MFG is a manufacturers company through public-private partnerships with manufacturers at the local, regional and national levels, SyncFab’s Smart Manufacturing Blockchain will advance efforts to decentralize manufacturing via a public, peer-to-peer ecosystem, powered by the MFG Utility Token. Blockchain and smart contracts serve as the way forward into the Industrial Revolution 4.0, creating economies of scale and potentially aggregating supply. Decentralized manufacturing will make the industry more accessible, secure and economically sound for more participants in a direct peer-to-peer (P2P) ecosystem. SyncFab’s Contribution to the Industrial Revolution 4.0 Silicon Valley-based SyncFab aims to harness technologies and connect with the IoT and the IIoT to provide purchasers and manufacturers with high quality data that would streamline processes along the supply chain.
The MFG Token will be integrated on the SyncFab platform which has a strong network launchpad built out from public-private partnerships. Though it’s designed to serve a public, peer-to-peer Smart Manufacturing Blockchain, it’s utility is designed to be complementary to third party standalone solutions, such as those future supply chain blockchains which are more inward-looking, private enterprise based supply chain blockchains.
High costs related to procurement brokers and agents when
sourcing materials
To source parts, companies hire an internal procurement manager (or rely on externally-contracted brokers or agents) to search for and order parts. Companies compensate for procurement salaries and commission bonuses, paying brokers “finder’s fees” or taking a markup fee on top of the manufacturer’s quoted price – which affect overhead costs that lower overall revenue.
Smart Contracts for Transparent Procurement Processing
Using SynFab’s future procurement process, Smart Contracts will store RFQs, quotes and encrypted intellectual properties, on the Smart Manufacturing Blockchain, but only allow access to those with allocated rights to track, record and monitor a manufacturers’ assets.
Conclusion:
manufacturer can also allocate a larger amount of MFG to further incentivize the purchaser to select their quote as the winning bid. This incentive model will also help to resolve rare occurrences where purchasers will receive bids of exact amount from multiple manufacturers - a bid with a reward will make it more favorable. Additional benefits to purchasers.
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