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Modum is a blockchain-based supply chain management platform that uses IoT sensors to track and verify the location of products. The company has already raised $100 million in an ICO, making it one of the most successful ICOs ever.
Modum is a new cryptocurrency that will be released on the Ethereum blockchain. The modum token swap is what people are waiting for. The token swap allows users to exchange their old MOD tokens for the new MOD tokens.
Caldwell, Justin contributed to this article. 1st of December 2018
Welcome to our Modum guide and review, which will provide you with all of the necessary information on this currency.
We’ll talk about what Modum is and who it’s for, as well as our thoughts on the project.
We want you to keep in mind that nothing in this book is intended to be financial advice. Before making any bitcoin investments, make sure you do your homework.
What exactly is Modum?
Modum.io is a digital company based in Zurich, Switzerland, that was founded in 2016. The company’s main goal is to develop solutions that would enhance supply chain methods. It combines the Internet of Things (IoT) with blockchain technology to develop procedures that improve logistics for businesses who need to move a large amount of goods.
Modum’s most recent project, for example, is a supply chain that incorporates blockchains, sensing devices, and smart contracts. Modum then combines them into a single system. The goal is to develop tamper-proof real-time data tracking while guaranteeing that the data is not corrupted.
To begin, Modum has concentrated its efforts on the pharmaceutical industry. The pharma supply chain has been affected by recent changes in EU laws since the business is based in Switzerland. Medicinal goods must now demonstrate that they have not been exposed to severe circumstances.
Modum comes in at this point to offer a way for complying with these rules and conditions at each stage of the supply chain process.
Modum, who are they?
Simon Dossegger, the company’s current CEO, is in charge of Modum. At GoPro, Simon held top product and technology management positions. Members of the Modum development team have backgrounds in blockchain technology, the Internet of Things, and sensory equipment.
Modum has an outstanding array of advisers in addition to its strong staff. These experts have knowledge and expertise in the fields of computers, investment banking, and medicines. They are as follows:
- Pascal Degen is a Novartis Director.
- S&K Partners Chairman Werner Sporri
- Schaer Pharma was founded by Michael Schaer.
What Is Modum and How Does It Work?
Modum makes use of dependable but inexpensive environmental sensors that can detect conditions outside the container. The MODsense Temperature Logger, an IoT device, can simply connect with pharmaceutical shipments.
These sensors can then keep track of the air quality and temperature during the journey. The data is subsequently collected and stored on Modum’s Ethereum blockchain, which is immutable and transparent. This implies that the information on the goods cannot be tampered with while they are in transit.
The MODSense Temperature Logger is used in conjunction with a web application that allows users to automatically monitor the temperature. Once the user has linked the sensor to the app, it will begin tracking and monitoring temperature conditions in real time.
After everything is up and running, the user may choose their preferred temperature templates, which will make future shipments easier to set up. Throughout the transit, the sensor will refer to the chosen template, and if a variation happens, the app will create a note and send an alert to the sender/receiver.
This will alert the relevant parties, allowing them to either halt the cargo or take the required measures to continue the transportation. Keep in mind that everything is stored on the blockchain, thus any worries about the information’s trustworthiness are irrelevant.
App for Smartphones
Modum provides a smartphone application that allows the logistics crew to quickly and simply activate and connect to the sensors. The receiving party may also see real-time data via the application. As a result, regardless of whether the client is a supply chain partner or a final customer, they will have access to information without having to open the box.
Modum customers may also simply incorporate the company’s technology into their current logistical procedures and methods. The program enables users to scan the QR code linked with the sensor and match it with the package’s tracking number. This links the sensor and the package, which can be done from anywhere, while the alert criteria may also be programmed from anywhere.
Dashboard
Modum also offers an analytics dashboard that allows logistics teams to schedule shipments. It also allows you to get more information about the tracking status at any time throughout the trip. The dashboard may be used by defining custom filters or doing bulk analysis.
A dashboard may also assist quality assurance teams in creating presets for particular goods. This enables the team to set up automated replies depending on programming. If there are any discrepancies, consumers will be notified about reshipment or product returns.
Smart Contracts are a kind of contract that is used to
Smart contracts are integrated into the Modum solution. This aids in the secure transmission of data for each shipment. As a consequence, consumers can keep a close watch on a cargo no matter where it is in the globe thanks to Modum’s decentralized technology.
Modum’s application provides data security as well as smart contracts with pre-programmed commands. This implies that when the cargo reaches a particular stage in the process, an automated trigger may send a notice to senders and recipients, informing them of the precise position.
This technique is particularly helpful in the pharmaceutical sector, where product storage temperature has a major effect. The capacity to trace shipments while simultaneously monitoring surrounding environmental conditions and keeping an immutable record may make a big difference in fulfilling pharmaceutical requirements.
Tokens and Initial Coin Offerings
Modum is an ERC-20-based cryptocurrency that had its ICO in late September 2017. During its ICO, the business raised almost 81 percent of its target amount, or $13.35 million. MOD is one of the most uncommon currencies on the market, with a total quantity of just 27,266,200 tokens. However, this does not imply that it is a coin to bet on. Modum has a lot of promise.
Modum’s token (MOD) is one of a kind since it is a profit-sharing token. This implies that holders are entitled to profit sharing as well as voting rights. As a result, the value of the MOD token is exactly proportional to the perceived value of Modum. It is also connected to the token’s anticipated profits. Consider Modum’s tokens in the same manner as you would a company’s stock.
To help you better grasp how Modum’s tokens operate, here are a few important terms:
Distribution of Dividends
Modum token holders get dividends depending on the token’s financial success. This would be decided strategically by Modum’s Board of Directors. Dividends would be paid in Ether, and escrow tokens would not be eligible for profit-sharing or voting rights.
Voting
Modum token holders have voting rights that relate to the MOD tokens’ escrow assistance. These tokens are reserved only for the Modum team. MOD owners must vote on whether or not to unlock the escrowed funds and hand them over to the Modum team. The amount of coins awarded is determined by achieving certain milestones and objectives during the year.
The Modum token has a limited quantity in circulation, which is one of its best features. This implies it has a good chance of increasing in value exponentially. It’s easy to see how the MOD token might rapidly become successful, given the wealthy sector in which they’re trying to build momentum and how much opportunity the business has to grow.
What makes Modum unique?
Modum stands apart from other currencies in a number of ways. The business, on the other hand, concentrates on three main areas that set them apart:
A diverse set of applications
Modum hopes to expand the applications of their technology in the long run by including sensors that monitor not just temperature but also wetness, humidity, light, pressure, and other factors in the surrounding environment. Modum can quickly expand its platform’s capabilities, allowing it to enter new markets and supply-chain sectors.
Mover Number One
Modum aspires to be the first business to provide a comprehensive solution to the pharmaceutical supply chain industry. The industry has a pressing need for a solution that is both cost-effective and beneficial. Modum does this via a passive, transparent, and tamper-proof approach.
Smart Contracts/Blockchain Technology are being used.
The use of blockchain and smart contract technology in the pharmaceutical sector is a great use-case, given the amount of regulation that the industry is subject to. Modum can provide companies with a method to trace shipments through every step of the supply-chain process with their system that monitors surrounding environmental conditions.
This approach ensures that regulatory obligations are fulfilled in a timely and effective manner. Smart contract integration serves three purposes: first, it may be used as a compliance and auditing tool. Second, it ensures that customers are satisfied. Finally, it aids in quality assurance that complies with industry standards.
Businesses may use smart contracts to establish parameters that are pre-programmed to execute particular activities. These activities may be carried out while on the blockchain, which means that any flaws in the medicine’s quality will be discovered before they become a problem.
Competition
In the same spirit as Modum, a few start-ups are seen potential competitors. Everledger, Blockverify, and Provenance have all lately made waves in the supply-chain sector. Large companies such as Microsoft, Walmart, and IBM have also begun to work on proof-of-concept concepts while devoting resources to the development of new platforms.
Modum, on the other hand, has an advantage over their competitors at the moment since they have a particular use case that is driven by the market they wish to penetrate. Modum should be able to rapidly and efficiently join the pharmaceutical supply chain.
Modus has specifically concentrated on pharma distribution, whereas others have looked at the supply chain as a whole. The firm wants to use its technologies to help manufacturers and distributors comply with new laws.
Partnerships
One of the best things about Modum is that it isn’t satisfied to sit on its laurels. Modum has formed strategic alliances with important companies that will aid in the growth and development of the company.
Modum, for example, collaborates with the Communications Systems Group at the University of Zurich. Modum has obtained money to embark on a research project with the Swiss Commission for Technology and Innovation.
Modum is also collaborating with Variosystems to improve its sensor hardware. This Swiss hardware company is assisting Modum in the development of a dependable device that senders and receivers may use to collect and monitor the data they need.
The MODsense gadget was created by the Modum team utilizing SAP cloud and blockchain technologies. The ParnerEdge Build Partnership brings SAP and Modum together. Modum also collaborates with SAP as part of the SAP COIL (Co-Innovation Labs) initiative. This initiative provides a network of assistance for project-based possibilities between clients, partners, and SAP.
Modum also collaborates with the Institute for Supply Chain Management on a regular basis. This collaboration draws on the school’s knowledge and expertise to establish a Commission for Technology and Innovation.
Is it a Good Idea to Invest in Modum?
It is ultimately your choice whether or not to invest in Modum; nevertheless, below are some of the coin’s advantages and disadvantages. Here are a few of our ideas:
Strengths
- Modum has a compelling commercial case. Yes, Modum aspires to be the market leader in blockchain supply chains, but the firm has chosen to concentrate on the pharmaceutical sector. They selected this industry because of the unique requirements and possibilities for a successful solution. Modum is able to develop a strong strategy and offer future use-cases that are relevant to other sectors as a result of this. Not to mention that Modum’s dashboard and application solution solves a particular and pressing industry requirement.
- Modum’s solution’s first application is in the pharmaceutical industry. It does, however, have a fantastic chance to expand its reach. Modum is positioning itself as the leading sensor for supply-chain assistance in various sectors by including other variables that may detect more environmental conditions. As a result, Modum is well positioned to expand into new areas in the future.
- Despite the fact that Modum is based on the Ethereum blockchain, it is in the process of integrating with other blockchains. Modum will be able to grow while reducing its reliance on a single platform.
- Modum has formed collaborations with SAP, the University of Zurich, the Swiss Commission for Technology and Innovation, and Variosystems to assist the business develop and thrive. Modum’s continuous cooperation with well-known businesses only adds to its reputation.
- Modum offers a potential product that combines two excellent technologies into one. Senders and receivers need to be able to monitor real-time environmental factors. They may follow their shipments from beginning to end of the supply chain process.
- MOD tokens will appreciate in value when the value of Modum rises because to a fixed currency supply. Furthermore, since the amount of MOD stays constant, its value will only rise with time, as it is a deflationary token.
Weaknesses
- Modum is focused on the pharmaceutical market, which has a commercial issue that has to be addressed, but its success is dependent on the EU’s standards and rules. Modum’s influence and commercial advantage may be harmed if these restrictions are repealed. Fortunately, this seems improbable, since the United States’ laws and regulations, particularly in the medical and pharmaceutical industries, will be followed.
- Because Modum tokens are categorized as tokens, they may potentially be regarded as a financial security. It closely resembles the features of stock that one could acquire from a corporation. Given that MOD holders have profit-sharing and voting rights, this is particularly apparent. As a result, certain governments may impose tax obligations on individuals who own MOD tokens.
Image courtesy of Coinmarketcap.com.
Conclusion
Modum is a hybrid of IoT and blockchain technology that combines the best of both worlds into a single platform. Modum has targeted an industry with a particular use-case by concentrating on pharmaceutical supply-chain logistics. Modum can give real-time data to both senders and receivers as the product travels from point to point thanks to its MODsense devices.
Modum is a one-of-a-kind company that utilizes a genuine product to address real issues. Modum has an unique edge over rivals as a first mover in its sector, and it is forming strategic relationships with businesses that may help it expand and thrive. Modum also has the potential to operate with other blockchains such as NEO, IOTA, Hyperledger, and others since its technology is blockchain agnostic.
For those looking for a long-term investment, Modum may be a good choice. Modum has a lot of potential for development due to its limited quantity of tokens and low market capitalization. MOD token holders may also earn dividends, making the coin extremely attractive in the cryptocurrency market.
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Resources
We’ve put together a list of some of the most important sites related to the Modum currency.
Wallets for Modum Coin Cryptocurrency that are the safest
A hardware wallet is the safest method to keep your money. Trezor and Ledger are the two major brands, and we highly suggest both. If you’re having trouble deciding between the two, check out our Trezor vs Ledger comparison.
What Are the Best Free Wallets?
Because Modum currency is an ERC-20 token, it may be stored in any Ethereum wallet. Here are our top two picks:
? What Is The Best Crypto Tracking App For Modum?
Useful Websites
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
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Author Biography
Justin Caldwell
Justin has an MBA from Baker University and is interested in learning more about the real-world uses of blockchain and cryptocurrencies. He is a bitcoin investor with a long history of writing experience. Justin has his own Medium site, https://medium.com/crypto-pilgrim, where you may follow him.
Modum Coin is an emerging technology that has been in development for a long time. It’s a coin that uses the blockchain to allow users to buy and sell goods remotely. Reference: modum coin exchange.
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