On September 30th, Modex Blockchain Labs, Bucharest – Romania’s first blockchain hub – hosted the Gala NoCash Covid 19th Edition. Payments, FinTech and blockchain experts held 13 keynotes focused on multiple topics: payments (online, biometric and instant), open banking, Artificial Intelligence, Machine Learning, digital lending, digitization of administration, biometric authentication, banking apps marketplace and blockchain.

This year’s edition, which took place in a format imposed by the Covid-19 restrictions, focused on case studies, and the audience was able to follow the keynotes online. After a brief introduction and a welcome speech from the organizers, iSense Solutions presented a market research about the behaviour of financial services consumers in the context of staying at home / working from home.

Up next: DRUID, with a case study on intelligent virtual assistants (chatbots), followed by TBI Bank – Combining physical with digital financing and emerging industries in the financing area, FintechOS & First Bank – Digital Lending Journeys, TypingDNA – A journey towards next-gen authentication for digital channels, Finqware – Open Banking and another use case (digitization of the administration).

Modex, as logistics partner and host of this event, also held a presentation about how players from FinTech and payments can benefit from blockchain technology. 

Payments, transfers and blockchain

After a brief lunch break, the Payments and Transfers sectors came into the spotlight with keynotes from DITL District 3 – the adoption of online payments for taxes, PayByFace – biometric payments / paying with a selfie, Symphopay – optimizing the acceptance network “one POS for all”, Lendrise – case study on Banking Apps Marketplace, eMag – adoption results for “Instant Money Back” service and Modex, which had an insightful keynote about blockchain technology, its evolution and the obvious advantages. Between the keynotes, the audience was able to view trailers for the documentary related to 25 years since the first cards were issued.

NoCash Awards Ceremony

The event ended with the NoCash Awards Ceremony, where awards were given for the best measures taken in the payments and financial services sectors during the coronavirus lockdown, as well as awards for activities from 2019 and 2020. Almost 80 experts have voted in the following categories: Premiere of the Year, Pioneer in the electronic payments industry and Partner of the Year. Gala NoCash Covid 19th Edition was supported by DRUID and FINTECHOS (technology partners), TBI Bank, TypingDNA, Finqware and Symphopay (business partners), Modex (logistics partner) and iSense Solutions (research partner).

Modex – building a better future with blockchain technology

Speaking at the event, Alin Iftemi, Managing Director & Co-founder Modex, stated: “Modex is a Research & Development Company specialized in delivering solutions that make blockchain technology affordable, fast, and easy to adopt for end-users/developers, but also at the enterprise level. We offer fully integrated services designed to solve the last mile adoption problem of blockchain and aim to make blockchain user-friendly. In our opinion, blockchain technology will revolutionize the data protection industry, giving back the control of “personal data” for every citizen or company. We believe that blockchain has enormous potential to enhance the way that individuals, governments and businesses interact, by enhancing trust between these entities.

Alin continued and spoke about the controversy surrounding blockchain: “Many people still associate this technology with cryptocurrencies. To a certain extent, this was expected since there are quite a few who don’t differentiate between email and Internet. What I wanted to point out with this example is that blockchain represents an infrastructure, a groundbreaking technology, and cryptocurrencies are an application using blockchain. To better explain: blockchain is not a speculative technology and if you use it too much you won’t lose money, as some say. Also, blockchain is not a slow technology, as many believe, and it can be used into production. The idea that blockchain is used on the dark web, or for illicit purposes, isn’t true – only cryptocurrencies are used for these.” 

Disrupting the industry with Modex BCDB

Modex’s Managing Director also highlighted the underlying advantages of blockchain: data immutability and integrity, distribution, decentralization (data copied and stored on several nodes helps protect the information), authentication mechanisms (private and public keys). From blockchain engines, Alin then moved to an overview of Modex’s BCDB (Blockchain Database). “Thanks to our innovative solution, blockchain is not a technology hard and expensive to implement anymore, reducing costs and bringing considerable time savings for enterprises. These are the key areas we’ve focused on until now and we will continue to do so while refining and expanding our products and services!”

Alin added: “The financial institutions are the first ones that can benefit from this technology. Following the talks we had with representatives of these institutions until now, I’m glad to see that there’s an openness from their side when it comes to this topic. The only drawback: not all financial institutions from Romania are actually based in Romania and the adoption of blockchain technology should be done with the approval from HQ. In the case of banks, things are procedural and come with processes harder and slower to implement. Even so, I strongly believe that small and medium implementations can be done in Romania, as a first step, using blockchain technology.”