root@vps [~/testinggrounds]# cat md5.txt | while read a b; do
>   md5sum "$b" | read c d
>   if [ "$a" != "$c" ] ; then
>     echo "md5 of file $b does not match"
>   fi
> done
md5 of file file1 does not match
md5 of file file2 does not match

root@vps [~/testinggrounds]# md5sum file*
2a53da1a6fbfc0bafdd96b0a2ea29515  file1
bcb35cddc47f3df844ff26e9e2167c96  file2

root@vps [~/testinggrounds]# cat md5.txt
2a53da1a6fbfc0bafdd96b0a2ea29515  file1
bcb35cddc47f3df844ff26e9e2167c96  file2

-c, --check
read MD5 sums from the FILEs and check them

$ ls
1.txt  2.txt  md5.txt
$ cat md5.txt
d3b07384d113edec49eaa6238ad5ff00  1.txt
c157a79031e1c40f85931829bc5fc552  2.txt
$ md5sum -c md5.txt
1.txt: OK
2.txt: OK

while read -r -u3 sum filename; do
   read -r cursum _ < <(md5sum "$filename")
   if [[ $sum != $cursum ]]; then
      printf 'md5 of file %s does not matchn' "$filename"
   fi
done 3<md5.txt

#! /bin/bash

cat md5.txt | while read sum file
do
    prev_sum=$(md5sum $file | awk '{print $1}')
    if [ "$sum" != "$prev_sum" ]
    then
        echo "md5 of file $file does not match"
    else
        echo "$file is fine"
    fi
done

md5sum "$b" | read c d

c=`md5sum "$b" | cut -d " " -f 1`