A startup company in the UK is currently in the works to develop software which will essentially help the more traditional IT systems employed by enterprise businesses to adopt to blockchain technology based systems. While there are plenty of enterprise level companies that will find it a herculean task to integrate their business models with blockchain technology based systems and many more that do not have the resources to invest in new systems entirely, Omnitude is looking to build middle-ware so that this gap in the technological world can be bridged.
According to the company, they will help businesses integrate blockchain technology based systems without too much cost and with a lot more convenience than currently possible.
Ecommerce Will Be First To Benefit
Because of the fact that blockchain technology based systems have records that are immutable and permanent with no problem of transparency, Omnitude aims to help the ecommerce industry to help them combat the problem of fraudulent activities and make payment systems easier.
The ecommerce industry and retail industry is wrought with issues of fraud and counterfeit. In fact, counterfeit accounts for a lot of the troubles when it comes to the ecommerce industry. According to the European Commission’s numbers, counterfeit was estimated to be above 670 million Euros. By making use of blockchain technology based systems, ecommerce companies and retailers can actively track the products from the manufacturing point to when they receive it and then sell it.
Hyperledger At The Helm
The blockchain technology based systems that Omnitude is developing to help businesses is going to have the underlying basis of Hyperledger Fabric. It is open source and serves as a standard akin to industry standards when it comes to blockchain technology based systems and other ledger systems like it.
Linux Foundation created Hyperledger Fabric 3 years ago and it has helped to improve collaboration of blockchain technology based systems across industries. Its open source nature is its biggest selling point because it allows for a broad degree of participation and hence creates a sort of standard for all blockchain technology based systems and other distributed ledger technology.
Speeding Things Up
It is because of the very Hyperledger base that the blockchain technology based systems Omnitude will introduce will have a much faster speed. Currently, Ethereum’s blockchain network produces about 15 transactions in a single second. Omnitude is able to account for over 3,000 transactions per second because of the Hyperledger Fabric at the helm.
Blockchain technology based systems are evolving and shaping the future of how everything is conducted. With traditional enterprise systems also now able to adopt to the blockchain technology revolution because of Omnitude, it is aiming to be one of the pioneers of the future of blockchain technology. The ICO for Omnitude is still going on right now. It has managed to raise over $4 million thus far and the ICO is scheduled to end on the 25th of April.
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