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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.
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.
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.
NEW EU REGULATIONS MEANS EVERY PHARMA COMPANY WILL BE REQUIRED TO ADD THESE DEVICES OR FACE MASSIVE FINES. WHOSE GOING TO PROFIT FROM THIS? MODUM.
