The modum business model innovates emerging blockchain technologies for logistics and applies them to an established industry: pharmaceuticals. With a clear, regulation-driven use case, the modum system is developing a stringent application with a high concern for accountability thereby pioneering blockchain technologies. modum’s vision is providing data integrity for physical products en masse in order to increase transparency and to facilitate process automation.
The modum smart contracts are not restricted to a single blockchain. Our pilot projects, including those with a large Basel pharmaceutical company and a leading parcel distributor, used the Ethereum platform. Ethereum was chosen for its stability and its simplicity in creating the governing logic of the smart contract execution. However, modum.io remains agnostic in terms of blockchain use in order to avoid dependency on a single platform or limit the preferences of clientele. modum.io is currently testing the integration of other smart contract enabled blockchains.
The modum system relies on a secure IoT sensor device. Feasibility of the system was tested using the Texas Instruments SimpleLink multi-standard CC2650 SensorTag as a prototype. The modum temperature logger will be released in Q1 2018, it will be qualified for pharma, secure, and cost-effective. modum.io’s long term strategy is to provide a platform for data integrity using innovative IoT technology to monitor all of the conditions that affect physical products.
modum.io will offer discounts for early investors according to the scheme outlined below. Upon successful transfer of your payment a confirmation email is sent. When the sale is complete, the invested amount will be converted to USD and the minted MOD tokens will be distributed. The estimated current bonus tier is visible on the token website. The displayed amount may change due to changing exchange rates and is therefore indicative. Final bonus tier and token allocation is done post transaction. For trustworthy exchange rates we rely on third parties, such as Lykke Corp.
The modum token (MOD) is an ERC-20 compatible token distributed on the Ethereum blockchain pursuant to a related ERC-20 smart contract
The modum token is a token with voting rights and profit share rights.
The profit share smart contract is open source.
A payment equivalent to the part of the profit generated by modum.io AG which is used for dividend payments as proposed by the board of modum and subsequently enacted by the shareholders will be forwarded to all MOD Tokenholders. The profit fiat amount is converted to Ether and sent to the modum smart contract. The modum smart contract evaluates the current holdings and distributes the profits to token holder in Ether. Tokens that are locked for the shareholders of modum.io do not come with profit participation rights for the entire duration of the lock-up.
The smart contract is open source.
Every MOD token in circulation is entitled to one vote. Token holders will vote to decide whether in their opinion the modum.io team has reached the predefined milestones and thus the locked MOD tokens shall be released. Locked tokens for modum.io do not come with voting rights for the entire duration of the lock-up.
modum.io is not legally permitted to forecast profits. However, our business plan foresees a break-even point in 2018.
modum.io wants to assure every token holder that the team is incentivized to further advance the modum system. The locked MOD tokens will stay locked until a simple majority of votes decides if milestones were achieved or not. Detailed information regarding the voting principle and profit share process can be found in the modum whitepaper.
modum.io has a working temperature logger prototype, which was used to track shipments in several pilot projects within Europe and to the Middle East. modum.io is currently launching the first generation of its own, proprietary sensor device based on findings from each pilot. Our go-to-market strategy is regulatory driven, based on new requirements placed on the pharma industry. We are already working with industry partners and clients to deliver the modum system.
The European Commission has recently released tightened regulatory requirements for the transport of medicinal products for human use.
modum.io’s first service offers an efficient system to comply with these regulatory requirements.
Chapter nine of the Good Distribution Practice regulation (GDP 2013/C 343/01) now requires proof that shipped medicinal products have not been exposed to conditions (particularly temperature) that may have compromised their quality.
To date, pharmaceutical companies achieve compliance with regulatory requirements by using expensive, temperature-stabilized trucks and containers from third-party logistics providers (3PLs). modum.io offers a more efficient supply-chain solution, which enables companies to prove compliance with GDP regulations by using blockchain and Internet-of-Things (IoT) technology.
By using the modum system, costs per shipment can be reduced by up to 60%. With respect to the 200 million shipments of pharmaceutical products in the EU, a widespread adoption of the modum system has the potential to reduce industry-wide expenses of approximately 3 billion EUR annually.
Currently, the modum system is being integrated into the system of the leading last-mile logistics service provider in Switzerland. modum.io is planning to finalize this integration in Q4/2017. Upon successful completion, official market entry will begin in Q1/2018.
Additionally, modum.io is in negotiations with significant customers from within the pharma distribution vertical in the UK, France, Germany, Turkey, and Vietnam.
modum.io, with its system and first business case, eagerly anticipates horizontal and vertical growth by evolving the developed system. Low-cost and low-power IoT sensors have become commonplace for:
Modum.io foresees adding sensor devices with these capabilities to build a platform for IoT monitoring in supply chain across a variety of sectors.
With the experience gained from the high standards and low-cost requirements set by the pharma industry, the modum system will be well positioned to be deployed in other sectors. modum.io has been approached by leading companies from the following sectors, each of which have overlapping needs with the solutions laid out in our first use case:
modum.io has been approached by Healthcare institutions to improve their processes (internal and multi-stakeholder) using IoT and blockchain technology.
Customers from the chemical industry have similar needs to pharma customers, requiring compliance with similar regulations. Data integrity is an issue, causing customers from the chemical industry to perform more extensive post-delivery checks on their chemicals than they would deem necessary.
Machine building companies need accountability during transport of their high-value components, requiring traceable data for acceleration (shock) and humidity (storage and transport conditions).
The automotive, aerospace, and aviation industry needs efficient and auditable systems to prove the authenticity of every single component. Constant performance checks of essential parts serve to reduce liabilities in case of accidents.
Pharma standards and regulations for food safety are closely related, in the United States they are supervised by the same government agency, the FDA. Customers from the food sector are additionally looking into improving their processes, providing traceable data in order to market the origin and the quality of their products.
Before shipment occurs, the modum sensor device ID, shipment ID, and alarm criteria are fixed within a shipment-specific smart contract. Upon receipt, this smart contract will allow the receiver to check that regulations have been met. Due to the nature of a smart contract in the blockchain, the evaluation criteria for meeting regulations cannot be changed retroactively.
During the shipment, the change of environmental conditions (i.e. temperature, humidity, movement, etc.), is monitored and the data is stored in the internal flash memory of the sensor device. Using BLE (Bluetooth Low Energy), the shipment does not need to be opened to verify the shipment has complied with the environmental parameters set. At each change of ownership, data authenticity is first checked by the smart contract before it is evaluating the data. The results of the evaluation are then stored, immutably, as proof-of-existence in a blockchain.
No, customers do not need to install additional hardware to use the system, downloading our mobile application is sufficient. The modum system is also compatible with every other BLE device.
modum.io will offer its solution in a “pay per shipment” model to pharma producers and wholesaler. During modum.io’s extensive proof-of-concept phase, pilot projects with several customers determined that the modum solution delivered the highest value as a service in last-mile logistics of an overall pharma supply chain. In the EU, more than 200 million of these last-mile shipments occur each year.
Yes, modum.io has several partnerships. We are working with the market leader in parcel services in Switzerland, the owner of Europe’s leading mail order pharmacy, two leading pharma wholesaler and the University of Zurich and the University of St. Gallen.
The MOD tokens will be distributed within 30 days after the token sale has closed. The code for the creation of the tokens is open source.
We assign every payment by its blocktime to a first-in-first-out list and derive the respective USD value from the exchange value given by Lykke Corp. Then all transactions are allocated to the respective bonus phase and tokens are sent to the wallets created in our token sale application.
The minting of MOD tokens happens within 30 days after the token sale ends.
Due to legal reasons pertaining to local regulations, residents of the following countries are excluded from investing: US, Sudan, Cuba, Syria, North Korea and Iran. Residents from Singapore, Hong Kong and UK are excluded by default, unless they provide evidence to be a Relevant person, an accredited investor or a professional investor respectively. For restrictions on other jurisdictions and further regulatory information, please consult the Terms of Token Sale document.
You can register to participate in the token sale using our signup form. You will receive all important updates via E-Mail. After September 1st our secure token sale application is open for public use and will guide you through the five simple steps for purchasing MOD tokens.
The pre-sale phase (before September 1st) is invite only. We strive for a solid and organically grown community around modum.io. That’s why we have limited the pre-sale to a small group of people who were invited to the pre-sale.
The public token sale starts on September 1st.
Every ERC20-compatible wallet will be able to store MOD tokens (i.e. MyEtherWallet).
Oversubscription of one bonus tier leads to an allocation of these funds to the next bonus tier. In case of oversubscription of the complete token sale, the contribution will be paid back in full.
No, every investor is welcome to purchase their desired amount of MOD. However, modum.io will only issue full tokens. All investments will be rounded down to the nearest USD.
We will update on this progress soon after the token sale. We cannot guarantee a listing of MOD on any specific exchange or any exchange at all, but we will work hard to get our Token listed.
All MOD token purchasers will receive an email notification when their payment is confirmed in the blockchain. modum.io will provide a link for each investor to check the status of their payment.
modum.io will communicate the final distribution of the modum tokens within 30 days after the token sale closes. We are also working on a service that shows you an estimation beforehand.
The MOD token application is designed and developed using the highest security standards. Modum.io worked with Lykke, who provided a technical review, and Consecom, who conducted an external security check.
When tokens are properly distributed and confirmed by an official notary, the funds are released and token holders can vote to release the first 0,9 million tokens.