Modex BCDB: Introducing a new weapon for data protection industry to secure governments, companies and people
We are at the very edge of a new phase in the industrial revolution with tech companies that are disrupting the traditional ways we interact with each other by using their technologies as platforms for the people. Indeed it seems, and it’s more and more clear that the people are the product in cases like this. We are no longer selling technologies; we are selling trust, dreams, safety, protection, emotions, security, love, and hate. We are not doing this for various industries, but for the people.
In this new world dominated by technology, concepts such as the digital economy and digital society are becoming the new normal, the new way of doing things. But everything has a cost, and it seems that a digital world develops in tandem with a frighteningly efficient and illegal business model: cybercrime.
According to Cybersecurity Ventures magazine, global cybercrime costs will increase by 15 percent yearly over the next 5 years, reaching 10.5 trillion USD annually by 2025. This is the cost for the sensitive information lost; this is the cost generated by data loss. On the same matter, Gartner expects that 2020 will see an increase of 2.4% for security and risk management. Moreover, Gartner forecasts that cloud security will grow the fastest. Also, in the ‘Global Risks Report 2020’, the World Economic Forum (WEF) predicts that cybercrime will become the second most concerning risk for global commerce over the next decade.
In this environment, one tech company - Modex - is approaching this issue from a different angle. After carefully analyzing and disseminating the needs of the cybersecurity market, our business analysts and market specialists concluded that the best response can be provided by a flexible data security technology that can be adopted as easy as an API to integrate an extra layer of security that facilitates enhanced data protection by guaranteeing the integrity of organizations' most valuable information. In this zero-trust ecosystem, the real beneficiaries are the end-users, the people. We are talking about a bank's client, the patient of a healthcare clinic, the consumer from a merchandise market, and finally, a nation's citizens.
For businesses, the Modex BCDB software becomes a way of improving performance and a tool that addresses real-world problems from the cybersecurity spectrum. This is possible because Modex BCDB is designed to offer a suite of benefits like data security and integrity, real-time backup, all while facilitating an enhanced audit process for private or government industries through the transparency and traceability it unlocks.
I believe that our particular solution represents the right answer to efficiently solve the new issues from the cybersecurity field. The infrastructure of the BCDB system was designed with security in mind, offering the highest degree of data protection. Organizations can rely on our innovative solution to counteract cyber attacks and to prevent data breaches following attempts from malicious parties. And that translates into time and cost-related savings, essential - now more than ever - in today’s challenging context.
The Product, the Weapon, the Modex BCDB
Integrating with Modex BCDB unlocks enhanced data security, secure data sharing, streamlined operations, and protection that acts like a defense weapon against cyberattacks. The BCDB product was designed to intervene in a company’s existing IT architecture by positioning itself as an additional layer between the application and database engine to give access to a blockchain-powered back-end. At its core, it is a software product designed to serve the needs of the data management market. Besides enhanced data security and protection, data immutability translates to cost reduction, fewer delays, reduced settlement times, and trust in the validity of the information stored.
For whom is Modex BCDB: a few explanatory examples
Governments: In today’s geopolitical and economic contexts, a new vision and strategy for governments are needed. A new direction based on technological infrastructures that can support an agile type of organization capable of reacting to the rapidly changing world we live in. Keeping this in mind, we designed our middleware solution in order to comply with the high-security cyber mechanisms controlled and used for security measures by our defence agencies. I believe that BCDB can and will be easily adopted in the military defense mechanisms thanks to its advantages for data security and the protection of valuable information. In addition, the solution can be easily adopted by central and local administration willing to make the transition to digital infrastructures.
Financial services: Over the past decade, the cybersecurity threat landscape has evolved at an alarming pace. In a bid to extract funds and put a halt to operations, attackers seem poised to systematically dismantle the security system of banks and other financial institutions using new technologies to exploit the vulnerability of existing systems. However, technology is a two-sided coin or a double-edged sword in this context. Regardless of which analogy you prefer, the idea is the same: in order to build stronger and smarter data infrastructures that protect data records and subsequently their customers’ interest, financial institutions can put new and innovative technologies to efficient use. Modex BCDB combines traditional data storage systems with a blockchain backend to help struggling financial institutions safeguard their most valuable asset, their data, and to mitigate cyberattacks before they even happen. Modex BCDB achieves this by connecting to a bank’s IT infrastructure through a set of custom connectors.
Tech companies: One good example is our advanced technological partnership with UiPath. Modex Blockchain Database has been integrated into the UiPath Orchestrator through a series of connectors to streamline the security and enhance the auditability of the activity logs of software robots through the immutability provided by our solution. As a middleware software, Modex BCDB inserts itself as an additional layer over the database in which companies store logs. This way, clients that implement UiPath Orchestrator can quickly configure the Modex BCDB solution to tap into the benefits of log immutability, creating a tamper-resistant ecosystem for their logs files. In an RPA context, log immutability significantly reduces overhead costs, streamlines operations, and unlocks new values.
Enterprises: Companies spend billions of dollars on cybersecurity solutions to protect their data from external tampering, a process that takes place every year. Besides cybersecurity measures, financial institutions, businesses, and enterprises rely on third-party auditing firms to guarantee that their data records are accurate and resolve any eventual disputes. Although an efficient line of defense, auditing firms charge a significant fee for their services. Moreover, a question arises: who is verifying the auditor? After a thorough analysis to identify the best possible solutions, companies are still required to place their trust in an external party to whom they must give access to their data.
Data integrity is directly related to the readability and trustworthiness of database records. In legacy systems, ensuring data integrity entails constant maintenance and frequent backups to guarantee the accuracy and consistency of data during its life-cycle. But Modex BCDB takes a proactive stance, ensuring data integrity and immutability by default through its technological layer.
Placed under a constant barrage of attacks from cybersecurity threat actors, the new digital world will be in dire need of a new solution that can provide a secure framework for data. Among the few that can answer this call for help is our tech company, a relative newcomer to the tech industry. Why such a bold statement? Because we have an emergent player under our sleeve, that demonstrates that it can leverage its suite of inherent benefits to block a series of attack vectors. As security related issues and data breaches are becoming more prevalent in cyberspace, ensuring data security has become a top priority for companies, financial institutions, and our governmental agencies.
In the end, we believe that our technology will revolutionize the data protection industry, by giving back control of ‘personal data’ to every citizen or company. We believe that the technology designed by us will enhance the way that governments and businesses interact by guaranteeing trust between these entities. With Modex BCDB the real winners will be us, the people.
Modex innovates in order to solve the last mile adoption problem of digital technology in society. Modex offers fully integrated data protection solutions and aims to make digital technologies user-friendly for organizations and people. Modex is a leading Blockchain Database provider offering real data integrity, log immutability, and data security to help companies protect valuable information. www.modex.tech
About the author
Mihai Ivascu, CEO and Co-founder of Modex, is a serial social impact and technology entrepreneur and holds an MBA in Innovation Management. Awarded Forbes 30 Under 30 and finalist of Ernst and Young’s Entrepreneur of the Year, Mihai is an experienced speaker and entrepreneurship mentor. He is also CEO and Founder of London based tech group M3 Holdings, which comprises 3 fast-growing companies, and the founder of Ingenium Group.