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Technology makes our lives better. We are constantly surrounded by it, and our relationship with technology has changed dramatically over the years, evolving into a great symbiosis.

Businesses, or international corporations, or governments all share an intimate relationship with technology, often acting as the players who introduced new and innovative technology into circulation. In 2021 Modex, the leading Blockchain Database provider has been included in the “Global Blockchain Software Market 2021-2026” research report alongside top companies such as IBM, Microsoft, Oracle, Coinbase, Binance, ConsenSys and Mastercard. This in-depth research sheds major focus on detailed growth facets such as the like of product section, payment, and transaction fields, in addition to service portfolio, applications, as well as a dedicated fragment on technological advances that render optimum growth potential in the global Blockchain Software market.

The BCDB effect

This approach is embraced by Modex for its trademark Blockchain Database (BCDB) solution that combines blockchain, a technology highly coveted for its ability to disrupt a wide range of processes and business sectors, with traditional databases, a core element found in every business application. By hiding the complex inner workings of blockchain behind the familiarity and ease of use of a database system, the technological layer developed by Modex delivers the best features and functionalities of both technologies in a well-crafted package that is easy to deploy in existing applications and IT infrastructures.

Modex BCDB is storing data in a database, but comes with an additional technological twist, storing a reference of that data into a blockchain. In this way, Modex augments the functionality of a traditional database system with blockchain features like data integrity, immutability, traceability, transparency, and decentralization, to create a technology layer capable of delivering certifiable trust to companies and businesses regarding their data.

Lets see where Modexs technology can and will leverage its benefits in terms of applications and implementations!

In the public sector

The public sectorTo bypass all of the challenges associated with blockchain implementation and to help companies and governmental institutions tap into the benefits of this technology, Modex has created its trademark Blockchain Database solution, a technological layer that fuses the advantages of blockchain with a database system, a technology that is already deeply ingrained in every business and industry sector, to create a hybrid software product that makes blockchain easy to use in existing systems, to streamline operations and data security, or to build an entirely new infrastructure from the ground up that has a blockchain engine running in the background. Blockchain can help improve some areas in public procurement, especially when used as a record-keeping mechanism. Inside its own perimeter, blockchain provides valuable features and benefits like distribution, enhanced audit and verification, data integrity assurance and transparency.

In private life

Privacy and data protection are fundamental human rights. In a world where data has become the cornerstone that supports and fuels business interactions, digital protection has established itself as an essential component that protects the interests of companies that operate and process large amounts of data. Data loss can generally be the result of a hardware failure, human error, or malware attack. Regardless of the cause, data loss can have serious consequences for a company, such as financial losses, creating bottlenecks in the internal workflow and, most importantly, diminishing customer confidence. The Modex Blockchain Database solution overcomes these problems with its technology, which allows developers to easily transfer a database to a blockchain framework. The migration tool does its best: it scans the database and transmits the data through a hash algorithm to produce a unique summary for each data record, which is then loaded into the blockchain to ensure immutability, integrity and availability.

Data privacyBlockchain technology represents, in this case, one of the most important developments that has appeared on the tech scene in recent years. Using a combination of multiple technologies, encryption techniques and advanced algorithms, blockchain technology offers by default a unique range of advantages and features such as data integrity, immutability, distribution, traceability – elements that restore control to users, making them true owners of digital identity.

In (big) data landscape

Designed as a middleware software solution, Modex BCDB combines the functionality and familiarity of traditional database systems with blockchain, a technology designed to deliver a slew of disruptive features such as data integrity, immutability, traceability, distribution and decentralization that can help companies consolidate their data storage systems. Packaged as an Infrastructure as a Service offering, Modex BCDB is devised to act as a building block that companies can use to build an infrastructure tailored to their specific business requirements.

big dataWhat makes the Modex technological layer stand out is the fact that it incorporates a blockchain component that unlocks a series of powerful features and functionalities without requiring any prior knowledge of blockchain development. Furthermore, companies can use the Blockchain Database solution to build a new infrastructure for their business or complement their existing IT framework to unlock a slew of data-related benefits. Devised as a solution that can easily complement existing infrastructures and systems, Modex has utilized its technological stack to create a new type of data storage medium capable of augmenting traditional cloud and data warehousing offerings.

In digital identity

A digital identity is always unique in the context of a digital service but does not necessarily need to uniquely identify the subject in all contexts. In other words, accessing a digital service may not mean that the subject’s real-life identity is known”. Also, The National Institute of Standards and Technology (NIST) from the US defines digital identity as “the unique representation of a subject engaged in an online transaction.

Self-sovereign identity systems use blockchain to verify decentralized identifiers without involving a central directory. By themselves, blockchains don’t solve the identity problem, but they provide a missing link that allows identity systems designers to utilize cryptography concepts that have been known for decades but didn’t have real-life applicability.

Users are the true owners of their digital identityIn an identity context, blockchains allow people to prove things about themselves using decentralized, verifiable credentials, without revealing the actual data. Verifying parties do not need to verify the validity of the actual credential. With blockchain, it is sufficient to check the validity of the attestation and attesting party, which can be a government, university, healthcare clinic, bank, etc.

The core element that facilitates the integration and aggregation of the diverse digital sources is the blockchain component facilitated by the Modex BCDB layer which is composed of an array of distributed nodes. Due to Modex BCDB’s agnostic take on database engines, the nodes that compose the blockchain network can be configured with different database connectivity parameters. Network nodes perform a wide range of functions, ranging from data processing, database connectivity, read/write operations to the blockchain, data synchronization, and permission granting. The business functionality component is provided by the software application client that integrates with the blockchain nodes.

In technology adoption

Despite garnering much attention from the tech community and savvy entrepreneurs, blockchain still remains a somewhat elusive proposition. A significant segment of industries, businesses and enterprises are signalling their eagerness to tap into the disruptive benefits of this technology. The problem is that many of them are deterred by the costs, complexities, and hidden technological overhead that a transition to a blockchain infrastructure may entail.

To overcome all of the challenges associated with blockchain implementation and to help enterprises and businesses tap into the benefits of this technology, Modex has created its trademark Blockchain Database solution, a technological layer that fuses the advantages of blockchain with a database system, a technology that is already deeply ingrained in every business and industry sector, to create a hybrid software product that makes blockchain easy to use in existing systems, to streamline operations and data security, or to build an entirely new infrastructure from the ground up that has a blockchain engine running in the background. As one of the early promoters of blockchain, Modex carefully analyzed the implementation lifecycle of this technology and in a balancing act, experimented with a multitude of use cases and PoC’s that tried to answer the demands of the market, without compromising the core values of blockchain.

Modex is pushing for the adoption of blockchain in the enterprise sectorThe innovation of the BCDB solution stems from the fact that it hides all the complexities of blockchain technology behind the familiarity of a traditional database system, to give companies access to all the benefits offered by a blockchain framework like decentralization, distribution, data traceability, integrity assurance, immutability, and transparency, all while retaining the familiarity of working with a classic database system. Modex’s response to the blockchain adoption question is its patented Blockchain Database (BCDB) technological solution that connects to existing IT infrastructures with minimal changes to add a blockchain layer that grants access to all the benefits this technology offers.