As the global manufacturing market grows, those within the industry are constantly on the lookout for better ways to do business.
Thus, it’s no surprise to see blockchain technology at the forefront of conversations about efficiency. According to recent articles in the media including renowned auditing firm Deloitte who suggested that this technology not only improves traceability and transparency, but also reduces losses and administrative costs.
Those advantages are only the tip of the iceberg too. Companies’ credibility is stronger as it’s clear what materials are being used and public relation risks become almost non-existent due to ongoing transparency.
SyncFab changing business
SyncFab is changing how business in the manufacturing sector is being done. Up until now, large procurement firms have been able to dictate trade as they control access to the manufacturing firms.
This has not been good news for small and medium sized enterprises as procurement firms were making everything more difficult by increasing prices, not providing IP protection and make the overall sourcing of manufacturing far more difficult than it needs to be.
SyncFab is changing this by innovating supply chain management. It’s allowing small and medium businesses to interact directly with manufacturers and eliminating brokers and the middle men entirely.
Buyers can now contact manufacturers directly and do their business without the extra steps previously required.
This is good news for the small and medium business because it’s a far shorter and cheaper journey to getting the job done, while manufacturers are getting the business without worrying about marketing costs. This system also guarantees payments and gives producers full pricing capabilities.
Peer to peer
SyncFab has been around since 2013 and it is the first peer-to-peer Industrial IoT (internet of things) manufacturing blockchain for the hardware manufacturing supply chain.
It’s been growing since its inception and is now one of the most well-known names in blockchain manufacturing.
It has paired with the City of San Leandro, the Clean Energy Manufacturing Innovation Institute and Bay Area Advanced Manufacturing and has received an excellent score from the renowned Aingel’s ICO Scoring system.
How does it work?
SyncFab’s technology is genius; its system is connected via the MFG Utility token, which allows online value sharing to occur in the decentralized manufacturing ecosystem which is already in existence.
Getting on board with the MFG token could potentially be an excellent investment in our opinion; it will be used by early adopters of SyncFab to pay for orders. Once the build is paid for, users can also unlock contracts and pay existing transaction costs.
These tokens give manufacturers the chance to get paid for time developing quotes and takes out the uncertainty of little working with those who don’t have a strong reputation.
SyncFab will match buyers with the manufacturers they are most suited to, cut out the intermediaries and provide a reliable record of performance.
Here’s how the bidding will work –
- The buyer creates and RFQ – it goes on SyncFab’s auction listings. They include a budget, which manufacturers will be able to see – this can include a MFG token reward.
- The RFQ’s is sent via the Smart Manufacturing Blockchain contract to manufacturers who will then bid.
- SyncFab compares bids and rejects the ones that aren’t a fit. The buyer selects the winning bid.
- All manufacturing respondents will then split the bid reward, with the highest proportion going to the winning bidder, but all participants receiving a piece of the pie.
The SyncFab Token Sale
Token name: MFG
Token base: ERC-20 utility token
Token supply: 1,000,000,000
Token Accepted: ETH
Token sale duration: Main public sale began February 15, 2018
Token sale target: USD $15 million (soft cap) – USD $30 million (hard cap)
Token price: 1 ETH = 5,000 MFG