Modum is an application that works as a supply chain. This Modum application works by integrating blockchain technology with sensory devices and smart contracts into a single and passive solution of functioning as a supply chain system monitor. It is an integrated system that focuses on enhancing the integrity of data throughout the complete and total supply chain.
The focus of Modum would be at Pharmaceutical industry in the beginning. Modum is the solution maker for bringing down the cost of supply of medicines. Modum combines a sensor of temperature into the shipments of medicines and medical equipment’s for constant monitoring of the shipment’s temperature. Ethereum blockchain records every data, providing complete transparency, accountability and integrity of data. The sender or the receiver will get immediate information if a temperature deviation takes place at any given time during the entire process of shipment. Modum provides a very cost-effective solution of recording any change in temperature in the entire chain of medicinal supply.
The Modum token or MOD is basically a profit sharing token. It has the power and right to vote and participate in profits. The perceived value of the company and every token’s expected earnings links directly with the value of MOD token. MOD tokens comply absolutely with ERC 20. MODs are similar to the characteristics of the shares of a company. The holders of MODs have the voting rights for 30% of the supply of MODs, which is equivalent to 9 million MODs. It has been kept on escrow for the Modum team. The MOD holders can vote on the decision of unlocking the escrowed coins and be given to the Modum team. It is done depending on the achievements of certain targets and other milestones. MOD holders are also to be conferred in deriving the dividends based on the financial performance of business done by Modum.
Modum offers to be the first ever integrated solution in the area of pharmaceutical supply chain. Modum aims toward 60% of the expected medicinal shipment of approximately 200 million shipments made in the year 2016. Modum promises effective solution of extracting tamper free, passive and transparent valuable data related to transportation of medicinal supplies.
Modum also plans for expansion of incorporating sensors which will be recording data for humidity, light, moisture with other important environmental variation details along with temperature details, during pharmaceutical shipments. This will allow Modum to have a fast access into the pharmaceutical industry’s supply chains.
Modum uses blockchains within the supply chain of the highly regulated pharmaceutical industry. Modum records all environmental conditions those have affected a pharmaceutical supply from beginning to end. Modum guarantees immutability and integrity of recorded data. Modum technology makes the pharmaceutical shipment process efficient, easy and cost effective. In Modum, smart contracts act as auditing and compliance functionalities, ensuring assurance of quality, adherence to regulations and satisfactions of the consumers. Smart contracts allow pre-programmed standards for conception and execution on the blockchain, guaranteeing discovery of any factor that can disturb the quality of the shipped medicines.
Modum will provide a platform for integrity of data with advanced IoT technology. It will monitor all conditions which may affect products on transit. Modum will prove to be very important and indispensable in monitoring a vast range of environmental variables.
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