- INVESTMENT IDEAS
Shine (Uni)Bright like a diamond
- UniBright is tapping into a very large market - enabling large enterprises to adopt blockchain technology.
- Despite having proven its use cases in the real world with big business such as SAP and CONA, this project is still largely unnoticed.
- Having received the blessing of industry heavyweight John Wolpert and partnered with EY, Microsoft, Sap and Ethereum Alliance, makes the Baseline Protocol, Baseledger, Provide and UniBright form the perfect blocks for the enterprise blockchain rocketship.
One of the biggest roadblocks preventing enterprises from adopting blockchain technology is the huge knowledge gap that exists with regards to deploying, developing and designing blockchain solutions. The scarcity of blockchain developers and the cost of hiring available talent makes it intimidating for many business leaders, who see the potential for blockchain to dramatically improve their operations. The uncertainties regarding costs, development, and effectiveness in blockchain integration has kept many on the sidelines.
Fear not because the future is UniBright
Ruud Huisman from UniBright asserts that around 80% of business processes can be automated on the blockchain using templates, while 20% require custom-made solutions. On Ethereum, all smart contracts and transactions are publicly available. As everyone can track blockchain information, businesses need solutions that keep their data safe while still communicating with other companies. The biggest issue for companies, especially for small and medium-sized companies, is that hiring developers is expensive. To solve this problem, UniBright developed the UniBright Framework: a solution that integrates business processes into blockchain by using templates. This means businesses do not require any coding.
The UniBright Framework can function independently or, alternatively, with the Baseline Protocol. Unibright was created to give companies, and other organisations, the ability to utilise blockchain technology without extensive costs, huge hassle, and the need for a large corps of developers. Businesses are able to use the visual workflow created by Unibright to create and launch smart contracts on the appropriate blockchain. All this can be done without having any skills in coding, blockchain, smart contract development or even traditional software development.
To simplify things even further, Unibright even provides templates for a number of business use cases such as invoicing, shipping-process monitoring, asset life cycles and multi-party approvals. Users can easily select their use case and then create a custom workflow. This can then be deployed in a way that bridges the information between the new blockchain and existing systems, such as ERP.
The UniBright Framework starts with a workflow designer that allows multi-party approvals. When working on a new product, multiple departments (or companies) have to give approval or feedback on decisions. A user can easily design workflows and validate them. While validating, the system checks whether or not all parties have been integrated into UniBright and creates smart contracts afterwards. This allows all parties to use their software and systems. UBT, the token of UniBright, functions as the UBT blockchain's fuel and allows UniBright to be blockchain-agnostic, which means that the UniBright Framework can operate on any blockchain.
Unibright is available to SAP customers in their SAP Appcenter, with UBT tokens required to facilitate transactions. This is a first-of-its-kind feature, where an enterprise such as SAP is institutionalising a cryptocurrency by asking their clients to purchase (UBT) if they want to use a particular product.
The UniBright token is a vital part of the UniBright Framework. The Universal Blockchain Token (UBT) is required for every component. UBT is necessary to work with smart contracts on the UniBright Framework, as well as the UniBright Connecter, if companies want to use Baseline Protocol. There is a token calculator to find out how many tokens you need per month.
One of the best features of the UBT token that is purchased by companies to use the Framework, or UB Connector to Baseline, is that it will not return to the market. This means that if a company like Coca Cola needs 500,000 UBT for their business processes, those tokens can be easily bought by their joint venture partner, Provide. This partner purchases UBT from the market, so that the client doesn't have to deal with cryptocurrency themselves, and after they have been bought, they do NOT sell them back into the open market. This means that the circulating supply will get smaller and smaller.
Let's get down, let’s gown to baseness - The Baseline Protocol
The Baseline Protocol is an open-source initiative from EY, Consensys, Microsoft, UniBright and several other big names. The initiative aims to synchronise private business processes through a public blockchain. As such companies can reduce capital expense, and other overhead costs, while increasing operational integrity, by automating processes when conducting business with other companies. Baseline Protocol leverages cryptography techniques like zero-knowledge proofs and signatures, peer-to-peer messaging protocols and blockchain technology to achieve this.
Zero-knowledge proof is an encryption scheme whereby one party (the prover) can prove the truth of specific information to another party (the verifier), without disclosing any additional information. Baseline is designed to prioritise privacy and data security, so that no sensitive data is leaked. This data stays safely with you and your counter-parties. Outsiders looking in will not know what process is being executed, who the actors are or what goods are being exchanged.
The Baseline protocol uses the Ethereum mainnet public blockchain network to keep the parties synchronised and following the rules. Through the use of cryptography, the sensitive data never leaves your internal storage place, while both sides are guaranteed to follow the rules through the use of zero-knowledge proofs. The data exchange only happens in an encrypted peer-to-peer manner on a need-to-know basis. This way, the Baseline Protocol allows you to have the security of your data while still ensuring that all the parties involved in the process are in sync.
It’s all about that Base-ledger
Baseledger, an open-source project initially developed by Unibright and Provide, is the first public network designed to store and manage baseline proofs, which are an essential part of synchronising systems of record across the internet in accordance with the Baseline Protocol. The high-performance network provides verified systems integration services at very low cost, without requiring companies to spend time and capital setting it up. Baseledger complies with the Baseline Protocol to ensure that no data is moved from companies' systems of record onto any kind of blockchain, and proofs cannot be used by an observer to learn anything about companies' confidential information, relationships or business activities. The network is secure, always on, and anchored to the Ethereum blockchain using a cryptographic technique called ZK Rollups to prevent tampering with the proofs.
Users storing proofs on the network enjoy fixed transaction fees, denominated and paid in fiat currency. They do not need to hold any form of cryptocurrency to pay for the service. Network governance and transaction settlement are powered by $UBT, short for Universal Business Token, an Ethereum ERC20 token originally issued by Unibright in 2017. Since transaction fees remain stable even if $UBT rises in value, organisations can use Baseledger without concern over price volatility.
Nothing in this article constitutes professional and/or financial advice. The content is provided exclusively for informational and/or educational purposes. Nothing is to be construed as an offer or a recommendation to buy or sell any type of asset. Seek independent professional advice in regards to financial, tax, legal and other matters.