SyncFab: Smarter Manufacturing for Industry 4.0
FOR centuries, manufacturing has been an integral part of the global economy.
Historically, people have relied upon centralized manufacturing, using a single factory to outputs identical goods. Now, more than ever before, customers around the world seek the customization of products.
This has meant that factories have had to shift from a mass production mentality to one that is driven by reaching new levels of innovation and customization at low costs. However, this movement has historically presented many challenges for everyone, from new entrepreneurs to well-established enterprises.
Challenges of Modern Manufacturing
Pricey markets for procurement brokers and sourcing agents, high production quantity minimums, unreliable manufacturing results, inefficient production processes, and vulnerabilities of intellectual property are just a few of the issues that make it difficult for businesses to take a product from ideation to production in a cost effective manner.
That’s why SyncFab has established the first peer-to-peer Industrial Internet of Things (IIoT) hardware manufacturing supply chain blockchain focused on connecting hardware buyers with manufacturers.
In sum, this project is empowering the feasibility of Industry 4.0 through a robust solution that makes manufacturing smarter, more efficient, and cost-effective.
SyncFab’s Market Solution
SyncFab is leading the way in blockchain-based manufacturing innovation for enterprises, buyers, and sellers.
In terms of manufacturing capabilities, ISO 90001-certified CNC machining, AS 9100-compliant CNC welding, and ROHS-compliant injection molding are all offered.
SyncFab works by providing three primary market solutions to the manufacturing industry.
First, anyone who wishes to have access to manufacturing capabilities can use the SynFab platform to quickly find qualified manufacturers. This means that SyncFab users don’t have to spend time individually sourcing quality suppliers.
Second, SyncFab’s innovative technology utilizes smart contracts, meaning that all users can ensure that production standards are met. In addition, smart contracts allow payments to be conducted securely all while protecting intellectual property (IP).
Finally, SyncFab offers real-time order tracking. This allows customers to be informed every important step along the way, from initial production to product delivery.
In summary, SyncFab improves each step of the manufacturing process. By bringing a number of solutions (i.e. smart factories, intellectual property protection, supply chain logistics tracking, and more) to one blockchain platform, this project is working to eliminate several obstacles that have traditionally hindered the potential for innovation in factory production.
Recent Project Updates
Since the successful completion of the SyncFab ICO in March 2018, the project team has continued to announce a number of important updates and integrations.
For example, on July 10, 2018, the SyncFab team announced that its native MFG token had successfully been integrated into the next-generation manufacturing platform version 2.0. This is a major milestone in the project’s goal to gain user adoption of the MFG token.
On July 17, 2018, SyncFab officially joined the Enterprise Ethereum Alliance, an industry-supported, not-for-profit dedicated to building standards for the future of Ethereum-based technologies. SyncFab is now one of over 500 member companies participating in this initiative to build out the vision of Industry 4.0. Other participating companies include the likes of Accenture, AMD, BP, Cisco, Deloitte, Hewlett Packard Enterprise, Intel, MasterCard, Microsoft, Pfizer, and many more.