Today, the USA and China occupy more than a third of the world’s GDP, and this presence is expected to stay, at least, until 2050. And companies coming from every sector are embracing the digitisation of business. The number of firms that rate their modernisation level as “high” is expected to rise between 33-70% in two years, while in South Africa, this is located in the 27-64% range.
Since the “fourth industrial revolution” is considered to be already happening with the introduction of concepts such as the Internet of Things, SyncFab (a Silicon Valley company) plans to give manufacturers data of the highest quality to stimulate processes on the supply chain.
A considerable part of the issues that industries face today come from a lack of efficiency in the management of information and data, coupled with the use of archaic methods for record-keeping and procurement of third parties. Those issues can be solved with one of the most critical technologies that have risen in recent years: the blockchain or digitally distributed public ledger. What SyncFab has set as its project, and what its whitepaper testifies as such, is to integrate the data management advantages brought to the table by this concept.
As of today, companies can face major losses due to how hard it can be to acquire third-party brokers and managers to help source materials, the time it can take to find a good manufacturing supplier as well as verifying said supplier’s capabilities, tracking progress of products along their supply chains, inefficient processes for procurement, and even problems related to security thanks to outdated servers.
Through the integration of blockchain logs and management, companies can improve the efficacy of the distribution of information and data necessary for processes such as distribution or choosing the best suppliers available. That is because the blockchain allows for a digitised ledger that can store all the information needed for said tasks in an entirely electronic archive that is both fast and wholly transparent and verifiable by any part that takes part in its maintenance.
SyncFab looks to replace the current layout of supply chains to one where companies can establish a direct, peer-to-peer contact with any of the parts necessary for their correct and most profitable functioning. It will be done through the implementation of Smart Contracts. Smart contracts are self-executing programs that activate whenever certain conditions, previously specified by the issuer, are met. Any odd behaviour or failure to comply the exact conditions required will reject the transaction. That creates an environment that is both high-speed and secure to provide the best service while also protecting companies from scams.
To incentivise every part taking place in the blockchain, SyncFab is releasing the MFG utility token, a cryptocurrency exclusive to their platform. These tokens will be used to incentivise manufacturers through rewards to those who provide the best service, creating a competitive environment that benefits all parts. Purchasers can also be rewarded with MFG for quick orders and commitment. Said rewards can be seen as discount a manufacturer can offer so that their service can be more attractive.
Their third use is to pay transaction fees over the platform. However, the success of the SyncFab platform will drive the value of MFG to new levels and, as such, said tokens could other currencies for payments, especially considering their speed and ease of use.
See the current status of the SyncFab Token on the website – https://blockchain.syncfab.com/