SyncFab is working on the creation of the world’s first peer-to-peer manufacturing supply chain, and its incentivised token system adapted for public and private blockchains. We shall briefly summarise the Syncfab White paper in this article.
The White paper examines current burdens faced by small to mid-sized enterprises working within the manufacturing supply chain, providing a comprehensive set of solutions to engage isolated and inaccessible manufacturers, encouraging collaboration to meet global production demands. The paper highlights the development of SyncFab’s decentralised application, the MFG Utility Token which incentivises streamlining of bidding and procurement processes, and details the upcoming MFG Utility Token Distribution Event, known as the token sale.
Industrial Revolution, manufacturing technology and the global demand.
According to a study performed by PWC in 2016, companies from all sectors across the globe are embracing “Industry 4.0”, or business in the digital age. Forging into the Industrial Revolution 4.0, U.S. manufacturing companies must solve issues that currently hinder production, finding ways to aggregate their capacity to handle global demand more efficiently. With significant advances in many technology fields, integrated proctoring and purchasing processes operating seamlessly along the supply chain would save time and resources, as well as improving efficiency, and increasing scalability and security.
SyncFab aims to connect with the IoT and the IIoT and, through harness technologies, provide its users with high-quality data that would streamline processes along the supply chain.
Today’s Manufacturing Processes
Industrial manufacturing in the U.S. stands steadily, with growth forecast at 5% compounded annually in 2018. But still, major manufacturing companies still face inefficiencies that drain resources and time, contributing to the overall slowness and costliness of their manufacturing process. U.S. companies who invest heavily in IIoT technologies stand to gain yields from global demand as high as $10-$15 trillion by 2030.
SyncFab’s Decentralized Manufacturing
Given the burdens of current manufacturing systems which perpetuate lack of transparency and inaccessibility for a multitude of stakeholders within the supply chain, SyncFab’s solutions attempt to solve complex problems. One of its key innovations it’s by re-shaping supply chain management through public and direct peer-to-peer manufacturing ecosystem. A free, peer-to-peer ecosystem, paves the way to an entirely decentralised supply chain management environment, innovators, suppliers, and manufacturers regain control over the success, quality, and delivery of their product.
Another fundamental innovation is a smart manufacturing blockchain. Blockchain applications within the IIoT are fast-emerging as the new standard in many sectors. Blockchain’s function as a digital ledger of codes containing programmed data and encryption, make records nearly incorruptible within its distribution networks.
Also, SyncFab’s smart manufacturing smart contract protocol will work on two levels, using SyncFab’s future procurement process, where the original contracts will store RFQs quotes and encrypted intellectual properties. Meanwhile, different datasets within the smart agreement can be accessed by prospective purchasers on the intelligent manufacturing blockchain.
Click here to download the Syncfab White paper.
The Public pre-sale for Syncfab token is live, join now! – https://tokensale.syncfab.com/