Modum (MOD) is a new supply chain system that is based on blockchain technology and is aimed at facilitating integration between smart contracts within P2P systems and external sensors.
Modum?s special use is as a result of the fact that supply chains have identified blockchain technology as an ideal solution because it offers transparency and also facilitates a high level of traceability. This makes a blockchain the ideal system for production process, especially when dealing with situations where a lot of trust is required. Modum was developed as a solution tailored for supply chain management by offering security and data integrity.
The whitepaper released by the Modum development team revealed that the system will initially focus on the pharmaceutical industry where it will offer its unique technology services.
Modum is the ideal solution for this segment considering the recent regulatory requirements which demand that medicinal products under shipment should be accompanied by a certificate stating that they have not been exposed to extreme conditions. This is because the system keeps track of temperature using low-cost thermal sensors. This means medical companies are able to lower their overhead and shipping costs by a significant margin.
The sensors are connected to the Ethereum blockchain and they allow the companies to keep track of the temperatures in real time. This means that the sender and receiver are notified immediately in case there are any anomalies.
The fact that all this is facilitated by blockchain technology means there is complete accountability and transparency between the process and parties involved. This makes it the most effective supply chain system for the pharmaceutical industry. However, the system can also be applied in other industries.
The development team also created a smartphone app which is quite user-friendly to aid both the buyer and the manufacturer. This app can be used for real-time tracking to provide exact geolocation and it also allows the user to control the sensors remotely.
The Modum system also has a token called Modum which is also abbreviated as MOD and it happens to be a profit share token that has profit participation rights as well as voting rights. In layman terms, the value of the token is linked directly to the perceived value of the firm.
Modum is an ERC20 token, and was priced at $1.62 on Coinmarketcap at the time of this press with a market cap of $29,647,687. MOD was launched less than a year ago at $0.48 but its price hit an all-time high of $11.32 during the surge that affected almost all the cryptocurrencies in the market.
The token was offered through a crowdsale that took place between September 1st and September 2nd. However, its price has since gone down just like many other cryptocurrencies in the market. As for the future performance, it might be a bit tricky to predict considering that MOD has only been on the market for just a few months. The token is can be purchased from numerous exchanges including IDEX, Kucoin, and Binance.
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