Blockchain solution for pharmaceutical supply chain receives funding

The startup modum.io aims to revolutionize supply chains in the pharmaceutical industry by means of blockchain technology and the Internet of Things (IoT). Its solution uses sensors that can accurately measure environmental conditions during the delivery of products, making it possible to precisely track a product’s route. The system is being developed in a partnership with the University of Zurich and the University of St.Gallen.

The startup has now announced that it received funding from the Swiss Commission for Technology and Innovation (CTI) to complete a research project with the University of Zurich on this technology. Their aim is to develop an open API to give other logistics service providers access to their solution. The project will also explore various blockchain backends.

modum.io recently held an Initial Coin Offering (ICO) to further drive the development of its technology. The ICO was highly successful, allowing the company to raise $13.5 million with its tokens. Token holders will receive profit sharing and voting rights when certain milestones are achieved.