On 16-17 February, the University of Economic Studies (ASE) organized the Bucharest Blockchain Suptech event. On the event’s second day, Dan Popescu, Modex’s Head of R&D, held an interesting workshop titled “Introducing blockchain technology in all databases with a universal data-sharing approach”, a presentation focused on Modex’s Blockchain Database (BCDB) solution, its applicability in various industries and the underlying advantages.
The third Romanian Suptech from the FINTECH Horizon 2020 Project is dedicated to topics connected to blockchain technology. The workshops are attended by the representatives of the Romanian Financial Authority, by the representatives of the National Bank of Romania and by representatives of the banking and FinTech sectors in Romania. Amongst the event’s speakers are Prof. Daniel Traian Pele, Assoc. Prof. Cristian Toma, Assoc. Prof. Marius Popa, Assoc. Prof. Vasile Alecsandru Strat, Lecturer. Daniel Zgura, Lecturer Adrian Otoiu, Assist. Prof. Raluca Caplescu, Assist. Prof. Alin Zamfiroiu, and Dan Popescu, Head of R&D at Modex.
Integrating blockchain with existing IT systems
In the opening of his presentation, our colleague made a brief overview of blockchain technology, speaking about the types of blockchain (permissioned and permissionless or public), about blockchain databases and the data management challenges that enterprises are facing. Moving on, Dan Popescu focused on the benefits of this revolutionary technology and the attributes which make Modex’s Blockchain Database (BCDB) a game-changing solution.
“BCDB facilitates the migration from classic client-server database oriented products to a distributed blockchain based back-end engine. It is designed as a middleware that is installed between clients’ software and their legacy database systems, connecting them to a blockchain engine, with minimal effort and without requiring additional training for software developers who use the product, as it has a similar interface to traditional databases”, stated Dan Popescu.
Implementing Modex’s technology in the real world
The workshop’s second half was dedicated to five use-cases where Modex’s products and services can optimize processes, bringing time and cost-related savings. In healthcare, Modex’s solutions are designed to solve some of the industry’s biggest problems, including compliance, interoperability, data privacy and security issues. In banking, our team’s experience in banking software and compliance can help financial institutions to keep up with competition while also strengthening their frameworks, security, regulatory compliance, and approach to fighting financial crime and providing the best possible services to their clients.
Modex’s blockchain-enabled solutions for supply chains bring trusted digital networks that keep everyone in sync, in real-time and with strict privacy rules that translate into cost savings, improved accuracy in freight rates and shipment routing, increased trust, and a general acceleration of a company’s physical and financial supply chains.
For digital identity, Modex uses blockchain technology to enable user-controlled, secure, unique, and verifiable digital identities, which can provide sufficient proof of identity without revealing more data than necessary for any transaction. Morover, the projects Modex has developed for government institutions can be deployed in any country and for any system, thanks to their embedded infrastructure agnosticity. From sharing and protecting sensitive data among multiple entities to online voting for causes and projects, Modex can change the way citizens and administrations work together, significantly boosting efficiency and transparency. Discover other relevant use cases for blockchain technology.
About the EU Grant
There is a strong need to improve the competitiveness of European FinTech, creating a common regulatory approach across all countries. The Fin-Tech project, under the EU’s Horizon2020 funding scheme, aims to create a European FinTech risk management hub. To this end, it will develop ready- to-use FinTech risk management models which will be dynamically updated and aligned with best research and practice. The project includes training to national regulators (suptech) and to European FinTech hubs (regtech) by a group of independent experts that have leading research expertise in the measurement of the risks that arise from the application of big data, artificial intelligence and blockchain technologies and, specifically, of those arising from innovative payments, peer to peer lending and financial robo-advisory.
The project has started on January 1st, 2019 and will last until June 2021. The activities of the project include 6 research workshops with international regulators, 48 hours of suptech workshops for each national supervisor and 6 regtech workshops for FinTechs and innovative banks.