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.
Connecting purchasers with manufacturers in the IIoT through its business-to-business (B2B) SaaS ecosystem, SyncFab creates a public, peer-to-peer ecosystem whereby purchasers can find companies capable of advanced machining of on-demand precision parts production and engage participants passionate about improving efficiencies in the supply chain. While the government built the Internet (ARPANET), SyncFab believes the IIoT will be built collaboratively, through public-private partnerships (of which SyncFab has formed). Such cross-sector partnerships will collect and combine best practices and share wisdom from multiple perspectives.
Inventors, innovators, and designers enter an interactive, cloud-based portal where a growing network of certified machine shops and advancedmanufacturing facilities are mapped by several criteria, such as, who is local and clean.
With SyncFab’s curated and adaptive services, companies attempting to shift their manufacturing processes to high-tech smart factories, and those exploring ways to optimize their “cost-to-serve” process (lowering overhead costs per customer account) can find solutions such as sourcing, tracking and organizing precision parts production and improved procurement systems.
A recent report found that U.S. companies spent an estimated $20 billion in 2012, and are forecasted to spend approximately $500 billion by 2020 on smart technologies.
In the 2016 Forbes’ Manufacturer Outlook, 32% of companies surveyed said their corporate strategy largely relies on integrated technologies via the IIoT. See Chart: Putting Technology in the Supply Chain.
These forward-looking companies are the customer base for SyncFab’s services.
Essential to SyncFab’s Smart Manufacturing Blockchain will be the use of the MFG Utility Token, a first of its kind to incentivize community users to embrace blockchain technology. Core to the blockchain’s adoption is a shared sense of trust between purchasers, developers and manufacturers built on a public and more transparent supply chain system, where small to medium-sized manufacturers can access a blockchain and be a supplier in spaces where they are currently obscured.
For example, to compensate for work done on RFQs creates more responses to the just-in-time needs of supply chain purchasers and buyers. Purchase managers cut through trust issues and delays with blockchain’s inherent transparency into cost and quality control.
With the MFG Token’s launch, SyncFab serves as an early adopter, protocol developer and integrator of Smart Contracts into the manufacturing supply chain blockchain. The MFG Token will be utilized firstly on SyncFab, secondly on SyncFab's soon to be developed Smart Manufacturing Smart Contract Ethereum Blockchain and ultimately adopted by new and emerging partner manufacturing supply chain blockchains using SyncFab's developed blockchain smart contract protocols or their own with the industry's first MFG Token Smart Contract-based incentive mechanism.
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.
- Eliminating Middleman. SyncFab aggregates all orders and sends requests directly to manufacturers that match the buyer’s requirements. Buyers can monitor all their parts in production from one place and have the parts delivered directly to their business. - Promoting Small Businesses. SyncFab develops the technology to promote local manufacturing businesses, provide buyers with easy parts production, streamline the manufacturing process, and incentivize buyers and manufacturers with rewards for their efforts. - Incentivizing the Working Class. The MFG Token is a utility token used to reward purchasers and manufacturers, make payments, protect intellectual properties, and promote trust and transparency through its execution of smart contracts on the blockchain. - Innovating Industry Technology. Decentralized app (DApp) will be the P2P IIoT manufacturing procurement network available to the public. It will eliminate intermediaries and brokers form the manufacturing process and giving everyday innovators and small businesses the power to manufacture.
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Attention. There is a risk that unverified members are not actually members of the team
$18 399 598
$11 710 577
$50 337 532
SYNCFAB is a platform which revolutionizes the manufacturing supply chain by connecting the buyers directly to the hardware manufactures through block chain.
SummaryFor users wanting a better way to obtain goods from manufacturers, SyncFab might be a great option. Not only does it’s network create faster orders, but also MFG tokens are used to reward both buyers and sellers. It’s an ICO that will take time, but it might show some promise once its products are fully released.Positives Dedicated Team: With over 10 members, SyncFab has a team filled with individuals who are passionate about the project’s future development. Silicon Valley Project: Since its developed in one of the most prevalent tech locations in the world, SyncFab is a reliable ICO that’s backed by high-end technology. IoT and Blockchain: SyncFab infuses both forms of technology to create a decentralized platform where both buyer and manufacturer can benefit from working with each other anonymously. Negatives Worldwide Reception: While SyncFab was founded in the US, we wonder how it’s going to expand to countries within the European and Asian regions. Lack of Milestones: SyncFab doesn’t display its milestones on its website, making it hard for new users to notice the long-term appeal of it. Dispute Resolution: Even though it has smart contracts for payments, how does SyncFab assist in resolving conflicts between manufacturers and buyers?
This is a project managed by a team who are demonstrating a first-rate ability to cover all of the angles. When we cover any ICO at ICOExaminer, in almost every case we find ourselves having to chase the project team to explain gaps in the information they either present on the website or the white-paper.
With this project, however, pretty much all of the information we went looking for was available to hand. There were none of the usual frustrations of having to track down simple contact details, getting our hands on something as basic as the project logo or finding out where the project is domiciled.
It was all presented upfront by a team with the foresight to see that these might be required for a token sale. Under general circumstances, that may not sound impressive – but when you have liaised with innumerable project teams like we have, it gives off the very strong impression that communication, due diligence and transparency are the key strengths of the team that will be driving this project.
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