estimate that up to one-third of online reviews are phony, and posted falsely either by the merchant itself, to boost – or by a competitor, to damage – the business involved.
Each time a customer with an OID transacts with a merchant with an OID, a record will be encrypted and written to the Omnitude blockchain by the merchant. When the customer elects to submit a review of the online merchant, the OIDs and private keys of both customer and merchant will be used first to verify from the Omnitude blockchain that the customer has transacted with that merchant. This changes things dramatically!
If they want to, a customer will be allowed to submit a review. While certain personal details identifying the reviewer could be hidden, other details could be shown to help other customers validate the review, e.g. where the reviewer was based, how many transactions the reviewer had with that merchant, over what period and the total value of goods or services purchased across all the reviewer’s interactions with that merchant.
In summary,OID will ensure reviews are genuine and are a direct result of a real interaction between customer and merchant.
That is all very nice in theory what about building something?
One of the first partnerships we announced during our token sale was with CS Cart, a business that we already, through previous lives, had a strong relationship with.
CS-Cart is one of the world’s leading multi-vendor eCommerce platforms and powers more than 35,000 sites worldwide. Our OID will be natively integrated into their platform and thus be available across more than 172 countries worldwide.
Both parties have a long-standing commitment towards pushing the advantages of blockchain into today’s eCommerce environment. These advantages are to be made directly available to every CS-Cart vendor and customer.
But it’s not just about eCommerce, once established the OID becomes pivotal in delivering it’s advantages across data, provenance, transport infrastructure and supply chains… all projects that we are actively developing with our real world partners as we speak.
If the revolutionary nature of the OID intrigues you as a business get in touch by filling in the form below and let’s talk… Alternatively stay in touch with us for more updates soon. Real world blockchain solutions are coming and Omnitude is at the cutting edge.