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The modern approach to defining the modular automorphism group is through the theory of noncommutative L_p-spaces. This was pioneered by Haagerup in 1979 \cite{Haagerup} and Yamagami in 1992 \cite{Yamagami}.
In this approach, given a von Neumann algebra M, a faithful semifinite normal weight μ on M, and an imaginary number t, the modular automorphism associated to M, μ, and t is
σtμ:M→M,m↦μtmμ−t.This approach makes it easy to deduce various properties of the modular automorphism group.
For more details, see a MathOverflow answer.
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