Decentralization has been proven beneficial to all types of businesses. Manufacturing is the next stage of the decentralization journey. So Far, the leader has shown to be the SyncFab Company. It has been in business since 2013 and it has collaborated with the San Francisco, San Leandro and Oakland as part of the civic innovation Startup program while being recognized by the Department of Energy and Commerce at the White House.
The innovation idea behind SyncFab is a Blockchain-based Smart Contract and Token System that combines seamlessly into the existing manufacturing and bidding platforms. The idea behind it is to simplify and accelerate the manufacturing process by selecting the capable and reliable seller according to previous experience reviews in order to accomplish a timely and accurate product delivery.
Companies within the United States are heavily investing in IIOT (Industrial Internet of Things) technologies. An approximate projection of spending is estimated to be around $500 billion by 2020. Additionally, for every dollar spent on manufacturing within the United States alone, $1.81 is expected to be added to the economy.
According to the worlds of Jeremy Goodwin, CEO of SyncFab,
“the world is at the brink of the 4th Industrial Revolution and the novelties that disruptive Blockchain technology and IOT can bring in place let projects that SyncFab to reshape typically slow and manual processes like manufacturing one to a digital, automated and fast-paced network operating in a global scale on a single and efficient platform.”
The existing model is multifaceted, including manual and time-consuming activities like outreach, procurement, bidding, shipping, and tracking. The biding processing is at the same time tiring, obligatory and not rewarding for manufacturers. This makes the whole process slow, lagged or missing. With SyncFab, the bidding process becomes fast and efficient, and at the same time, manufacturers are compensated for participation, either they win the bid or not.
The IIOT manufacturing Blockchain of SyncFab allows manufacturers to list their matching capabilities straight to the platform and hardware buyers send part orders directly to them. Though Smart Contracts, the production standards, the Intellectual Property and the payments are guaranteed and protected. This will all be powered by their MFG Utility Token.
Using MFG Token, buyers could select from cheaper and higher quality quotes from the source, connect with a local network of vetted manufacturers, secure transactions and connections through smart contracts and have on-demand purchasing, tracking, and reordering. On the other hand, manufacturers can reduce marketing costs; keep control of their pricing and capabilities, guarantee payments through smart contracts and focus on producing the best quality products.
SyncFab revolutionizes manufacturing by connecting buyers directly to hardware manufacturers. This can create manufacturing jobs at both the machine shop and the manufacturer. Other jobs would be created in shipping, delivery, truck driving, and shipping and receiving. SyncFab project can be proved to beneficial to all economic entities involved just by using the affordable Blockchain technology and Industrial Internet of Things capacities.
To learn more about the project, please visit: https://blockchain.syncfab.com/
You can read their white paper here : https://blockchain.syncfab.com/documents