For a long time, our trading activities often involve a lot of intermediaries in between. While they may seem important for both parties of the trade, intermediaries create a range of problems for the business deal. First off, there are often issues of trust, which is common in trading transactions. And a significant problem is the manipulation in term of price and the quality of the product.
For the manufacturer, it may spell doom for his reputation, while the consumer has to fork out more than enough money to meet the price. However, the search for a channel to connect us to the product manufacturer might finally be over with the help of blockchain technology. New ventures are planning to harness the potential of the technology to have a safe, secure and direct contact channel with the manufacturers.
What Is SyncFab Blockchain?
Synchronized Fabrication is a Silicon Valley-based company with intentions to integrate the use of smart contract technology from the Ethereum blockchain into our existing supply chain management. Their blockchain platform, SyncFab will work to reform the manufacturing supply chain by associating the consumers or buyers to the hardware manufacturers. By doing this through the blockchain, SyncFab expects to lower the costs fo getting the product to the customer and consequently earn more revenue.
How SyncFab Smart Manufacturing MFG Token Works
The SyncFab platform will harness the power of blockchain technology and try to connect with the IoT to provide manufacturers and their consumer the high quality streamlined data to process. The connection of purchasers to the manufacturer will occur through an IIOT system to form a business-to-business SaaS ecosystem portal. The peer-to-peer public structure will allow the purchaser to find companies capable of manufacturing-on-demand precision hardware.
Once the user sees a suitable manufacturer, he can pay for the product in the form of Manufacturing tokens (MFG). The MFG token is integrated within SyncFab as a utility coin to complement the third party standalone solutions and facilitate all transactions within the platform. The agreement occurs through the platform, and the manufacturer releases the product from the warehouse to the buyer.
Is SyncFab Blockchain Helpful?
As an existing procurement and supply chain management tool, SyncFab has particular benefits to provide for its buyers. These include
- The manufacturers offer high-quality quotes- direct contact with the manufacturers means the best prices straight from the source
- Use of smart contracts- the digital agreements are a safe and secure way of guaranteeing payments between the trading parties.
- No monopoly- both the manufacturers and customers have complete control over the ecosystem and the pricing of the products.
- No need for extensive processes- the convenience of the platform allows for fewer issues of overheads which helps bring out the best regarding quality products.
- Product tracking- the use of real-time technology within blockchain will have the user enjoy on-demand monitoring, reordering, and purchasing.
Can SyncFab Blockchain Have A Digital Footprint?
Manufacturing supply chains involves complex and dynamic processes. However, SyncFab can help make it simpler and efficient for both the manufacturer and the customers. And with the current supply system facing challenges, perhaps, the adoption of smart contract technology may prove to be useful for our transactions. In conclusion, SyncFab has potential to launch a whole new Smart Manufacturing Blockchain that can revolutionize the supply chains and improve our trading relationships.