A UK startup is building so-called middleware that could allow many traditional enterprise IT systems such as ERP, WMS and CMS to quickly adopt Blockchain-based systems.
Most enterprise systems cannot be swiftly integrated with Blockchain, and many businesses cannot afford to invest millions of dollars in new ones. Omnitude[1] aims to fill this critical technology gap. The company says its technology will deliver plug-and-play ease, helping businesses quickly and cost-effectively embrace Blockchain ledger technology, and benefit from enhanced transparency and other features.
“Omnitude is a radical concept in Blockchain. The vision for Omnitude is much bigger than one single application,” Chris Painter, the founder and CEO of Omnitude, said in a press release.
E-commerce is early focus
E-commerce platforms and retail have emerged as the low hanging fruits for Omnitude’s middleware, notably because of its ability to fight fraud and ease payments.
Both e-commerce and retail faces rampant counterfeiting and violation of intellectual property rights. According to the European Commission[2], counterfeiting was valued at about 672 mln euro in 2016. Omnitude’s Blockchain technology could help by providing a record of manufacture origin and provenance, helping fight counterfeiting.
Similarly, card not present fraud was estimated[3] by Euromonitor International and UK Cards Association at 1.8 bln euros in 2016, much of it happening on ecommerce sites. Omnitude says its single identity system will help reduce the most usual form of fraud.
On the payments front, Omnitude promises to cut payment gateway costs, which are typically around 2.9 percent, and also make it easier to exchange cryptocurrencies into fiat currency and vice versa.
Hyperledger forms the underpinning
Omnitude’s middleware is built on the Hyperledger Fabric, a broad open source industry standard for Blockchain and
