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Modum Coin – Emerging Technologies Come Together
Welcome to our Modum guide and review, which will give you all the information you need to know about this coin.
We’ll discuss what and who Modum is, its purpose, and what we think about the project.
We urge you to remember that nothing in our guide is financial advice. Be sure that you perform your own research before you make any cryptocurrency investments.
What is Modum?
Modum.io is a tech startup established in 2016 in Zurich, Switzerland. The company focuses on creating systems which improve supply chain methodologies. It takes a combination of the Internet of Things (IoT) and blockchain technology and creates processes that make logistics better for companies that rely on moving a lot of product.
For example, the most recent development by Modum is a supply chain that makes use of blockchains, sensory devices, and smart contracts. Modum then integrates them all into one system. The purpose is to create real-time data tracking that is tamper proof while ensuring the data is not compromised.
To begin with, Modum has focused its efforts on big pharma. As the company resides in Switzerland, recent changes in EU regulations have impacted the pharma supply chain. Medicinal products are now required to show proof that products have not experienced exposure to extreme conditions.
It’s at this point that Modum steps in and provides a method through which these regulations and terms are met at each point throughout the supply chain process.
Who are Modum?
Modum is run by Simon Dossegger, the company’s current CEO. Simon held senior management roles in product and technology at GoPro. The Modum development team includes members who have experience in blockchain technology, the Internet of things, and sensory equipment.
In addition to its strong team members, Modum boasts an impressive list of advisors. These advisors provide experience and insight into computing, investment banking, and pharmaceuticals. They include:
- Pascal Degen – Director at Novartis
- Werner Sporri – Chairman of S&K Partners
- Michael Schaer – Founder of Schaer Pharma
How Does Modum Work?
Modum makes use of reliable yet cheap environmental sensors that have the ability to determine conditions outside the container. This IoT device, known as MODsense Temperature Logger can easily integrate with pharmaceutical shipments.
These sensors can then monitor the air quality and temperature throughout the duration of the transport. The device then collects and stores the data on Modum’s Ethereum blockchain, which makes it both immutable and transparent. This means the information cannot be tampered with while the products are in transit.
The MODSense Temperature Logger works together with a web application which gives users the ability to monitor the temperature automatically. When the user has the sensor connected via the app, it will then begin to track and monitor temperature conditions in real-time.
Once everything is up an running, the user can then set preferred temperature templates which will enable faster setup for future shipments. The sensor will then reference the selected template throughout the transport, and if a deviation occurs, the app makes a note, and an alert notifies the sender/receiver.
This will notify the appropriate parties and allow them to stop the shipment or take the proper steps necessary to continue with the transport. Keep in mind that everything sits on the blockchain, so any concerns voiced to the reliability of the information are moot.
Modum offers its users a smartphone application which gives the logistics team the ability to activate and connect to the sensors quickly and easily. The application also lets the receiving party view real-time data. Therefore, whether the client is a supply chain partner or the final customer, they’ll have information available without the need to open the package.
Additionally, Modum users can easily integrate its solution into their already existing logistical processes and methodologies. The application allows for scanning of the QR code associated with the sensor and pairing it with the tracking number for the package. This connects the sensor and the package – which can be done anywhere – while the criteria for the alarm also has the ability for programming from any location.
Modum also has an analytics dashboard will give logistics teams the ability to program shipments. It also provides a way to view additional information surrounding tracking status throughout the entirety of the journey. Users can use the dashboard by setting customized filters or through bulk analysis.
Additionally, the use of a dashboard helps quality assurance departments to create presets for specific products. This allows the team to configure automatic responses based on the programming. So users can receive notification on reshipment or product returns if deviations occur.
The Modum solution has smart contracts built into it. This helps to provide secure data for every consignment. As a result, no matter where in the world a given shipment may be, with the use of Modum’s decentralized technology, users can keep a close eye on it.
In addition to data security, Modum’s application also offers smart contracts with instructions pre-coded into them. This means that when the shipment reaches a certain point in the process, an automatic trigger can fire off a notification, letting senders and receivers know the exact location.
This type of technology is especially useful in the pharmaceutical industry where the stored temperature of products can have a significant impact. The ability to track shipments while monitoring the surrounding environmental conditions with an immutable record can make a huge difference in meeting the regulations in the pharmaceutical market.
ICO and Tokens
Modum, who held its ICO in later September of 2017, is an ERC-20 based token. The company collected nearly 81% or $13.35M of what it intended to during its ICO. MOD has a total supply of only 27,266,200 tokens, which makes it ones of the more rare coins on the market. That doesn’t mean it’s a coin to sleep on though. Modum has plenty of potential.
Modum’s token (MOD) is unique in that it is a profit share token. This means holders have profit participation and voting rights. Therefore, the MOD token value links directly to the perceived value of Modum. It’s also linked to the expected earnings of the token as well. Think of Modum’s tokens in much the same way you would think of shares in a company.
Here are a few key terms to help you better understand how Modum’s tokens work:
Modum holders receive dividends based on the financial performance of the token’s business. This would be strategically determined based on Modum’s Board of Directors. Dividends would be paid out in the form of Ether, and tokens in escrow are not eligible for profit-sharing or voting rights.
Holders of Modum tokens have voting rights which apply to the MOD tokens help in escrow. These tokens get set aside specifically for the Modum team. MOD holders vote on whether or not they want to unlock the escrowed coins and give them to the Modum team. The number of coins given relies on the achievement of specific milestones and goals attained throughout the year.
One of the great things about the Modum token is that is has a low supply in circulation. This means it has substantial potential to see exponential value increases. Given the lucrative industry in which they are attempting to gain traction, along with how much room the company has to expand, it’s easy to see how the MOD token can quickly become successful.
How is Modum Different?
Modum differentiates itself from other coins in several ways. However, the company focuses on three primary areas which make them unique:
Wide Range of Applications
From a long-term perspective, Modum wants to extend ways its technology gets used by integrating sensors that track not only temperature but will also indicate moisture, humidity, light, pressure, and other variables in the surrounding environment. Expanding the capabilities of its platform gives Modum the ability to move into other markets and supply-chain industries easily.
Modum wants to be the first company to offer the pharmaceutical supply-chain market an integrated solution. The industry has a very real need for a solution which is not only cost-effective but also provides value. Modum delivers that with a solution that is passive, transparent, and tamper-free.
Use of Smart Contracts/Blockchain Technology
Considering the amount of regulation the pharmaceutical industry is subject to, the implementation of blockchain and smart contract technology is a fantastic use-case. With its solution which tracks surrounding environmental conditions, Modum can offer businesses a way to monitor shipments through every stage of the supply-chain process.
This strategy creates a fast and efficient method to meet regulatory requirements. The integration of smart contracts serves a three-fold purpose: First, it lends itself as a compliance and auditing tool. Second, it establishes customer satisfaction. And third, it helps to aid in quality assurance that adheres to industry regulations.
With smart contracts, businesses can create parameters which are pre-programmed to perform specific actions. These actions can execute while on the blockchain, which means that any anomalies which might impact the quality of the medicine would come to light before they become an issue.
There are a few start-ups viewed as competition in the same vein as Modum. Most recently Everledger, Blockverify, and Provenance are all making noise in the supply-chain industry. Additionally, large corporations like Microsoft, Walmart, and IBM have started working on proof-of-concept ideas while committing resources to develop new platforms.
However, at this time, Modum holds the edge over their competition in that they have a specific use case driven by the market in which they want to enter. Modum should be able to enter the pharmaceutical supply-chain industry effectively and quickly.
Where others are looking at the supply chain as a whole, Modus has explicitly focused on pharma distribution. The company targets applying its technology to aid manufacturers and distributors in meeting updated rules and regulations.
One great thing about Modum is that it’s not a company that’s content to rest on its laurels. Modum has established partnerships with key businesses that will help drive and expand its business.
For instance, Modum is working with the Communications Systems Group, located at The University of Zurich. Together under the Swiss Commission for Technology and Innovation, Modum has received funding to work on a research project.
Modum is also working on its sensor hardware by partnering with Variosystems. This Swiss-based hardware manufacturer is helping Modum to develop a reliable device that senders and receivers can use to gather and monitor the data they need.
The Modum team built the MODsense device by using SAP cloud and blockchain services. SAP and Modum are working together under the ParnerEdge Build Partnership. Modum is also working with SAP under SAP’s COIL (Co-Innovation Labs) program. This program offers a network of support between customers, partners, and SAP for project-based opportunities.
Lastly, Modum partners with the Institute for Supply Chain Management regularly. This partnership utilizes insight and experience from the school to create a Commission for Technology and Innovation.
Is Investing in Modum the Right Move?
Ultimately, it is your decision as to whether or not you should invest in Modum, however, here are some of the pros and cons for the coin. Here are some of our thoughts:
- Modum offers a strong business case. Yes, Modum wants to be the leader in the blockchain supply-chain market, but the company specifically chose to focus in on the pharmaceutical industry. They chose this market due to the specific needs and opportunities for a viable solution. This helps Modum to establish a solid strategy and provide future use-cases which are applicable to other industries. Not to mention that Modum’s application and dashboard solution addresses a specific and relevant need in the industry.
- The pharmaceutical market is the initial use-case for Modum’s solution. However, it has an excellent opportunity to broaden its reach. By implementing other variables which can detect additional environmental factors, Modum is setting itself up as the premier sensor for supply-chain support in other industries. Doing so sets Modum up well for expansion in future markets.
- Even though Modum sits on the Ethereum blockchain, it’s in the process of working on integrations with additional blockchains. This gives Modum the opportunity to expand and minimize its dependency on one platform.
- SAP, The University of Zurich to the Swiss Commission for Technology and Innovation, and Variosystems are just a few of the partnerships Modum has established to help expand and grow its company. The continued collaboration with high profile companies only serves to give Modum credibility.
- Modum has a promising product which provides the integration of two great technologies. The ability to monitor real-time environmental variables is vital for senders and receivers. They can track their shipments from point to point throughout the entire supply chain process.
- With a fixed coin supply, MOD tokens will increase in value as the valuation of Modum goes up. Additionally, since the quantity of MOD remains fixed, the value will only increase over time since it’s considered a deflationary token.
- Modum is focusing on the pharmaceutical market – which has a business problem that needs to be solved – but it is contingent on requirements and regulations passed by the EU. If these regulations were rescinded, it might impact Modum’s influence and advantage in the market. Fortunately, this seems unlikely as rules and regulations in the United States will follow, especially in the medicinal and pharmaceutical industry.
- Modum tokens are classified as tokens, which means they may very well be classified as a financial security. It closely follows the characteristics of shares one might receive in a company. This is especially evident given that holders of MOD have profit-sharing and voting rights. Since this is the case, some countries may impose tax burdens on those that hold MOD tokens.
Modum is a combination of IoT and blockchain technologies, taking the best of both worlds and integrating them into one platform. By focusing on pharmaceutical supply-chain logistics, Modum has targeted an industry that has a specific use-case. With its MODsense devices, Modum is able to provide real-time statistics to both senders and receivers as the product moves from point to point.
Overall, Modum is a unique business that uses a real product to solve real problems. As a first mover in its industry, Modum holds a distinct advantage over competitors and is developing strategic partnerships with companies that can help it expand and grow. Additionally, since Modum has a system which is blockchain agnostic, it has the ability to work with other blockchains like NEO, IOTA, Hyperledger, and others.
Modum could be a beneficial investment for those considering long-term potential. With its low supply of tokens available and a low market cap, Modum has a lot of room for growth. Additionally, those who hold MOD tokens have the ability to receive dividends, which makes the coin very appealing in the world of cryptocurrency.
Below we’ve listed some key resources relevant to Modum coin.
? Safest Modum Coin Cryptocurrency Wallets
The safest way to store your coins is by using a hardware wallet. The two main brands are Trezor and Ledger and we are happy to recommend both. If you need help choosing between the two just read our Trezor Vs Ledger guide.
? Best Free Wallets
As Modum coin is a ERC-20 token, you can use any wallet that is compatible with Ethereum. Find our top two choices below:
- MyEtherWallet – if you need help getting started we have you covered with our MEW wallet guide.
- The Ethos Universal Wallet – store over 100 cryptocurrencies in one place.
? Best Crypto Tracking App For Modum
Interested in taking a detailed look into MOD? Read the Modum whitepaper and take your knowledge to the next level.