In this ever-changing landscape where adaptability and the ability to pursue innovation are mandatory if you want to remain relevant in the market, Modex has brought in a revolutionary disruption with its blockchain-based solution. Blockchain technology already has a decade under its belt, but it is still considered relatively new compared to other existing technologies. Though a large segment of the business and enterprise sphere manifests palpable interest regarding the potential of blockchain, the problem is that most solutions take the form of Proof of Concepts that rarely see wide-scale implementation.
“By analyzing the pulse of the blockchain space, Modex has concluded that a plug and play approach is best suited for companies that seek to implement blockchain solutions,” says Mihai Ivascu, CEO and Founder, Modex.
To further its goal, Modex has laid the foundation for one of the first smart contract marketplaces that enables companies to purchase custom made smart contracts, purposely tailored to fit their business model. Addressing the issue of lack of a cohesive set of tools for creating blockchain solutions, the company has developed a Dev Platform to help avoid the friction points generated by the fragmented tools present on the web. It is an ecosystem tailored to answer the needs of developers, with a set of blockchain development tools, designed to streamline the creation of decentralized solutions. Modex IDE for Solidity is the go-to programming language for smart contracts development, that comes with code linting, bytecode analysis machine, and more.
Modex Blockchain Database (BCDB) is a plug and play middleware software solution that radically simplifies blockchain adoption. By combining the inherent advantages of blockchain technology with the company’s database system, the company has created a simple hybrid database system that relies on a blockchain back-end to strengthen security and data availability. Due to its seamless integration with a company’s existing application and database engine, Modex BCDB removes the need to hire a team of blockchain developers. It can enhance the infrastructure as a service model forwarded by the cloud with a blockchain layer, without them having to change their flow of operations. Through a series of connectors, Modex BCDB seamlessly integrates into existing infrastructures to enable the highly sought after blockchain benefits. The database-agnostic application connects to a wide array of database engines without compromising data entries. Moreover, Modex’s team of experts offers consultancy to companies in order to help them make an informed decision concerning what the blockchain engine is suitable for the internal workflow of their company. Modex BCDB is designed to enhance the design of a traditional database system by enabling decentralization, distribution, data integrity, availability, and transparency. Each company has different business requirements concerning data storage and data protection, and concerning this aspect, Modex BCDB can be customized with a series of functionalities to unlock new added value from database. Modex BCDB also has the ability to synchronize data across different database engines.
Ranging from complex access control mechanisms to near real-time database replication, to advanced record versioning which stores each version of a record, Modex BCDB can be customized to fall in line with the business logic of applications that integrate with it.
Modex BCDB has worked with several industries but has proved its superiority in the healthcare sector. In an industry plagued by inefficiencies, errors, bureaucracy, and high administrative costs, blockchain can solve some of the biggest problems, such as managing patient data, tracking drugs through the supply chain, compliance, interoperability, speed, privacy data, and security issues. Blockchain can also enable new patient-centric business models, bringing patients to the centre of the healthcare ecosystem by giving them power over one of their most valuable resources, data. Using Modex BCDB in healthcare also beneficial as every entry in the system is recorded on the blockchain. Also, the platform will keep track of any modification made, together with a timestamp and the identity of the user who made it. Modex BCDB provides Smart Data Access, Record versioning, Security Permissions & Data Sharing, Data Encryption, File Storage and File API.
Modex Blockchain Database (BCDB) has the potential to make a difference in government-related aspects as blockchain can be an ideal platform for e-voting, bringing many advantages like increase privacy and commodity by enabling voters to vote early or change vote and see real-time status, less costly, has in-built mechanism against fraud and the transparent ballot box allows anyone to count the ballots at any time.
Modex has partnered with Dietsmann, the world’s leading independent operation and maintenance specialist for the continuous production plant in the oil and gas, conventional and nuclear power generation, and mining industries. The partnership consists of strong implementation of Modex’s Blockchain Database infrastructure within Dietsmann’s data operations, allowing both companies to experiment with various use cases for the oil and gas, nuclear and mining segments. Dietsmann has over 40 years of experience in operating and maintaining hundreds of production facilities around the world and applying the most effective operational methods and specialist maintenance technology. By launching the prototype within the Data Lab, Dietsmann is rooting into the essence of the future of the industry, which is data processing and intelligent data management.
Modex started with a marketplace for Smart Contracts and continues to offer a platform for blockchain developers and has covered a long way. The company is now working with big tech giants for the integration of blockchain in some of their products. It has launched Modex BCDB in UK, Europe, and the United States, but offers its solution globally. Modex’s goal is to become the first unicorn amongst blockchain tech companies on the market.