Modum Review – Cryptocurrency Guide
Modum gives blockchain-based information integrity to physical items 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 innovation that intends to upgrade information integrity for physical items. The objective of Modum is to streamline supply chain forms crosswise over industries.
To do that, Modum uses a combination of IoT sensors and blockchain innovation. Together, these platforms give information integrity during the transaction of physical items. Sensors filter the physical item, and a record of that sweep is recorded into the blockchain.
Modum isn’t really a blockchain platform:
The company’s innovation involves smart contracts. Modum gives blockchain-freethinker smart contracts that can be adjusted for use over an assortment of industries. The innovation is especially focused towards industries where responsibility in the supply chain is urgent – like in the pharmaceutical industry.
For the pharmaceutical industry, Modum has made smart sensors that track the temperature of bundles. The temperature of each bundle is recorded in the blockchain. Clearly, in the pharmaceutical industry and different industries, temperatures are critical when shipping ingredients or finished medications. That is the place Switzerland-based Modum sees an opportunity.
The Modum.io official site outlines three key highlights of the Modum platform:
One of the essential objectives of Modum is to innovate emerging blockchain advancements for coordinations, at that point apply that innovation to a set up industry – like pharmaceuticals. Modum’s vision is to give information integrity to physical items all at once keeping in mind the end goal to increase straightforwardness and to encourage process automation. Modum’s blockchain is composed particularly for industries with a high worry for responsibility – like pharmaceuticals, where labeling and quality sources are significant.
Modum is blockchain rationalist. Modum’s smart contracts can be used on any blockchain. In early testing, Modum has collaborated with two organizations (including a Basel, Switzerland-based pharmaceutical company and a leading shipping company) who used the Ethereum platform.
Ethereum was decided for its solidness and its straightforwardness in creating smart contracts. However, Modum’s developers maintain that their platform is skeptic, and they’re as of now testing the integration of other smart contract-empowered blockchains.
Modum’s system depends on a safe IoT sensor gadget. That sensor is in charge of scanning physical items on the supply chain, and after that recording information about that item into the smart contract and blockchain. Commonly, these sensors work by scanning a code – like a QR code – in favor of the packaging.
Modum’s innovation, however, works by scanning the temperature of each package during shipment to guarantee it complies with regulations. Modum claims the practicality of its system was tried using the Texas Instruments SimpleLink multi-standard CC2650 SensorTag as a model. The Modum temperature lumberjack will be discharged in Q1 2018, where it will be qualified to give secure and powerful pharmaceutical item scanning capacities.
The Modum Token Sale
The Modum token sale was planned for September 1 to September 22, 2017. The MOD token is an ERC20 good token based on Ethereum. Token holders are qualified for voting and profit participation. You can buy MOD tokens using BTC, ETH, or IOTA.
There was an aggregate supply of 30 million tokens. A greatest of 20.1 million tokens were available in the crowdsale. 2.1 million (7%) were offered in a pre-sale with a half markdown, while 18 million (60%) were sold during general society sale.
The remaining 9.9 million tokens (33.3%) were secured a smart contract and discharged upon open voting. 0.9 million were used to cover the token sale uses and the bug bounty program, while 9 million will be discharged throughout the following three years to retain profit sharing rights to the Modum corporation.
Modum was established in 2016. The company is situated in Zurich, Switzerland. They’ve just banded together with a Basel-based pharmaceutical company and additionally a leading bundle distributor while testing their platform. The company’s ICO took spot all through September 2017.
Full insights about the Modum team can be found in the company’s whitepaper. The team includes numerous PhDs, supply chain specialists, financial specialists, and blockchain technologists.
A Use Case Solution
With a focused on methodology for use in the Pharma industry, Modum will discharge their new MOD token to encourage their expansion and development. The center of Modum’ business model is to be a “blockchain empowering agent” by implementing their tech with existing supply chain works on using their use-specific gadgets to guarantee the security and administrative adherence of “for the last mile” conveyances. President Malik El Bay let me know in an interview after I had composed my inital draft article that “I think that we differ from Ambrosus’ approach, in that we truly center around sensing gadgets and endeavor to bit include more than provenance to the transactions.” Furthermore, Modum plans to be “blockchain skeptic” to tailor their system to address the issues of their customers and governments.
Modum Malik El Bay
The initial issue Modum needs to handle is the strategic cost weight of “administrative prerequisites for the vehicle of medicinal items for human use in the European Union,” which requires that all “transported medicinal items have not been presented to conditions (especially temperature) that may have bargained their quality.” The strict prerequisites guarantee item well being, but require “costly, temperature-balanced out trucks and containers from outsider coordinations suppliers.”
“This new regulation expresses that all shipments should be checked. What’s more, for a ton of these room temp shipments, they were being dispatched with the general mail station. So with this new regulation, there was nothing on the market satisfying this client require. They either needed to cool their room temperature shipments or build up a system for them where they put one of our sensing gadgets in their package, track the temperature fluctuation and afterward discharge the item once change of proprietorship happens,” Malik said.
Modum’s solution, a blockchain integrated IoT temperature lumberjack , monitors temperature during shipment and after that remotely transmits this information to the blockchain each time change of ownership happens. The gadget can’t be altered effortlessly and its information, once transferred to the blockchain, turns into an unchanging record ready to be inspected by administrative bodies. Additionally, its size, cost, and its simplicity to mass create make it a latent solution without costly monitoring gear.
Its operation is simple. During packaging, the gadget is filtered, logging its ID code and shipment tracking info, and the information is put away into the blockchain. Too, the temperature ranges are set for the gadgets. Once dispatched, the NFC gadget can frequently refresh the network with its present temperature. After the bundle touches base at its destination, the gadget is logged again and afterward expelled. Constantly during transport the gadget records current temperatures and logs this information in a smart contract which can’t be messed with. It is this effortlessness which makes the gadget invaluable for co ordinations organizations and providers to integrate into their existing supply chain.
The item has experienced three pilot stages. “The primary pilot was for maker to wholesaler, the second was wholesaler to end-consumer. At that point we understood that there are a great deal end-consumers where the procedure for accepting merchandise is different, that the best solution is integrate our gadget with an existing co ordinations supplier. This is the thing that we did for the current year with the mail arrange drug store and the leading bundle benefit in Switzerland. We reasoned that the system would be useful for mass use and the mail arrange drug store said that they needed their offering integrated in their package co ordinations benefit,” Malik said.
Qualities and Weaknesses
Modum has a working temperature lumberjack prepared for corporate application once the token sale closes. The gadget has effectively experienced a few pilot stages, with the company learning from test cases and modifying the gadget (information throughput speeds, NFC, dashboard) to take into consideration more noteworthy scale. According to their whitepaper, they guarantee they can decrease costs per shipment by up to 60% and that if their system is introduced in mass over the 200 million shipments every year, it would set aside to 3 billion USD.
Additionally, with their “pay per shipment” business model, it will enable strategic organizations to test and integrate their blockchain associated gadgets in a moderate, but demonstrated way.
“It’s extremely direct and the best thing about this is we are cutting expenses. To send a bundle using frosty shipping costs 35-40 Swiss Francs, using a typical package benefit is 8 Swiss Francs in addition to our administration. The maximum cost per shipment would be 10 Swiss Francs. If you have more volume it will be less, but if you just have maybe a couple, it will be max 10 Francs.”
The biggest quality for them will be to use their project for use with different advancements, to be specific computerized transport solutions. Later on, vehicular transport of products will be driverless and overseen, run, and observed by AI systems, who will use blockchain systems like Modum’ to monitor shipments all with no requirement for human inspection. Modum’ guide includes development of different sensors to screen light, motion, and moistness to give continuing coordinations solutions to other industry divisions. Their guide, while less yearning than Ambrosus’, sets a way for future expansion.
Malik Further Said:
Later on, the bundle, truck, driver, the house, everything is smart and is generating information and in view of this information, they can take decisions. We endeavor to make this one stride further and ask, ‘how might it be if the bundles were thinking for themselves’ if there would be simply the likelihood that they could improve for themselves, that they comprehend where they are, the place they need to go and decide.
For this to happen, there should be a protected layer and that they can exchange esteem. They should have the capacity to process information. They should have the capacity to accumulate information. A simple case in the last mile is that a package could go to a bundle distribution focus and it would pay the charge per transaction. Too the package focus could choose to take the request by ramble for the last couple of kilometers to be there 15 because it makes 15% income. It could likewise choose to take a frosty chain container for the keep going ten kilometers in view of information it gathered throughout the most recent hour and see that it could lose esteem. This is the place we see the future heading to and we need to make the initial couple of strides with a basic temperature logging gadget for pharma. Straightforwardness is critical. There are likewise a couple of different organizations wanting comparative solutions for tracking dampness, so that is a sensor we can add to our IOT platform.
We are likewise discussing with our accomplices what to do with a deviation happens. At the present time, we are simply notifying the customer, the following thing we could do is that we naturally adjust time span of usability and price of the item. A small deviation happened, so now instead of multi year time span of usability, it consequently ends up a year and the price is decreased by 60%. This is happening right now the merchandise change proprietorship.”
The company is likewise positioned to respond to future changes in favored blockchain. At the present time the system is kept running on Ethereum, but the company is looking at IOTA as the following blockchain they set up, which Malik said was “outstanding amongst other decisions they’ve made through this procedure.” However as they go into the future “We (Modum) additionally consider ourselves to be blockchain rationalist, we don’t generally mind what kind of blockchain we are using, it ought to be the correct one for the use case. A couple of clients from Big pharma were interested in texture because they know IBM and trust them, so if it suits our prerequisites we are glad to use texture in collaboration with IBM.”
What I stress over the most is whether Modum’ will have the capacity to become out of their constrained current pharma industry application. The “blockchain for the supply chain” space is rapidly filling up with contenders all trying to take market share. One reason I was amazingly inspired with Ambrosus was because of their fabulous vision for their blockchain. In their whitepaper, everybody from coordinations firms to pizza conveyance individuals would use their token. Modum, however, did not advance that vision, perhaps their team is comprised of engineers who center around existing issues, but if they need to succeed long term they should conjure up a couple of reasonably compelling objectives. Their equipment however will be pharma review, meaning it will be effortlessly appropriate to different industries.
“We will be working with the second biggest pharma distributor in Switzerland and will begin working with this solution in fall. This isn’t legitimate, because we are developing our own particular temperature lumberjack. Being in pharma, you need to create pharma consistent items and we began developing the temperature lumberjack with NFC, Bluetooth and the accelerometer in March. Equipment is hard, It takes times. We have the second functioning model in our office now and we are programming the firmware and we requested the segments. We are expecting to mass create the gadget in Q4 of this current year, so the go to market section point is for Q1 2018.” Malik stated, talking about the not so distant eventual fate of the company.
How To Buy Modum?
Well, after reading this review, you must be thinking about how to buy Modum. Well, if this is the question by your side then you will be glad to know that this section will help you to know how to buy Modum. You’ll need to find the reputable exchanges to buy and trade any coin. However, it is available at Binance and KuCoin.
Modum is a supply chain innovation that involves the use of smart sensors and smart contracts. The smart sensors check an item’s packaging to determine the temperature of the bundle. At that point, that information is recorded into the smart contract on the blockchain. The Modum platform is blockchain rationalist, in spite of the fact that the company cases to have tried the administration on Ethereum so far with two noteworthy customers.
Modum is targeting the pharmaceutical industry first. Clearly, the pharmaceutical industry can especially profit by temperature-tracking innovation. Pharmaceutical ingredients and finished items are defenseless to temperature fluctuations, and temperature control is significant in the pharmaceutical supply chain. That is the place Switzerland-based Modum sees an opportunity.
You can know more about Modum today by reading through the company’s whitepaper.