UniBright - SWOT Analysis

Strength - Concept

The UniBright concept is refreshing and innovative in the blockchain industry. To ensure reliable and enduring business integration based on blockchain technology is UniBright's aim. In terms of business process modelling these concepts already exist. But UniBright wants to take this to another level by using them in a blockchain related environment. The business process modelling are ascribed as workflows. These workflows utilise smart contracts which can operate as data storage, as a dispatcher, a state machine or a factory generating new smart contracts. Hence the concept UniBright has to offer is unique and can be classified as a strength in this SWOT analysis.

Weakness - Exposure

UniBright, in my opinion, hasn’t had the greatest exposure to investors. While their token sale is expected to hit hard cap quickly, they have under 10k members in Telegram which is sub-standard compared to other ICOs. But this can quickly overturn as more people advertise UniBright and the concept becomes a reality. However, to become ubiquitous, UniBright has to hit the exchanges once their token sale completes and announce new partnerships to shake the blockchain industry.

ICOs like Current, Shivom and GoNetwork boast over 30k members and simply based on hype, UniBright has some catching up to do. However, numbers only tell one side of the story. Not too many top reviewers have written about UniBright nor twitter crypto celebrities have focused on it but we are still in early stages so there is a lot of time to captivate the market.

Opportunities – Use Cases

With several use cases for UniBright, they don’t need to be only applied to a niche industry. Batch tracing can be applied to the trillion dollar food industry. Operators can visually design a workflow to trace all aspects of their business operations from origin to end-consumer, update batch information automatically with a smart contract, map the ERP specific business objects to the structure of the smart contract automatically, and monitor the current state of these processes in real time. Other use cases include Asset Lifecycle, invoice releasing and request for quotations. Hence, this doesn’t only apply to the food industry.

Threats – Regulation

In October, Wellington Koo, Taiwan’s Financial Supervisory Commission chairman, told that Taiwan will not follow the paths of China and South Korea in an outright ban on crypto-related activity. Instead, the head of Taiwan’s financial regulator pledged to adopt a friendlier stance to support the development and adoption of both cryptocurrencies and in general blockchain technology in the country.

Last month, the new governor of Taiwan’s central bank, Yang Chin-long, expressed uncertainty over cryptocurrencies’ function as a payment instrument. Taiwan’s Minister of Justice, Qiu Taisan, has called for cryptocurrency regulations to be in place by November in the interest of preventing money laundering.

The drastic change in regulation view is evident here and UniBright could be affected by it as more firms are more careful over adopting cryptocurrencies. The next year will be crucial with new regulations come into place all over the world.