The release of Modex’s Blockchain Database platform (Modex BCDB) is expected to streamline the blockchain adoption in oil and gas industry, according to the recent announcement by the blockchain enterprise.
Up until now, blockchain technology has shown tremendous potential in tackling some of the overly complex issues of security, accountability, and audibility. However, it continues to face hurdles in the form of long deployment timelines and high operational costs.
Facing the situation head-on is Modex, a blockchain enablement platform that helps companies get up and running with their blockchain projects.
Untangling blockchain adoption in oil and gas
On Sep 19, the blockchain startup Modex announced the launch of its Modex BCDB platform for simplifying the application of blockchain and assist enterprises in putting their blockchain-related projects into position within a matter of few hours as opposed to days, or even months, at times.
Mihai Ivascu, CEO and founder of Modex, comments on the platform’s latest release by stating that it will set its hand to deal with wide-scale adoption by eradicating the barriers on the way. Modex BCDB, he believes, will make it possible for enterprises to exploit the potential of blockchain without having to spend an endless number of hours and investment getting it up and running.
Exploring blockchain’s potential in oil and gas
Meanwhile, the global leader in oil and gas, Dietsmann, is the leading the pilot project from the front. Modex’s blockchain database will enable Dietsmann to deploy a private blockchain infrastructure within a matter of days, at little cost or manual intervention and with the highest standards in efficiency, confirm Peter Kutemann, founder and president of Dietsmann.
Further commenting on the partnership, Kutemann remarks that the firm, since its humble beginnings, has joined forces with some of the most prominent players from oil and gas, mining and nuclear, all working round the clock to provide its customers with the best possible maintenance solutions. A blockchain is a tool that can ascertain the company’s ties with its stakeholders by improving transparency and efficiency, and Modex BCDB will help us to achieve new milestones in blockchain deployment, he remarks with excitement.