What Is Modum Cryptocurrency?
In recent times, the use of blockchains in governing supply chains has become quite prominent. This is primarily due to the fact that blockchains provide complete transparency between untrusted partners as well as a high level of traceability throughout the production process.
Modum can be thought of as a blockchain-based supply chain system that integrates P2P networking with smart contracts and external sensors. As a result of this, Modem is able to provide users with an integrated solution that not only enhances data integrity across the entire supply chain but also allows for a high level of security.
To elaborate further on the workings of this platform, we can see that native sensors deployed by Modum are able to record environmental conditions to which shipped goods are subject while in transit. Thus, when a change of ownership occurs, these sensors are able to verify their data against predetermined conditions locked into the existing smart contracts.
Once all of the desired conditions have been satisfied, relevant notifications are sent across to the sender as well as the receiver.
According to the official whitepaper, Modum will first look to provide its unique technology services to the pharmaceutical industry. Due to recent regulatory changes that have taken place within the EU, it is now necessary for all shipped medicinal products to carry a certificate which states that the item has not been exposed to extreme external conditions.
Modum is perfect for this purpose since it makes use of low-cost thermal sensors to monitor temperature flux. As a result, medicos are able to substantially reduce their shipping and overhead costs.
OVERVIEW OF MODUM
- Data is recorded directly on the Ethereum blockchain, thereby allowing for complete transparency and accountability.
- The sensors allow for real-time temperature tracking.
- In case of any conditional anomalies, both the sender and receiver are issued immediate notifications.
- Modum helps make the medicinal supply chain more efficient as well as cost-effective.
- Its interface is quite simple and easy to use.
First and foremost, Modum utilizes environmental sensors that are not only reliable but also cheap to produce. They allow manufacturers and sellers to keep track of the exact conditions through which their products are put. Owing to their highly precise design, Modum sensor devices are able to record even the minutest of changes in environmental conditions from the point of dispatch to final delivery.
Core components of the platform: the dashboard, temperature loggers and mobile interface
To facilitate easier shipping, Modum has prepared a user-friendly smartphone app that can be used by both the manufacturer as well as the buyer. To be more specific, the app allows users to connect to the sensors and activate them remotely, thereby allowing for real-time tracking.
It should also be mentioned that Modum employs analytical data analyzers that help provide users with a host of useful insights about their logistical items. The dashboard allows users to keep a close eye on the status of their shipments as well as track their exact geolocations.
Visual representation of how the delivery system works
Lastly, through the use of smart contracts, this decentralized platform is able to automate the entire supply chain in a secure and credible manner. Not only that, users are able to gain access to auditable records of shipment conditions to see whether the delivery meets preexisting regulatory requirements.
HOW MODUM WORKS
Before an item is shipped out, a smart contract is initiated which contains the following information:
- Temperature logger ID
- Shipment ID
- Alarm criteria
Overview of how the system works
After all of the aforementioned data has been entered into the platform, the smart contract allows all third-party receivers to keep tabs on the evaluation criteria — which in current use cases is the temperature range of an item.
During the shipment phase, the temperature is monitored closely, and all of the data is tracked and stored in real time within the internal flash memory of the logger. Through the use of BLE technology, shipped items do not have to be regularly opened and checked.
It should also be mentioned that at each change in ownership, the authenticity of existing data is certified. The results are stored within a decentralized ledger, and in case there are any shortcomings with the item being delivered, both the sender and receiver are notified immediately, allowing them to release the product or arrange further corrective and preventative actions.
Lastly, from a hardware standpoint, Modum integrates seamlessly into existing enterprise frameworks without any need for upgrades. The mobile application allows for further accessibility and is sufficient to track high volume shipments without any issues.
ABOUT THE PLATFORM
With all of the unique features that Modum has to offer, it can be useful for readers to learn about the people in charge of this project.
Malik El Bay is one of the key individuals behind this venture. He has been in the digital domain for over a decade and has previously worked with various independent startups associated with blockchain technology. Dr. Stefan Weber is in charge of hardware development for Modum. Stefan holds a Ph.D in physics and has been associated with various high-profile startups in the past.
Finally, Sacha Uhlmann is the lead tech designer for the company. According to his LinkedIn profile, he possesses a solid background in peer-to-peer systems and quality assurance. Additionally, Sacha holds substantial knowledge of diverse fields such as robotics and sensor deployment.
Since MOD has only been on the market for around six months, it is hard to assess its true investment potential.
MOD token lifetime performance chart (courtesy of CoinMarketCap)
MOD was introduced at a price of US$0.48 per token. During the crypto boom of early 2018, the currency hit an all-time value high of US$11.32.
However, since then, the price of MOD has stabilized substantially, currently standing at US$2.37.
Modum as an enterprise solution holds a lot of promise. Since this technology can help redefine the way in which supply chains are governed, it will be interesting to see if the pharmaceutical market at large starts to adopt Modum for daily tracking and transaction purposes.
If you would like to start investing in Modum, MOD trading pairs are currently being offered on online exchanges such as Binance, Kucoin and IDEX.