The company offers its name sake Modex Blockchain as a Database (BCDB), a platform that makes blockchain adoption simpler with a single API. BCDB’s API creates a private blockchain within the organization by decentralizing the existing database. All the developer has to do is download the API and its license, install the API and then write the connectors from the database. “It hardly takes two hours to write the connectors, and that’s it. They only need to know how to operate a database system or to be proficient in a programming language. Blockchain development skills are not required,” says Ivascu.
Modex’s innovative model Modex BCDB effectively eliminates the barriers of cost, technology, implementation time, in-house blockchain expertise, and reliance on an external blockchain developer team—the factors that significantly weigh down the rate of adoption. “Our model has made using blockchain technology extremely affordable with monthly subscription costs starting from as low as $500 and completely friction-free for the CTOs and they ‘absolutely love it’,” states Ivascu.
What further sets Modex apart is that as opposed to other market players, Modex’s API sits within the client organization with the complete control of the sensitive information resting with them. Clients are not required to move their database to the provider’s existing infrastructure. “They don’t have to change absolutely anything,” affirms Ivascu. The think tanks at Modex are constantly researching and testing new blockchain frameworks in order to stay true to the core principle of the company: to provide a blockchain solution which is database and protocol agnostic.
Our model has made using blockchain technology extremely affordable, budget-friendly and completely friction-free for the CTOs and they ‘absolutely love it’
A host of companies across varied sectors such as oil and gas, insurance, and banks to name a few are set to tap the potential of blockchain as all known hurdles “don’t exist anymore.” Since implementing Modex’s blockchain solution, a particular bank gained full security and integrity of their internal data. Another benefit was that they could have clear segmenting of authorization of their different branches within the organization; that is employees from various offices would not be able to access the database from another office or department in another state without authorization. In other words, banks can control access to information. Now, in the light of GDPR, banks can prove to any regulator that the data has not left the shores of the country.
For insurance companies battling internal fraud for long, the Modex advantage can bring forth a new way of monitoring any activity in the database. Likewise, in the oil and gas sector that has to tackle the million-dollar problem of theft of pipelines, the plug and play solution from Modex can help find the people altering sensor information in the database. “All it requires is synchronizing the sensors in the private blockchain,” says Ivascu.
The Modex team is upbeat on the numerous use cases for blockchain and is on its way to provide hosting services. Giving a glimpse of their roadmap, Ivascu affirms that they have plans to expand globally and open an office in Silicon Valley. Forging strong relationships with value-added resellers in the Middle East, Asia, and the U.S. is also on the cards. “But for starters, we plan to accelerate the adoption of the API by SMEs and top 5000 Fortune companies as we roll out our interesting approach to blockchain,” concludes Ivascu.