Modum provides blockchain-based data integrity for physical products using a combination of IoT sensors and blockchain technology. Here’s our review of Modum.
What Is Modum?
Modum, found online at Modum.io, is a blockchain technology that aims to enhance data integrity for physical products. The goal of Modum is to streamline supply chain processes across industries.
To do that, Modum uses a combination of IoT sensors and blockchain technology. Together, these platforms provide data integrity during the transaction of physical products. Sensors scan the physical product, and a record of that scan is recorded into the blockchain.
The Modum ICO launched on September 1.
Modum isn’t actually a blockchain platform: the company’s technology involves smart contracts. Modum provides blockchain-agnostic smart contracts that can be adapted for use across a variety of industries. The technology is particularly targeted towards industries where accountability in the supply chain is crucial – like in the pharmaceutical industry.
For the pharmaceutical industry, Modum has created smart sensors that track the temperature of packages. The temperature of each package is recorded in the blockchain. Obviously, in the pharmaceutical industry and other industries, temperatures are extremely important when shipping ingredients or finished drugs. That’s where Switzerland-based Modum sees an opportunity.
The Modum.io official website outlines three key features of the Modum platform:
One of the crucial goals of Modum is to innovate emerging blockchain technologies for logistics, then apply that technology to an established industry – like pharmaceuticals. Modum’s vision is to provide data integrity for physical products en masse in order to increase transparency and to facilitate process automation. Modum’s blockchain is designed especially for industries with a high concern for accountability – like pharmaceuticals, where labeling and quality sources are crucial.
Modum is blockchain agnostic. Modum’s smart contracts can be used on any blockchain. In early testing, Modum has partnered with two companies (including a Basel, Switzerland-based pharmaceutical company and a leading shipping company) who used the Ethereum platform.
Ethereum was chosen for its stability and its simplicity in creating smart contracts. However, Modum’s developers maintain that their platform is agnostic, and they’re currently testing the integration of other smart contract-enabled blockchains.
Modum’s system relies on a secure IoT sensor device. That sensor is responsible for scanning physical products on the supply chain, and then recording information about that product into the smart contract and blockchain. Typically, these sensors work by scanning a code – like a QR code – on the side of the packaging.
Modum’s technology, however, works by scanning the temperature of each parcel during shipment to ensure it abides by regulations. Modum claims the feasibility of its system was tested using the Texas Instruments SimpleLink multi-standard CC2650 SensorTag as a prototype. The Modum temperature logger will be released in Q1 2018, where it will be qualified to provide secure and effective pharmaceutical product scanning capabilities.
The Modum Token Sale
The Modum token sale is scheduled for September 1 to September 22, 2017. The MOD token is an ERC20 compatible token built on Ethereum. Token holders are eligible for voting and profit participation. You can purchase MOD tokens using BTC, ETH, or IOTA.
There will be a total supply of 30 million tokens. A maximum of 20.1 million tokens will be available in the crowdsale. 2.1 million (7%) will be offered in a pre-sale with a 50% discount, while 18 million (60%) will be sold during the public sale.
The remaining 9.9 million tokens (33.3%) will be locked in a smart contract and released upon public voting. 0.9 million will be used to cover the token sale expenditures and the bug bounty program, while 9 million will be released over the next three years to retain profit sharing rights to the Modum corporation.
Modum was founded in 2016. The company is based in Zurich, Switzerland. They’ve already partnered with a Basel-based pharmaceutical company as well as a leading parcel distributor while testing their platform. The company’s ICO is taking place throughout September 2017.
Full details about the Modum team can be found in the company’s whitepaper. The team includes multiple PhDs, supply chain experts, financial experts, and blockchain technologists.
Modum is a supply chain technology that involves the use of smart sensors and smart contracts. The smart sensors scan a product’s packaging to determine the temperature of the package. Then, that information is recorded into the smart contract on the blockchain. The Modum platform is blockchain agnostic, although the company claims to have tested the service on Ethereum so far with two major clients.
Modum is targeting the pharmaceutical industry first. Obviously, the pharmaceutical industry can particularly benefit from temperature-tracking technology. Pharmaceutical ingredients and finished products are susceptible to temperature fluctuations, and temperature control is crucial in the pharmaceutical supply chain. That’s where Switzerland-based Modum sees an opportunity.
You can learn more about Modum today by reading through the company’s whitepaper. Modum’s token sale for MOD tokens is ongoing throughout September.