Blockchain for supply chains
stefan Weber, COO, Modum
“Blockchain for supply chains” has become a prominent, and very promising application scenario for blockchains, enabling transparency between untrusted partners and traceability throughout production processes. The advantage of using blockchain technology in the supply chain is that it provides an open, immutable, global, online ledger for transactions, which includes a verification mechanism.
modum.io sensor devices record environmental conditions while physical products are in transit. When a change in ownership occurs, the collected data is checked against a specific smart contract in the blockchain. This contract validates that the transaction meets all of the standards set out by the sender, their clients, or the regulator and triggers various actions: notifications to sender and receiver, release of goods, payment, etc.
modum.io chose the pharma industry as its first business case, because this sector requires highly automated and cost-effective logistics solutions, which guarantee data integrity. The pharma industry has one of the highest standards for product safety, security, and stability, it is the ideal candidate to act as a “blockchain-enabler”. After modum has successfully proven a viable blockchain solution within pharma, the highest requirements, scaling into other verticals is feasible.