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Modex finishes strong a challenging year and looks confidently to 2022

December 29, 2021

In just a few days we’ll wave goodbye to 2021, another challenging year in the midst of the pandemic. Over the past 12 months, Modex has continued its growth as a leading Blockchain Database provider, strengthening its market position and current partnerships, establishing new ones and refining its products and services even further.

We started the year by unveiling the Interoperability Suite (IS), a software platform built on top of the Blockchain Database (BCDB) solution that aims to address one of the most difficult aspects of data sharing between two organizations: the interoperability of software and database systems. By streamlining the interoperability between software applications and the database engines behind them, Modex proposes a new data-sharing ecosystem that removes all the traditional barriers associated with data transfers in a multi-stakeholder ecosystem delivering benefits like accessibility, privacy, cost-cutting, and high-speed transfers. A powerful advantage of Modex Interoperability Suite is its short deployment time. Moreover, implementation does not require any modifications to the clients’ existing code.

Achieving Microsoft ‘Co-Sell Ready’ status

Another highlight of 2021 was earning the Microsoft ‘Co-Sell Ready’ status, which enabled Modex to access new markets with an expanded portfolio of solutions and drive innovation by creating custom solutions with Microsoft and partner-to-partner opportunities. This top-tier partner status allowed Modex to enter a select community with special access to co-sell resources and the worldwide Microsoft sales team, marking an important breakthrough for a company focused on blockchain technology. Achieving this status brought a suite of advantages for Modex. Our company was able to showcase its products and services directly to customers and be discoverable to sellers through the commercial marketplace. Besides expanding the customer footprint, Modex enriched the customer offerings with the company’s know-how, and created sales strategies and account plans through better-together selling.

EY Award for Modex’s CEO

Mihai Ivascu, CEO and Co-founder Modex, who won the “EY Emerging Entrepreneur Of The Year In Technology” Award, was included in EY’s Entrepreneurs Book alongside other visionaries, the bright minds behind game-changing ideas, innovative products and creative services meant to improve our lives. The world’s largest international competition dedicated to entrepreneurs – EY World Entrepreneur Of The Year – which reunited some of the most valuable entrepreneurs on the global scale – has reached its 25th edition. At the same time, the “EY Entrepreneur Of The Year Romania” has celebrated its 5th edition, being the only program which recognizes the people behind the country’s most successful businesses.

This high-level competition awarded the entrepreneurs for their vision and strategic thinking used to grow their businesses, for their power to innovate, their personal integrity and also for their positive impact on the community. In a context where blockchain was considered a hard-to-understand technology and blockchain implementations were regarded as expensive to implement, Modex has democratized – through its products and services – access to blockchain technology. “Blockchain was like an expensive and hard-to-find vitamin, instead of being an aspirin”, said Modex’s CEO. “Now, thanks to Modex’s offering, any developer or database administrator can implement this groundbreaking technology in just one hour.”

Modex, one of the leading blockchain development companies

The GoodFirms team evaluated Modex and affirmed that the company – with its flourishing blockchain services – stands out amongst blockchain companies in London. Here’s how GoodFirms team described Modex in their review: “Modex’s hybrid remote data storage system facilitates rapid blockchain adoption for enterprise software development and deployment. This product offers the exact outcome that businesses have been trying to achieve for years with a new method to make their data immutable and safe.”

GoodFirms added: “Modex’s expert developers cater to clients with custom development services, a complete suite of banking products designed to improve the interaction between banks and their clients with future-proof solutions enabling banks and FinTech firms to get better at working together and reap the full benefits of innovation. With ready-made APIs, Modex’s expert developers help clients build a secure and stable blockchain environment to save on operations and maintenance costs by facilitating business development while excluding the blockchain expertise gap. The professionals at Modex employ familiar frameworks and strive to minimize disruption to existing working practices across departments and providers without allowing unlimited data access.”

Accepted into B-hub for Europe acceleration program

Also this year, Modex was accepted into the B-hub for Europe acceleration program, a project which has received funding from the European Union’s Horizon 2020 research and innovation project. B-hub is an ambitious project that brings together blockchain technology providers, public actors, companies, blockchain enthusiasts and leading actors of European innovation towards a common goal: fostering the use of blockchain for the benefit of public services, companies and citizens of Europe.

Modex was one of the 15 applications selected out of a total of 55. “It has been a difficult choice for the evaluators because of a highly competitive pool of candidates”, said a B-hub for Europe representative. This program enabled winning blockchain startups to benefit from free, expert, customized go-to-market acceleration services; access to a pan-European network of businesses, public actors and startups (Italy, Romania, Germany, France, Lithuania); connection opportunities with investors and counselling on access to public funds; and European visibility through B-hub for Europe’s channels and events.

Reselling partnership with Crayon Romania

In May, Modex and Crayon Romania, division of the IT consultancy company headquartered in Oslo, announced a reselling partnership for Modex’s Blockchain Database (BCDB) solution and the suite of products built on top. The partnership aligned with Modex’s strategy of establishing partner-led sales channels in different regional markets across the world. Crayon became a reseller of Modex’s blockchain-based solutions on the Romanian market, while Modex provided Crayon with the technical and commercial training and continuous support required to effectively identify and onboard customers from a wide variety of industries, offering tailor-made solutions to best suit each customer’s specific technical needs and business goals.

Providing the BCDB technological layer to Veelancing

Modex provided its trademark Blockchain Database (BCDB) technological layer to Veelancing to set the foundation of a new type of freelancing ecosystem that aimed to bridge the gap between freelancers and employers while addressing some of the pain points that have stained the image of modern freelancing. By leveraging the Modex BCDB solution, Veelancing strives to reinvent the concept of freelancing by facilitating a direct interaction and complete transparency between employers who are searching for skilled professionals and freelancers who are actively searching for a way to monetize their skills without needing to worry about long customer support delays, uncertain dispute resolution mechanisms and hidden fees.

Supporting the launch of Nemesis CyberOne

Towards the middle of the year, London-based Nemesis Asset Management announced the launch of Nemesis CyberOne, an actively managed certificate focused exclusively on cyber security companies. This project was the result of a partnership and advisory agreement between Nemesis Asset Management and Mihai Ivascu, CEO and Co-founder of Modex. The global cyber warfare is playing an increasingly important role in the current state of geopolitics. The new reality leads to massive spending both in offensive and defensive cyber solutions, most of them being provided by the leading U.S. listed cyber security companies. After months of analysis, the joint team selected a strong mix of high performing cyber tech companies as part of the Nemesis CyberOne portfolio.

Modex listed new audit technology on UiPath Marketplace

In July, Modex announced the listing of its audit and compliance solution designed for automation projects on the UiPath Marketplace, a library offering reusable Robotic Process Automation (RPA) components, custom activities, machine learning (ML) models and more via free and open exchange. The technological layer developed by Modex helps customers achieve a streamlined and secure automation experience by facilitating fast and secure data accessibility, transparency and in-depth information traceability via a new technology solution for the audit trails. Developed using the Blockchain Database (BCDB) technology, the Modex Orchestrator Security Compliance extension is a non-invasive integration with the SQL Server database of the UiPath Orchestrator that enables beneficiaries to track the activity and changes that occur in the database in real-time. This allows Modex and UiPath customers to leverage the benefits of blockchain in the field of process auditing for compliance and regulatory processes.

Modex, a top blockchain development company

In August, TopDevelopers – a dedicated directory of IT service providers – has included Modex in their list of “Top Blockchain Development Companies”. After carefully analyzing the pulse of the blockchain market, TopDevelopers has put together a comprehensive list with the top Blockchain Development Companies to help businesses choose the right technology partner for their needs. Talking about their selection, TopDevelopers underlined that: “After an effective evaluation, the companies listed have been found indisputable and trustworthy. The experienced teams here are professional and committed to the blockchain projects they work on and thus have been positively reviewed by their repetitive client base. They can eligibly turn your ideas into a blockchain solution that will be beneficial for business augmentation.”

Attending Forward IV, Las Vegas as an Emerald Sponsor

October 5th marked the return of Forward IV, the world’s most immersive gathering of automation experts focused on showcasing how automation is forever changing workplaces around the world. Organized by UiPath, the 4th edition of Forward returned after an absence of one year to Las Vegas, the Entertainment Capital of the World, to celebrate the actors who are making digital transformation a reality and to give attendees actionable insights to accelerate their journey to becoming a fully automated enterprise.

At this important event, Modex was represented by its team of experts composed of Mihai Ivascu, CEO and Co-founder, Alin Iftemi, CBO and Co-founder, Emil Mihaescu, Head of Pre-Sales, Laura Manescu, Chief Development Officer, and Elena Scherl, Business Development Manager. Modex’s team offered valuable insights to all those interested to learn more about how the technology developed by Modex can be used alongside the UiPath Orchestrator to enhance the security and auditability of RPA data logs.

Storing student diplomas on the blockchain

In November, Modex proudly announced that it ranks among the first companies to reimagine the education system by employing innovative technology and storing student diplomas on the blockchain. Students who have successfully passed the “Fundamental of Blockchain Technology” course – organized by Modex in partnership with the Polytechnic University of Bucharest – have been awarded a traditional paper diploma that attests to their knowledge of the topic taught at the course, but with an innovative twist. The diploma also contains a smart contract address and additional information that can help students who graduated to find and access their diplomas on the Ethereum blockchain. Students also received the information necessary to access their diploma on the blockchain via email.

Modex BCDB integrated with Carter’s AI-driven home automation systems

Also last month, Modex announced that its Blockchain Database (BCDB) flagship product will be integrated into Carter’s AI-driven home automation systems. Storing data in a secure environment, without the possibility of someone tampering with that data, is very important when it comes to Home Automation Systems. To store various parameters – for instance, those cases when the consumption was highest or lowest, when did that happen and how – Carter will use Modex’s Blockchain Database. By using BCDB, Carter wants to validate that the respective data is real when someone wants to rent an apartment or sell it. In addition, Carter has chosen Modex’s patented solution as it offers immutability and ownership of users’ data. At any given time, only the users of Carter’s home automation system will have access to the encrypted data as they will be the sole owners of the key needed to access this data.

Modex supported the development of Romania’s National Interoperability System

On November 24th, the Romanian Digitalization Authority (ADR) launched the National Interoperability System (SNI), a platform that interconnects, for the first time, the databases from the public administration sector in Romania. SNI can be accessed by institutions interconnected in the system, each with a specific access module. Designed as an online platform which can be accessed at, the National Interoperability System was developed by ADR IT experts with the support of Modex and Integrisoft. ADR intends to make SNI a technical basis for the digitalization of Romania by streamlining the way citizens and institutions access data stored in government information systems.

As a Blockchain Database provider, Modex leveraged its technology and expertise to help ADR pilot the National Interoperability System project. By offering its technology, company infrastructure and extensive knowledge base, Modex supports ADR in demonstrating that interoperability can be achieved in the public administration sector and that it can significantly enhance the quality of life of Romanian citizens by streamlining their interaction with institutions from this sector.

Modex CEO, speaker at Bucharest Forum 2021

On December 9th, Mihai Ivascu, Modex CEO and Co-founder, was one of the speakers at Bucharest Forum, a high-level event organized annually by the Aspen Institute Romania and the German Marshall Fund of the US, Bucharest office in partnership with the Government of Romania. Since 2012, the mission of Bucharest Forum has been to create a multi-regional platform for innovative, forward-looking thinking on economic and security policies, and for promoting an action-oriented dialogue between governments, private sector and civil society. Modex’s CEO spoke about digital transformation, how blockchain technology can bring much-needed changes in the public sector, also highlighting Modex’s innovations when it comes to protecting one of our most important assets: data.

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