UCOT, found online at UCOT.world, promises to be the “ultimate supply of every chain” and the “smart internet of everything”. Find out what that means today in our review.
What is UCOT UBI?
UCOT stands for the Ubique Chain of Things. It’s a blockchain-powered smart IoT ecosystem created by an Australia-based team of researchers in partnership with some of the country’s leading universities.
The goal of UCOT is to create an ecosystem of smart devices – IoT devices – that can effectively communicate with each other using blockchain technology. It’s similar to the idea behind IOTA, but catered more to the supply chain.
Basically, UCOT wants to help supply chain participants verify the identity of items along the supply chain. It will use IoT devices – like smart sensors – to track the movement of products and materials along the supply chain.
UCOT can integrate with IoT tracking devices, for example, to track the progress of products along the supply chain. A scanner reads these tracking devices at each “stage” of the journey through the supply chain.
How Does UCOT Work?
UCOT is a structured ecosystem that aims to combine the latest blockchain technologies with 5G telecommunications to create a cutting-edge IoT platform that solves critical issues regarding authentication, security, and inoperability between supply chains.
The goal of UCOT is to enable different businesses and customers on the same supply chain to improve efficiency, lower operating costs, strengthen authentication, and secure data privacy by improving tamper-resistant interoperability among nodes across the supply chain.
Of course, a network like this would create a tremendous amount of data. That’s why UCOT aims to use this data for various UCOT applications.
The ecosystem uses a utility token called UCT. All stakeholders and service providers will need UCT to institute a transaction, execute a smart contract, and to access other services.
UCOT’s official website mentions all of the following features:
- IoT Smart Devices: IoT networks can communicate with one another without human interaction, allowing a network of smart devices to collect and analyze information processed by sensors and devices.
- Supply Chain Evolution: UCOT seamlessly integrates with IoT tracking devices to exert the best value transfer mechanism to self-optimize each link and node along the chain.
- Next Gen Communication: UCOT uses 5G telecommunication technology to connect millions of devices equipped with NB-IoT chips.
- Blockchain Powered: UCOT uses blockchain to manage communications between IoT devices.
Benefits of UCOT UBI
UCOT also mentions all of the following benefits:
UCOT will meet the growing demand for greater supply chain transparency worldwide.
UCOT will timestamp a history of transactions on an immutable blockchain that can be audited 24/7, making it easy for all supply chain participants to authenticate anything.
A decentralized blockchain ledger replaces the traditional middlemen, cutting the costs of expensive central server maintenance.
Smart Chain of Things:
Smart contracts validate the delivery of goods, automate the transfer of ownership, and execute token exchanges between parties.
A Foundation for Artificial Intelligence:
UCOT sees itself as a “foundation” for artificial intelligence. By facilitating machine to machine communication, UCOT will encourage the creation of more advanced artificial intelligence.
UCOT Use Cases
UCOT’s use cases can extend across all of the supply chain. Some of the identified use cases include among all of the following market participants:
Businesses in the Sharing Economy:
Companies that run a peer-to-peer based business can rely on a decentralized smart IoT network “to equip their vast amount of assets in operation”, explains the official UCOT website.
Owners of Valuable/Luxury Brands:
Companies need to provide original verification to their clients to maintain their brand value against counterfeit goods. Luxury bag makers, for example, can rely on a blockchain-based supply chain verification system to verify the authenticity of their goods instead of fakes.
Certifying agencies – like border control services or regulatory groups – can inspect the uninterrupted chain of custody from the raw materials to the end sale.
Supply Chain Operators:
UCOT encourages supply chain operators to migrate products and services to the blockchain.
Who’s Behind UCOT UBI?
UCOT is led by John Baird, Chief Executive Officer. Other listed members of the team include Renping Liu (Chief Technology Officer),
UCOT’s research partners have included the University of Technology Sydney, Monash University Blockchain Lab, and UNSW Sydney. UCOT is headquartered in Sydney, New South Wales, Australia. The company was founded in 2017.
UCOT UBI ICO Conclusion
UCOT envisions a future they describe as the “ultimate supply of every chain, smart internet of every thing.” The Sydney-based team completed a token sale in late 2017 / early 2018. Now, they’re seeking to expand their supply chain verification system worldwide.
To learn more about UCOT and how it works, visit online today at UCOT.world.