Today we take a look at SyncFab, one of our partners making some moves this month on the automated machining industry — otherwise known as computer numerical control (CNC) machining.
Start up might be a slight misnomer for SyncFab (short for Synchronized Fabrication), a Silicon Valley-based operation founded in 2013 that aimed to encourage local manufacturing that is now working to integrate smart contract tech into its supply chain management tool.
Already an existing business-to-business (B2B) platform connecting supply chain buyers with manufacturers, its supply management tool assists buyers in procuring, tracking and organising local parts production while accessing local machine shop capabilities, all with ISO 9001 certification. Because of its focus on local expertise, It has already helped businesses gain lower minimums on prototyping to full production and get quicker production, with real-time updates.
“If you want a product made in the United States, you can either start searching now and in 2 years find somebody or just go directly to SyncFab which is where you are going to end up anyway” — Brad Butler, Bicycle Coffee Co. Co-founder
And now, SyncFab will attempt to implement blockchain features for a transparent bidding process that matches buyers with manufacturers, potentially lowering costs, particularly to enable small to medium enterprises (SME) to compete against larger firms.
SyncFab: a first peer-to-peer (P2P) Industrial Internet of Things (IIoT) Manufacturing Blockchain
Although manufacturing progress has made it easier for access to hardware manufacturing companies, the industry is still controlled by intermediaries and large procurement firms. In North America, a third of SME buyers cite locating the right manufacturers as a challenge and almost 40% have experienced security breaches in the past year. Collectively, these inefficiencies have resulted in an annual loss of $1.5 billion.
SyncFab’s proposal to decentralize the procurement process looks to do away with intermediaries, utilising smart contracts to streamline procurement processes. Direct access to manufacturers mean less miscommunication, fewer mistakes and minimal delays.
The platform will list manufacturers’ machining capabilities, and buyers can directly order parts from them. Smart contracts guarantee production standards and payments, while protecting intellectual property.
Its decentralised application (dAPP) built on the Ethereum blockchain will be fueled by the MFG Utility Token, used for quick, secure and cost-effective transactions.
Last month, SyncFab launched an exclusive early adopter MFG Token pre-sale that is still ongoing. All contributors at this stage will receive a 50% bonus on their purchases — a rate of 1,875 MFG for every 1 ETH contributed.
Its executive team of CEO Jeremy Goodwin (former EVP and CFO of NASDAQ IPO China Advanced Construction Material) and CSO Andy Tong (founder of MMOABC online game portal with millions of monthly viewers) have now been joined by a formidable advisory, including the likes of Steven Sprague (CEO of RVT token who raised ~$20m in their token sale), Jeff Berwick (TDV operator), Simon Cocking (professional presenter and chief editor of Irish Tech News) and Peter Moricz (advisor to a range of successful ICOs and AmaZix introducer).
To learn more about the SyncFab tech and how you can be part of it, visit the following channels:
Blockchain website: https://blockchain.syncfab.com
Main business website: https://syncfab.com
To engage with SyncFab on social media:
- Bitcointalk: https://bitcointalk.org/index.php?topic=2286102.0
- Telegram: https://t.me/syncfab
- Facebook: https://www.facebook.com/syncfab
- Twitter: https://twitter.com/syncfab
- Youtube: https://www.youtube.com/user/syncfab
- LinkedIn: http://www.linkedin.com/company/syncfab
- Google+: https://plus.google.com/+syncfab
- Github: https://github.com/syncfab
- Medium: https://medium.com/syncfabmfg
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