The Silicon Review
“The idea behind the Modex BCDB solution is to provide a new layer of data security, with blockchain technology benefits, for everyone in the market.”
Blockchain has the potential to revolutionize how businesses and firms manage and manipulate data. It is a digitized, decentralized, and distributed database commonly referred to as a distributed ledger that records all the information introduced in the blockchain network under records named blocks. Each block contains hashed information of the previous block, creating a chainlike structure of interdependent blocks. The database that is created is then replicated and shared among the network’s nodes which ensure overall transparency.
Modex is a technology firm that builds blockchain solutions. Developers at every level make use of the Modex solutions to integrate blockchain technology in their infrastructure and products.
In the last two years, Modex has evolved from the world’s first application for blockchain into a complex ecosystem designed for developer’s needs and for enterprises looking for blockchain solutions. In 2019, Modex launched Modex Blockchain Database (BCDB) which is a new take on blockchain technology that removes the need to invest resources in blockchain training and facilitates the fast adoption of technology in businesses. The solution proposed by Modex is a middleware that fuses a blockchain with a database to create a structure that is easy to use and be understood by developers with no prior knowledge in blockchain development. Due to this, any developer who knows to work with a database system can operate the BCDB solution without needing to change their programming style or learn blockchain. Through the blockchain component, Modex BCDB is able to transform with minimal changes in any type of database into a decentralized database that holds the same valuable characteristics inherent to blockchain technology; transparency, increased security, data immutability, and integrity.
Modex BCDB: A Hybrid Data Storage System
Modex Blockchain Database enables blockchain adoption in enterprise software development without eliminating the database component but by mixing standard database engines with blockchain features while allowing programmers to work within the systems they are already using. It helps build a secure and stable blockchain environment, saves on operations and maintenance costs, and facilitates business development.
The Modex BCDB pricing is license based on a pay-as-you-go model and it comes with a certain number of free transactions to support the growth of new adopters. It works like the ‘Software-as-a-Service’ (SaaS) model but the infrastructure is hosted by the beneficiary so it is not typically SaaS.
Modex BCDB: Guarding Cybersecurity Space
Blockchain can be applied to many areas including Healthcare, Supply Chain, Government, Ransomware attacks, etc. However, Modex BCDB thrives in the niche field of Cybersecurity.
Ensuring the privacy of data has become a primordial interest for companies and enterprises regardless of their field of activity. A very used method against breach of data is data protection through encryption, a process that transforms information into ciphertext, an unintelligible block of text that can be decrypted only with the right encryption key. Since decades, data encryption has become an important line of defense in the flow of cybersecurity architecture because even if data is intercepted by malicious hackers, a complex encryption algorithm can block attackers from deciphering the content of the information.
Modex BCDB enables companies to tap into the potential of blockchain technology to store their database entries is a secure and tamper-proof blockchain ecosystem. The infrastructure of the BCDB system was designed with security in mind. To supplement the security capabilities, Modex BCDB comes with a default data encryption mechanism that removes the need for programmers to write new code for encryption of data.
Each year, companies spend billions of dollars on cybersecurity solutions to protect their data from external tampering. Besides cybersecurity measures, companies and enterprises rely on third-party auditing firms to guarantee that data is correct and resolve any eventual disputes. Although an efficient line of defense, auditing firms charge a significant fee for their services, but more importantly there is the question of who verifies the auditor. In the end, companies are still required to place their trust in an external party to whom they must give access to the data.
Blockchain provides a viable alternative to this model. By combining cryptography with hashing algorithms, blockchain ensures data immutability, a feature that brings unprecedented levels of trust to the data owned by enterprises. In turn, immutability provides data integrity which drastically simplifies audit processes, while providing proof to stakeholders that the information has not been altered.
Blockchain Adoption: A Much-Needed Solution
According to Mihai Ivascu, CEO and Founder of Modex, there is a mandatory need for blockchain adoption and a lot of firms have already progressed in this area. By the end of 2019, global spending on blockchain solutions is projected to reach 2.7 billion dollars annually. The annual spending has tripled since 2017 due to businesses increasing the use of blockchain solutions. Forecasts suggest that spending on blockchain solutions will continue to grow in the coming years, reaching nearly 16 billion US dollars annually by 2023. Modern businesses recognize the value of decentralized networks and the advantages that blockchain technologies can offer. Corporate giants like IBM, JP Morgan Chase, and, Ernst& Young have concluded, after extensive research, that decentralized forms of organizations have moved from research to application, even among leading global corporations. The market is proving that decentralization is of considerable value not only to the financial sectors and business industries but also to every business sector and process. Blockchain technology provides the main vehicle to help businesses transition from a centralized model to a decentralized one. Blockchain has already started to gain considerable momentum in industries such as supply chain, healthcare, retail, financial services, telecommunications, transportation, logistics, energy, and identity management. This is because, in our digital world, data has become more valuable than gold. Decentralization allows industries to ensure that their data is protected and trustworthy.
The all idea behind the Modex BCDB solution is to make blockchain affordable for everyone in the market. In order to create a stable blockchain platform, enterprises need to scout for developers proficient in blockchain development. But due to the short supply and high market demand, blockchain experts charge a considerable fee for their services. Currently, it is estimated that a single blockchain engineer has a yearly salary ranging between USD 150,000 and USD 175,000.
Modex BCDB is designed to help companies and developers access the benefits of blockchain technology like transparency, decentralization, data integrity, and immutability without the requirement to invest time and resources in learning how to develop their blockchain solutions. Besides the obvious benefits of blockchain, Modex BCDB acts as an introductory agent to the world of blockchain for developers who implement the solution, as they get a grasp on blockchain concepts while they work with the BCDB solution.
Due to the agnostic take on database and blockchain engines, developers can take advantage of the plug and play structure of Modex BCDB, and create a custom solution tailored to answer their business requirements. All of this is possible through the design of Modex BCDB. Simplicity and efficiency decrease setup times, removing friction points generated by the implementation and transition process.
Every developer knows how to use an API and perform the standard CRUD operations directly in the system. To keep developers within their comfort zone and enable an easy integration process, the team behind Modex BCDB designed it to be as easily operated as an API. The cost development problem doesn’t exist anymore and the SMEs can easily benefit from Modex’s infrastructure.
Data Privacy: Banks on Blockchain
There are two types of blockchains – public and private. From a technical point of view, public and private blockchains are almost identical. The main difference lies in the logic behind them and their applicability in business. In a private (permissioned) blockchain, individuals, and companies outside the network require permission from the owner of the protocol to join. Any company or consortium of companies that need a secure, real-time, shareable record of transactions can extract value from this technology. With blockchain, companies become the only true owners of their data, and because the system does not rely on a central server, there is no central point of failure. In conclusion, Modex BCDB offers a private blockchain for the enterprise sector, and there can’t be any concerns about privacy for businesses:
Elements: That Aid Modex Stay Ahead of the Curve
Modex stays in touch with its customers and potential clients because the technology is relatively new and difficult for non-tech people to grasp easily. Modex also makes use of the digital marketing campaigns – a bottom-up approach to attract developers and early adopters using targeted ads on Google and other social media and boosting organic reach through SEO optimization of the Modex website. It also aims to generate online buzz around its product through social media and press coverage of new partnerships and integrations.
“Due to the agnostic take on database and blockchain engines, developers can take advantage of the plug and play structure of Modex BCDB, and create a custom solution tailored to answer their business requirements.”©
The Diligent Entrepreneur at the Helm of Modex – Mihai Ivascu
Mihai Ivascu is a serial social impact and technology entrepreneur. He is the CEO and Founder of London-based technology group M3 Holdings which comprises three of the fastest-growing companies – Moneymailme, M3 Payments, and Modex. Mr. Ivascu holds an MBA in Innovation Management and is currently enrolled in a Doctorate of Business Administration at INSEEC Group with a thesis on Disruptive FinTech Technologies. In addition to being a technology entrepreneur, Mr. Ivascu is an experienced speaker and an entrepreneurship mentor. He is passionate about chess, martial arts, and motorsports.