As Bitcoin (BTC) and Ether (ETH) gain legitimacy in top financial circles that will eventually help digital currencies go mainstream, projects that offer enterprise-level blockchain solutions are also gaining attention from the corporate sector and investing class.
Sold as one of the next technological breakthroughs that will revolutionize the current digital landscape and usher in a new era of decentralization, businesses and corporations have already shown immense interest in how blockchain technology can be integrated into their operations to help save money and increase efficiency.
One project that has a focus on enterprise-level blockchain solutions is Unibright, which has seen the price of its Unibright Token (UBT) grow more than 350% in 2021, going from $0.39 on Jan. 1 to an all-time high of $1.72 on Feb. 19.
Three reasons for the recent breakout in the price of Unibright Token are the release of Unibright’s enterprise solution Baseledger, big-name partnerships that have proven real-world use, and increasing trading volumes taking place as the result of DeFi integrations and tokens begin to be removed from circulation.
Enterprise-level blockchains need privacy
Unibright was originally developed with the goal of bringing blockchain technology and contracts to the business sector by offering enterprise-level solutions that take into consideration the privacy needs of companies that cannot have all of their operations conducted on a public ledger.
The project is part of Baseline Protocol, an open-source initiative that is designed to connect traditional systems together and notarize data on public mainnets like Ethereum. This is done by combining advances in cryptography and messaging with blockchain in order to deliver secure, private business processes at a low cost.
On Feb. 25, Unibright released a white paper for Baseledger, which is described as offering “a public, council-governed blockchain” that utilizes a proof-of-stake consensus mechanism that “enables low and fixed costs, high and guaranteed performance, data privacy compliance, multi-chain-coordination and off-chain integration by design.”
According to the project’s website, enterprises will use UBT tokens to access blockchain-based business integration products, and workers will be able to stake the token in order to earn rewards for doing work on the network, such as node operation and deployment.
Partnerships point toward growing demand
Unibright’s recent partnerships and integrations have also been a source of optimism, as the project has big-name companies like Coca-Cola now looking to integrate blockchain solutions into their vast supply chains.
On Feb. 23, it was announced that CONA Services signed a partnership with Salesforce for real-time tracking. CONA Services provides IT services for all Coca-Cola suppliers and bottlers and was also revealed to be partnered with Unibright in August 2020 in an effort to develop enterprise blockchain applications that created a “Coca-Cola Bottling Harbor.”
At the most recent earnings call for Coca-Cola, chairman and CEO James Quincey detailed how its bottling investment group helped to further improve operating margin performance.
Integrations with companies like Salesforce and Coca-Cola are a foothold into gaining access to a wider market as more companies learn how blockchain implementation can help in reducing operating costs and improving efficiency.
Record trading volume and DeFi exposure
Trading volume for UBT surged from an average of $3 million per day to more than $18 million on Feb. 19 as its price established a new all-time high when the first teaser about the upcoming release of the Baseledger white paper was announced.
Following the initial surge, trading volume pulled back to a daily average of $5 million, but this is noticeably higher than the prior weeks.
Unibright has also benefited from integrations with popular decentralized exchanges such as Uniswap, and it was most recently added to QuickSwap exchange, a layer-two DEX built on Polygon.
UBT rallied 40% after the QuickSwap listing on Feb. 28, and now that an increasing number of tokens are being removed from circulation and locked into DeFi liquidity pools, investors expect the price to rise higher.