Octavic, a software company providing digitalization services for factories and Modex, one of the leading players in the enterprise blockchain space, are engaging in a technology partnership to enhance data integrity in Industry 5.0.
The goal of this collaboration is to enhance data protection, supply chain tracking, and identity management practices, by integrating blockchain functionalities into existing smart factory software solutions. The two companies’ first joint project will target the integration of blockchain technology into energy monitoring processes in order to bring data immutability features to companies’ non-financial reporting practices, thus enhancing the transparency, trust, and auditability of this crucial data, as well as improving regulatory compliance and audit trails in the context of new corporate sustainability reporting rules adopted at the EU level.
“We are hoping to see more sustainable factories, due to this partnership. This new technology makes it much easier for manufacturing managers to reach their green goals, since regulatory and compliance aspects related to ESG data reporting can now present themselves as strong contenders for Modex’s technology. Our Manufacturing Operations Management digital system is able to bridge the gap between these two sides, especially in applications related to energy consumption monitoring and reporting. As of this moment, we are looking to be a more rounded-off provider of digitalization solutions for factories and address a wider range of compliance needs,” notes Paul Harfas, cofounder of Octavic.
Modex Ledger DB, an innovative data management and traceability solution, will support Octavic's factory digitalization processes by enabling blockchain-powered capabilities that will address data management challenges in industrial manufacturing, with features that include real-time data protection, secure sharing, data reconstruction, immutability, and smart contracts.
"Our partnership with Octavic represents a great opportunity to drive innovation in manufacturing processes, as well as transform the way different industries approach and use blockchain technology. Our goal is not only to target pain points in industrial digitalization but also to show blockchain's real benefits in smart factory environments," said George Darie, Chief Business Officer at Modex.
Modex's solution also helps improve identity management practices by setting new standards for user authentication through verified credentials and strict permission policies, resulting in secure, traceable, and verifiable information.
Modex Ledger DB improves system efficiency through streamlined interactions between different production levels, as well as interoperability, by creating a secure, non-invasive data ecosystem that allows databases to connect or share information without compromising on security.
In the corporate sustainability reporting process, Modex Ledger DB will support Octavic customers in preserving and managing trust inside their systems, as data generated via the digital smart factory solutions enabled by Octavic will be stored immutably and thus serve as an indisputable record of the company's resource use and supply chain practices.
Modex's enterprise blockchain solution also enables the use of cost-effective smart contracts to support process efficiency and optimize energy consumption as well as eliminate risks related to data tampering or human errors while ensuring data integrity.
The partnership between Modex and Octavic brings significant improvements to the interconnection between digital systems and production equipment. By integrating blockchain technology into existing data management processes, transparency, auditability and trust will be enhanced at several stages of the industrial process. This initial collaboration between Modex and Octavic will also build a solid technical foundation for future joint development opportunities.
Octavic, the Romanian start-up that provides software solutions in Industry 5.0, transforms manufacturing operations into adaptive, lean, and data-driven processes, by removing manufacturing waste and unpredicted downtime, and allowing optimal and digitalized operations.
The Octavic system can be applied to any production process in any industry, offering an essential competitive advantage to factories by turning them into smart facilities. With the help of technologies like deep AI, machine learning, and IoT, production managers can reduce costs through loss management, energy monitoring, predictive maintenance, human error elimination, and the reduction of repetitive activities. The company also contributes to improving factories’ sustainability score through its electricity consumption monitoring module.
Modex, one of the earliest players in the enterprise blockchain space, enables organizations of all sizes to improve their data management systems through its innovative solutions. The highly skilled team across four offices - London, Bucharest, Silicon Valley, and Gibraltar - works to develop and deploy a mature enterprise blockchain platform that supports a wide range of use cases and enables seamless integration of blockchain technology into enterprise-grade products and services. The goal is to optimize the way businesses work with blockchain and provide them with opportunities to get the most value from the technology.