Unibright (UBT) | Coin Review |
Unibright describes itself as being the “unified framework for Blockchain based business integration.” But what does that mean? Basically, Unibright will allow companies to use Blockchain technology without the high costs and hassle it currently involves. Unibright created a visual workflow designer which enables businesses to generate and launch smart contracts onto a fitting blockchain without the necessary coding skills. Neither traditional software development, blockchain or smart contract development skills are required. A variety of business cases including multi-party approval, asset life cycles, shipping process monitoring and invoices, and my others are integrated into the system, so that users can select and visually customize a workflow which can then be deployed to bridge information between existing systems, such as ERP.
What problem does Unibright solve?
One of the biggest challenges for the adoption of Blockchain technology in any area of business is building better usability and overcoming the existing knowledge gap when it comes to designing, developing, deploying and using blockchain based systems. Furthermore, highly qualified Blockchain developers are rare in number and not surprisingly they are one of the most expensive experts in the software development space. On the other hand, businesses start to understand the potential Blockchain could have on their current operations and are looking for solutions to overcome the problems mentioned above.
Blockchain as a concept has clear advantages in many areas of business integration. Still, companies are hesitant to take the necessary steps, when it comes to blockchain integration, due to uncertainty about use cases, high costs and a lack of knowledge in general. That’s where Unibright comes into play. The project is positioning itself as a unified framework, algorithmically designed to simplify the processes of blockchain integration into a full operation business. The Unibright framework is designed to allow interoperability between blockchains and systems, providing a full-stack of components to connect information across all existing enterprise systems, increasing efficiency and productivity. The Unibright framework is blockchain agnostic and aims to describe business integration scenarios more abstractly and visually, to make integration for businesses as easy, cost-efficient and safe as possible as well as maintaining flexibility in terms of general technological advancements in the blockchain space.
Product and Vision
In very basic terms, Unibrights platform is a simplified framework that can be tailored to an individual business’s needs. Managers can implement blockchain technology in their everyday operation to increase efficiency and save capital while taking on minimal risk. Supported by their own consulting services, Unibright aims to close the gap between blockchain technology and business applications. The Unibright Framework initially consists of four tools:
The UB Workflow Designer allows anyone, regardless of their familiarity with blockchain to visually define integration workflows, independent from any specific blockchain protocol. Inside the Unibright Workflow Designer, the user picks a template and customizes the given standard workflow to his needs. System boundaries, necessary connections to IT systems and the integration of other blockchains can be defined in the workflow as well. The needed Smartcontracts containing the business logic for the designed workflow are then generated automatically.
The UB Contract Interface is the central part of the Unibright ecosystem. It allows users to transform a previously defined workflow into a blockchain specific smart contract, publish the contracts, maintain existing contracts and generate automatic connection adapters for existing systems based on Templates. Operators of the Unibright ecosystem will be able to visually define workflows and choose from a set of Templates. Typically, these Templates are predefined business workflows, presented at a high level of abstraction. The set of templates will be enhanced continuously to serve other use cases and different industries.
The UB Explorer allows for the monitoring of ongoing processes from a single interface. It gathers data from smart contracts and all systems that are connected via the template chosen by the user. These business case specific “SmartQueries” are also automatically generated out of the given workflows. It helps to present on- and off-chain data to a useful, easy to understand dashboard.
The UB Connector allows on/off chain IT systems to utilize Unibright smart contracts and it enables the creation of integrated cross-chain and cross-system workflows. An essential piece of the UB Connector infrastructure is the SmartAdapter, which contains and transforms all technical details needed to connect to a specific blockchain or ERP system. SmartAdapters bring dynamism to the Unibright Connector, enabling a vast array of integration possibilities.
The strategy and product seem to be dynamic enough for the unpredictable development of blockchain technology. While the Unibright MVP was built on Solidity, continuing development for more protocols will follow.
The Unibright team is based in Germany. CEO and founder Marten Jung leads the Team. Marten has been the CEO of parent company SPO Consulting for the past two years, SPO has been operating in the industry for 20+ years, focusing on business integration. Stefan Schmidt is the CTO, Co-Founder, and Head of Software Architecture. Ingo Sterzinger serves as Lead Frontend Engineer. According to his Xing profile, he has well over a decade of developer experience.
In total, there are seven core team members mentioned. The other job titles covered are; Lead Engineer Data Modelling, Lead Engineer Testing, CMO and Head of Marketing, and Chief Communication Officer. The leading members all carry multiple years of experience in computer science, engineering, and database management.
The only downside I can see here is that very few of them have been involved with other blockchain projects. This is not a major concern as I believe they are experienced enough to acquire the necessary skills and reputation in a very short amount of time.
Furthermore, Unibright has a very skilled team of advisers that adds blockchain experience to the project. With Nicolas Mertens, Crypto Youtuber and founder of DataDash being the most prominent name. Other than that, their advisors include ex-PwC auditors, venture capitalists, numerous PhDs, and blockchain developers associated with Iconiqlab and Ambisafe.
Tokenomics: What is the UBT Token?
The UBT token will be used as the only accepted payment method on the platform and can be used to pay for all services provided by Unibright. I am always keeping an eye on how a token is used and how it functions within the ecosystem. Unibrights UBT token has a pretty simple use case which is excellent. Smart Contract Creation, Connection and other Unibright Features all require the use of the UBT token. Potential clients will not be confused about how the token works which is a critical factor for adoption. Unibright has adopted an enterprise-friendly payment model to help streamline the transition to UBT token usage. When a company onboards the product, they purchase a set amount of UBT using fiat. Tokens which are in the framework, were locked for the period of the contract, with clients being able to buy them back every 30 days. A total of 150 million tokens will be produced, with close to 141 million of them currently in circulation.
Growth potential and Roadmap
Given the growth and expanding acceptance of blockchain technology, the idea presented by Unibright taps into a field of growing demand. Furthermore, with the aim to ease the difficulties regarding the availability of skilled blockchain engineers, applying smart contract to blockchains, integrating blockchain into the existing business and transforming the blockchain data, gathered across all of a companies silos, into something useful, the project addresses valid problems and provides legit solutions. The White Paper for this ICO makes a good case for this being the right time for a solution like this to arrive, and I have to agree, the market for individual, yet scalable blockchain based business solutions will grow in the coming years. Being an early mover in a market which already has seen a number of competitors puts Unibright in a good position for future growth. Highly attractive markets will always attract competition, but they will also provide many opportunities for companies that position themselves with a strong USP and solid partnerships, which is precisely what Unibright is doing. We have already covered the USP, so let’s take a look into the partners they have been able to secure so far.
Unibright is one of the few projects that had existing customers and promising partnerships even before their ICO. Among others, they have partnered with Iconiqlab, Ambisafe, and Microsoft and Zühlke, which is a very strong lineup. With these partners, Unibright is in an excellent position to accelerate their launch and strengthen their position in the market. Just recently, in December 2018, they were consulted by Deutsche Bahn to evaluate on tokenizing the ecosystem around a public transport company with the help of Blockchain technology. In Q3 2018 they established new strategic partnerships with Tolar and NEM.
Also listed on the Unibright website, are a number of clients, including Lufthansa, Schell, Samsung, and Unilever among others. However, the Team is very open about the fact that some of these companies are clients of their parent Company SPO Consulting.
Unibright is tackling one of the most critical issues that Blockchain technology is facing today. Businesses can benefit significantly from Blockchain technology, but most don’t have the resources or the know-how to get started. The Unibright team seems very capable, and their partnerships could provide them with a strategic edge on the other competing framework projects. Having a parent company and being in a somewhat similar business for decades, surely works in Unibrights favor. I like their clear B2B marketing approach, creating hype is not a goal of this project. This is reflected on their website: Available use cases such as handling of Asset Life Cycles, Shipping Monitoring, Invoice Releasing, Hiring, Insurance Claim Processing etc. are presented very well. They also mention potential scenarios where Unibright can be used to increase efficiency and transparency in several aspects of business. Still, we have to talk about Some downsides and risks, from an investors standpoint, I have listed them below:
Competition in this space is going to become more and more visible as the need for “business-on-blockchain” grows. Networking and partnerships will be critical to grab a large market share. This is where experience and reputation through SPO consulting will work in Unibrights favor, as we can already see.
Regardless of the Team’s ability to network and sell to potential clients, as long as those clients don’t feel the need to implement Blockchain technology, they won’t be convinced. This is beyond Unibrights control.
One potential argument against Unibright is the question of the need for a token in the current state of the product/service, which could also be handled without a utility token. However, after reading the whitepaper and understanding how the team is planning to scale their platform, the use case of a token becomes more clear.
Definitely no red flags.
With more growth and acceptance in the domain of blockchain business applications, Unibright could be heading towards a bright future.
UBT scored 53 out of 76 Points in our evaluation program.