2020 has been a year unlike any other, with the entire world turned upside down by the Covid-19 pandemic. Despite the challenges – many of them unforeseen – Modex continued its growth, strengthened its market presence and expanded the team in accordance with the company’s development plan. Modex’s growth will also continue in 2021, with more innovative products and services due to be launched next year.
At the end of 2019, Modex vowed to continue to develop its flagship product – Modex Blockchain Database (BCDB) – in the coming year so that it would support integration with any type of database on the market, an objective which we’ve achieved in 2020. This layer of flexibility proves invaluable to a consortium network, where multiple companies can synchronize their databases, without requiring changing their database providers. One of our aims for 2020 was to continue the integration with big tech companies and we are proud to report we’ve accomplished that. Moreover, this autumn we have also revealed our updated Whitepaper and roadmap.
Finishing 2020 strong: Modex BCDB and Microsoft Azure
Earlier this month, Modex has announced that it has integrated its flagship product, the Blockchain Database (BCDB) trademark solution, with Microsoft Azure, one of the most important cloud computing providers available on the market. Through this technological integration, Modex offers its middleware software as an IaaS offering on the major public clouds for clients and potential clients who wish to deploy a Modex BCDB infrastructure on their Azure cloud subscriptions to set up a hybrid infrastructure that fuses blockchain technology with the cloud.
The new Modex BCDB release is built upon the foundation set up earlier this year when Modex entered the Microsoft for Startups program that gave the company access to Microsoft partners who guided Modex during its integration with Azure and some of its services. All the hard work done by the Modex development team during the last few months crystallized in our latest release, where the main focus was placed on ensuring a smooth integration with the Azure Marketplace. This means that Modex BCDB is now available on the Azure Marketplace as an IaaS offering.
Modex joined the fight against Covid-19
In March, while the entire world faced the unprecedented coronavirus pandemic, Modex has announced it was offering its expertise for those who want to fight better against COVID-19. More precisely, Modex showed its readiness to offer technical consultancy to companies, entities and NGOs that support the fight against the on-going coronavirus pandemic. As a result, a full license to use Modex Blockchain Database (BCDB) has been granted for free to local and global online platforms involved in this mutual effort of providing real and trusted data to the public and monitoring of the global crisis caused by COVID-19. Modex contributed to easing the effects of the coronavirus crisis by offering software consultancy for involved entities and helping those who were affected by cyber-attacks by ensuring data security and integrity, as well as real-time backup.
Member of C5 Capital’s International Cyber Defence Alliance
Also this year, Modex joined C5 Capital’s International Cyber Defence Alliance to support the healthcare sector through COVID-19, uniting with luminaries in the cybersecurity world to help combat the unprecedented series of cyberattacks that the healthcare sector has experienced. C5 Capital, the specialist investment firm that exclusively invests in the secure data ecosystem, including cybersecurity, AI, cloud, and space, first launched the Alliance in March to provide free cybersecurity support to healthcare and research organizations which were already under huge pressure due to the COVID-19 pandemic.
Modex helped entities affected by cyber-attacks during the pandemic with our software solution – Modex BCDB – by ensuring data security and integrity, and near real-time backup. The BCDB infrastructure is suited for all medical units, NGOs, activists, local governments, or organizations that want to implement an extra layer of security to their valuable data, online and offline. Modex has done its part by providing its Blockchain Database to healthcare institutions to help negate the impact of ransomware attacks, through its blockchain layer.
Data security: preventing cyber threats with Modex’s technology
The cybersecurity threat landscape has evolved at an alarming pace in the past decade. Using new technology to exploit the vulnerability of existing systems, attackers seem poised to systematically dismantle the security system of banks and other financial institutions in a bid to extract funds and put a halt to operations. Modex BCDB enables companies to tap into the potential of blockchain technology to store their database entries into a secure tamper-proof blockchain ecosystem.
The infrastructure of the BCDB system was designed with security in mind. To enhance the security capabilities of a standard blockchain network, Modex BCDB comes with a default data encryption mechanism that removes the need for programmers to write new code to encrypt data. To enhance user experience and add a layer of flexibility to the BCDB environment, users have the option to enable automatic encryption at the field level. As such, any new data inserts are automatically stored in an encrypted format.
Speaking of Modex BCDB, in mid-2020 our solution got a major release that enhanced the functionality of the product with a set of features that help customers unlock new value. That BCDB release addressed a series of performance, security, and stability issues to streamline the adoption process of Modex’s hybrid solution in existing enterprise frameworks. Clients and their developers who interact directly with Modex BCDB have noted a significant increase to read and write speeds, as well as a full suite of new features like Elasticsearch database support, the elimination of “data” property wrappers for NoSQL database records, improved exception handling, and logging mechanism, enhanced user registration/invitation mechanism, the integration of endpoints with TCP.
Modex and UiPath – log immutability for RPA robots
In May, Modex partnered with UiPath, the leading enterprise Robotic Process Automation (RPA) software company, to enhance the traceability of operations involving software robots and improve governance by enabling immutability for activity logs. Through this global technological collaboration, Modex Blockchain Database (BCDB) has been integrated with UiPath Orchestrator through a series of connectors to enhance the traceability and the auditability of the data manipulated by software robots through the immutability provided by the Blockchain Database solution. Modex BCDB improves the security of the data collected and manipulated by software robots. Once data passes through the Modex BCDB solution, UiPath Orchestrator beneficiaries can rest assured that their information can never be tampered with. All the details of the integration are available here.
eConsultare, a blockchain-based platform for e-governance
This year, Modex has officially launched eConsultare.ro, the first blockchain-based platform for e-governance in Romania that enhances the level of trust and transparency by directly involving Romanian citizens and other representatives of the civil society in the decision making process. By harnessing the power of its innovative blockchain solution, Modex has made an important step towards the democratization of the decision-making process by creating a secure platform which facilitates online consultation on matters of public interest. The main beneficiaries of the eConsultare platform are the Ministry of Environment, representatives of the civil society, as well as citizens who can reject or accept government initiatives through direct vote.
This public consultation platform has been designed to increase the degree of democratization of the decision-making process while facilitating open and interactive participation from citizens. The goal of the eConsultare platform is to directly involve citizens in the process of establishing and verifying the feasibility of proposed projects, ensure transparency in central and local public administration while giving citizens the opportunity to become active participants in defining and addressing community issues.
Forging new horizons alongside BCR – Erste, InnovX and FabLab
In November, as part of BCR’s InnovX business accelerator, Modex specialists held 4 online workshops about blockchain technology and its advantages, digital transformation, database security and integrity, as well as the BCDB Partner Program. The InnovX Business Accelerator has created one of the most ambitious hubs for entrepreneurial innovation in Central and Eastern Europe. Through this program, individuals get immediate access to the newest technologies, top education, and global communities. The program scouts for the most ambitious entrepreneurs from Central and Eastern Europe who want to scale their innovation at EU and global level through functional teams, innovative solutions, businesses in emerging technologies, and scalable solutions.
This summer, Fab Lab, BCR – part of Erste Bank and Modex have inaugurated a new technology hub. Located in Eastern Europe, this new space covers 250 square meters. “Modex is a global company. We think that we have a real social responsibility to offer something back to the society that shaped us, hence we are continuing to invest in education for young people and students, but also in the growth of the entrepreneurial community. We were glad to receive an invite from our partners Fab Lab and BCR to join them and contribute to developing the new tech hub in Iași. Despite the crisis the world is currently facing, Modex wishes to convey a message of solidarity, hope and faith in humanity, and opening this co-working space when social distancing is a must represents another educational commitment we are making to the tech and entrepreneurial communities!”, stated Alin Iftemi, Modex Co-Founder.
Unlocking new values through meaningful partnerships
This year, Modex entered a series of notable partnerships important for the company’s growth, but also for advancing the industry, as a whole, even further. Modex has partnered with Digital Point Consulting, a technology company based in Saudi Arabia which develops digital solutions to improve businesses and increase revenue, with the aim to increase awareness and familiarize the market in the Middle Eastern region with blockchain technology and its advantages.
Modex also started a partnership with NxLog, a company specialized in providing powerful multi-platform log collection and management solutions that support companies in detecting security risks, policy breaches or analyze operational problems in server logs, operation system logs and application logs. The Modex – NxLog partnership sets an ideal foundation for future technological integration between the extensive suite of services provided by NxLog and Modex’s Blockchain Database (BCDB) solution.
As an Original Equipment Manufacturer (OEM) into the Elastic OEM Partner Program, Modex joined an elite group of industry-leading software service providers that integrate Elastic products within their solution. By combining elements of the Elastic Stack with the Modex Blockchain Database (BCDB) solution, Modex and Elastic unlocks a new range of opportunities for companies that seek to enhance their data with the core blockchain characteristics.
Another important integration we’ve concluded this year: Modex BCDB and Logstash. By successfully integrating our flagship product, Modex Blockchain Database (BCDB), with Logstash, an open-source log aggregator that is an integral component of the Elastic Stack, Modex offers added value through its blockchain component to companies that rely on Logstash as a data processing pipeline. This way companies get to benefit from blockchain enabled data integrity, immutability, traceability and transparency without needing to overhaul their data infrastructures.
2020 saw Modex listed on the G-Cloud 12 Digital Marketplace. G-Cloud 12 helps customers from United Kingdom’s public sector find and buy cloud computing services such as hosting, software and cloud support, including many off-the-shelf, pay-as-you-go cloud solutions.
Another highlight for us: Modex has been accepted into the Microsoft for Startups program. This gave Modex direct access to the latest Microsoft technologies, resources and technology advisors, enabling us to accelerate our go-to-market strategy, and to work together with the Microsoft team in addressing common customers needs.
This year, Modex and Provision Partners joined forces in order to accelerate new technologies and digital asset adoption in the South-East Asia region. The two companies share common values, including the passion for innovation, providing trust and offering cost effective software solutions which accelerate growth and participation to their customers.
Also in 2020, Modex has been accepted into the C5 Accelerate (C5A), a distinguished business accelerator from the United States, which empowers, emboldens, and enables founders with bold ideas and breakthrough technology. This program, held twice a year in Spring and Fall, prepares businesses to scale in the U.S. market. Modex is one of nine companies chosen this Spring from hundreds of companies to be part of the C5 Accelerate.
Education, an important pillar of Modex’s philosophy
Ever since entering the market, Modex has made it clear that education and educating people on the advantages of blockchain technology are two important development directions for our company. To this end, Modex has started a blockchain academic course – the first of its kind in Romania – at the Polytechnic University of Bucharest. The result of a scientific research and educational partnership signed earlier this year between Modex and the Polytechnic University of Bucharest, the Faculty of Automatic Control and Computer Science, the course gives students the opportunity to study blockchain technology under the tutelage of Modex experts.
Modex, one of 2020’s top blockchain development companies
ThinkMobiles – a digital hub conducting IT and software reviews, analysis, user feedback and vendor profiles – has included Modex in their “25 best blockchain development companies in 2020” rankings. “Modex is a trusted blockchain development company that delivers fast, robust, and easy to integrate solutions. Modex’s experts provide development, customization, and integration of blockchain-based solutions. The company offers blockchain consulting and technology support for smart contract implementation and development of Blockchain database solutions for enterprises. The team of over 80 professionals provides services for clients from such industries as tech, telecom, eCommerce, retail, entertainment”, stated ThinkMobiles.
Another recognition of our efforts to promote blockchain technology and efficient data security solutions came from TechReviwer, which included Modex in its “Top Blockchain Development Companies in 2020” rankings. “Now we are living in the midst of a new revolution, and in the center is Blockchain technology. We believe that the technology has a great future. Nowadays many analysts compare the importance of its appearance with the invention of Internet. It will be able to fully unleash its potential in about the third decade of the 21st century and blockchain development companies become more popular”, said TechReviewer.
Modex was included by CIO Bulletin in “Top 30 Most Influential companies of the year 2020”, while GTO Magazine included Modex in its “Top Revolutionary Tech Companies of The Year 2020” rankings. Also this year, Modex was a nominee in “World’s Top 10 Blockchain Companies to Watch in 2020” by Industry Wired Magazine, and Enterprise Security Magazine ranked Modex as a “Top 10 Blockchain Solution Providers in Europe 2020” nominee. In addition, Mihai Ivascu, Modex CEO and Co-founder, was named “CEO of the Year 2020 in UK” by CEO Monthly, while The Silicon Review included Modex in their “50 Leading Companies of The Year 2020” rankings.
Increasing our team by 60% in a pandemic year
2020 was the year that changed the most in the way we do business. We have seen an unprecedented shift from a physical to mostly online environment, a shift which has changed the working processes. In this new context, we have seen new challenges in data protection, but also in attracting and keeping the best talents within the company. “We are proud to say that in a year when many companies announced layoffs, we managed to stay focused on the things we need to deliver and increased our team by almost 60%. We are now a team of over 100 in 4 offices worldwide – London, Bucharest, Gibraltar, Silicon Valley, we are in the process of opening our Washington DC office and we are constantly working on improving our service and products, in order to keep up with the need of data protection and data integrity”, stated Mihai Ivascu, Modex CEO and Co-Founder. The new team members that joined the company are engineers, back-end and front-end developers, business analysts and content creators and communicators.
More tools and services for data protection in 2021
Modex is a fast changing and rapidly adapting global tech company. In a fast changing environment, digital transformation of business has become the main concern while blockchain has grown into a promising technology for cybersecurity. From business challenges to environmental initiatives, Modex gives companies and enterprises the ability to demonstrate quantifiable trust through its technology. The idea behind Modex is to provide a new layer of data security, with the benefits of blockchain technology.
The past 12 months have proved us that we are in a fast-pacing change and there is a need for more integration between humanity and technology. Blockchain is the technology that will help all this integration and will bring extra trust. “For 2021 we are focused on scaling our company and providing the best tools for the data protection industry. Nowadays, the owner of the truth is the owner of the database. If the database administrator deletes the logs, there is no possible way for a company owner to verify the truth. With our services, a company can obtain data immutability and data integrity and no longer needs to trust us or their team, they need to trust a mathematical proof that shows that the logs haven’t been tampered with”, states Mihai Ivascu, Modex CEO and Co-founder.
Increasing our presence in US and other markets
For 2021, Modex is looking to scale even more, by increasing its team in the US and developing its products offer. As our CEO says, building a successful organization is about creating a machine where all the parts work together organically. This organizational structure requires interconnectivity – different departments overlap and connect for the same goal. Giving small teams the freedom to experiment and share, they can respond more quickly, communicate more freely, and make better and faster decisions. “As 90% of the world’s data was produced in the last 24 months, the need for system interoperability is surging. Managers and data analysts have a clear need to move from big data collection to intelligent data interpretation and to rely on trusted data sources. And this is the spot where Modex will play its game in 2021”, believes Modex’s CEO.