On September 22nd, Alin Iftemi, Managing Director & Co-founder Modex, held the “Blockchain Time” keynote at the 7th edition of Techsylvania, Eastern Europe’s biggest and most important tech event. During the keynote, viewers were introduced to the dynamic realm of blockchain, while Alin guided them through the game-changing properties of the technology, showcasing how Modex Blockchain Database (BCDB) can help businesses and enterprises tap into blockchain’s properties while also providing new features and benefits.
With his typical laid-back attitude, Alin initiated his keynote by sharing with the viewers why blockchain technology has managed to pique the interest of tech experts and savvy entrepreneurs around the world and why the enthusiasm and interest for the technology haven’t diminished. “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.”
As a tech guy, Alin stated that technology usually tends to get a bad reputation due to the misunderstandings created by the business-oriented individuals that do not have a solid technical background and can’t see past the first application. To demonstrate his point of view, Alin made a parallel between the Internet in its early days and blockchain, showcasing that both technologies followed a similar trajectory and obstacles, pointing out that many people confused the initial application of the technology with the conceptual technology that made the application possible.
After the brief history lesson, the Managing Director of Modex explained blockchain technology from a more technical point of view to demonstrate how it manages to achieve its highly sought after characteristics: decentralization, distribution & scalability, security & transparency, data immutability & integrity.
Taking a more didactic approach like that one cool teacher we all had in high school, Alin proceeded to showcase how Modex built upon the foundation called blockchain to enrich databases with blockchain features. He explained that the idea of combining the architecture of blockchain technology with that of traditional database systems gave birth to the concept behind Modex Blockchain Database (BCDB), a solution that aims to take the advantages and functionalities of both technologies and pack them into a single technological bundle that is ready to use by enterprises and businesses.
As Alin stated, there is always room for improvement, so the team behind Modex BCDB sought to enrich the pallet of benefits enterprises can access. “Blockchain brought many features, but BCDB brings even more. Modex BCDB stands itself with the agnostic core which makes our product fully dynamic when it comes to integration with new databases or new blockchain engines. But this freedom of adopting new players enables even more benefits, and one very important is the multi-database replication, which enables our customers to use different databases on each node, which suddenly creates the possibility to use particular engines like MongoDB in production and other database engines”.
Other benefits brought by the BCDB solution are data encryption, smart data access, record versioning and monitoring, data synchronization policies, GraphQL Gateway & Interface, and many more. Even with all these benefits and functionalities, the speaker was prudent to warn that blockchain is not a panacea for every ailment of the enterprise sector. “Is blockchain the right choice for all projects? The answer is no. This technology does not apply to all software products, it can be technically adopted anywhere but for some solutions, it just does not make sense”, stated Alin Iftemi.
As the end of the keynote drew nearer, Modex’s Co-founder asked the audience to put their thinking caps on by raising a series of focus questions designed to help people determine if blockchain is right for their software product:
- Is my data important enough to ensure the fact that no one can change it?
- It is important to me to confirm in real-time the fact that the data was not changed?
- Are there any parties involved in my daily business flow/activity?
- Do I get any penalties if that information is revealed by mistake or leaked? (GDPR….)
- Do I need my system to have 99% up-time?
- Do I need to be transparent to my business partners, but secure at the same time?
When asked by a viewer if he plans to integrate Modex BCDB with Knowledge Graph Databases in the future, Alin stated: “What we are basically looking for when it comes to integrating third parties is diversity, so that might not necessarily be a problem. When it comes to our own products, we are looking for speed and efficiency. If it looks good, we never say no.”
Techsylvania’s story begins in 2014, when Cluj-Napoca, a city with a well-established local IT scene, was transformed into the hottest point of innovation and technological development in Eastern Europe. Extremely well-positioned in Europe and relatively close to 5 country capitals – Belgrade, Budapest, Sofia, Kiev, and Bucharest – the local IT ecosystem needed a gathering place for the region’s foremost creatives, technologists, and innovators, where in-person inspiration was passed on, ideas and knowledge would be shared, projects and collaborations got started. Six years ago, 380 attendees joined the 1-day conference, with well-known national and international speakers and the 24-hour hackathon on connected and wearable devices.
In 2015, the leading technology event in Eastern Europe almost doubled its audience and grew to a 4-day event, with 40 speakers from the USA, China, Portugal, Germany, UK, France, and Germany. More than 1300 attendees joined Techsylvania in 2016, while in 2017 the conference gathered over 1,500 people. 2018 saw more than 2,200 attendees who benefited from high-quality information delivered by worldwide experts in the IT&C industry, developers, IT executives, leading companies, and entrepreneurs. In 2019, the event focused on deep tech, inviting technology pioneers to debate on the convergence of Frontier Hardware, AI, Blockchain, IoT, Virtual Reality, and Augmented Reality.
Modex, the blockchain database company, innovates in order to solve the last mile adoption problem of the blockchain. Modex offers fully integrated services and aims to make blockchain user-friendly for organizations and people. Modex is a leading Blockchain Database provider offering software solutions with real data integrity and log immutability to help companies protect valuable information. In over two years, using cutting-edge technologies and with a clear strategy, Modex has evolved into a complex ecosystem designed for developers’ needs and enterprises looking for blockchain solutions. Our mission is to spread and facilitate the adoption of blockchain into society and to solve real-world problems using this revolutionary technology.