Modum ICO – IoT sensors and blockchain technology
One of the many forms of blockchain use is definitely its application in company structures to reduce costs and increase efficiency.
With a strategy designed for implementation in the Pharma Industry, the Modum system focuses on data integrity and monitoring conditions during transit, allowing manufacturers and dispatchers in the pharmaceutical industry to document adherence to a precise range of environmental conditions during a product delivery cycle.
More in detail the Modum system works by using its control panel to generate shipments and encode the specific parameters of the conditions that are needed during a shipment to an Ethereum smart contract, after being synchronized with both the intelligent contract and the package, the Modum custom devices monitor a package during transit, measure the specific conditions such as temperature and send this information to your smartphone application through the use of Bluetooth, allowing you to leave the package unaltered, If the intelligent contract confirms a positive result the contract is released by allowing further actions and releasing the payment.
on 21 August 2017, Modum announced the start of a long-term strategic partnership with IOTA.
According to Malik El Bay:”To run our vision we need a technology for our sensor devices that allow value transfer without recharging huge transaction fees, the IOTA infrastructure will be very valuable to us and are working on a proof-of-concept for the next tests, we expect to publish the results by the end of 2017.
On September 1,2017, the sale of Modum tokens will begin, releasing 18 million (60%) of the total 30 million.
Token holders will be able to vote on whether milestones were achieved and they will also receive a portion of the company’s profits in dividends, converted to Ether and sent to a wallet.