Rethinking Blockchain for Business: Changing the Way Companies Use Ledgers

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by Maria Konash · 3 min read
Rethinking Blockchain for Business: Changing the Way Companies Use Ledgers
Photo: Omnitude

Omnitude, middleware blockchain-based platform, works to help eCommerce businesses and their customers making online retailing more transparent, profitable and secure.

What do WordPress and Salesforce have in common? Both have had a meteoric rise to industry dominance based on one simple principle: make new types of technology quick and easy to use and you will beat out other more powerful competing solutions. Usability and agility are key, and both WordPress and Salesforce provide easy (if limited) functionality to an end user.

The same principle is used by a new Blockchain platform, Omnitude. Instead of providing a narrow Blockchain solution for one business use case, they are aiming to be the best of breed solution that helps spread adoption by flipping the script of Blockchain for business: instead of having companies design their own DApps or even private Blockchain solutions, Omnitude acts as a middleware layer between users and the world of distributed ledger technology (DLT).

This abstracts away much of the friction involved in starting with Blockchain/DLT for business.

A Token for All Companies

When speaking about token’s (ECOM) use case in eCommerce, the company explains that merchants will make payments in ECOM to other ecosystem participants to use the on-ledger Omnitude solutions for Supply Chain Provenance, Delivery Cycle Transparency Data, Single ID, Single Reputation and Proof-of-Interaction, while customers, in their turn, will make payments to merchants using ECOM, crypto currencies and fiat.

The consistency of Omnitude’s immutable blockchain will be guaranteed by a distributed, peer-to-peer network of validating nodes running the Omnitude Core client application. In return for enforcing Omnitude’s Delegated Practical Byzantine Fault Tolerance (DPBFT) consensus algorithm, validating nodes will share in ECOM block rewards.

The Omnitude Foundation uses crowdfunding to fund the initial issuance of ECOM, as well as the development and launch of the Omnitude ecosystem. It will be possible to purchase ECOM in return for fiat currencies or other cryptocurrencies on the exchanges where ECOM are listed.

“Any entity participating in eCommerce (e.g. merchant, customer, supplier, courier, affiliate/referrer, or Omnitude specialist) will be able to join the Omnitude ecosystem. They will be granted an OID by the Omnitude Foundation and will run a full or partial node. Depending on their role, the Omnitude Foundation will assign the appropriate level of access required to transact in the ecosystem,” the company states.

Security Designs

Through inspecting the ledger, Omnitude will prevent unauthorized parties from ascertaining the identity and patterns of behavior of any other participant. The system will allow participants to make certain details of a transaction confidential, so that they cannot be accessed by anyone other than the stakeholders in the transaction.

In this regard the team states:

“Periodically, the Omnitude Blockchain will also anchor to transactions on the Bitcoin and Ethereum Blockchains. This will allow Omnitude’s Blockchain to benefit from the added security provided by Bitcoin’s and Ethereum’s consensus algorithms and Blockchains.”

This is also bolstered by their use of Hyperledger Fabric as one of the building blocks of the platform. Hyperledger has had the likes of IBM as creators, bringing heavyweight security to its design. All in all, the platform is being developed at full speed, with the team running their token sale until May 31.

Blockchain News, News
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