SyncFab. Manufacturing and Blockchain

Many blockchain projects have been launched recently which will certainly affect many industries in near future. Today I want to talk about decentralized platform for supply chain - SyncFab. This project is definitely of some interest because it directly applies blockchain technology to existing industries, and there are currently only a few applications like this on the market. It is worth mentioning that this platform is already available to use, as SyncFab 2.0 was launched last year.   

Project SyncFab

One of the main aims of the project is to contribute to the ever fast developing industries. How? And what is SyncFab? SyncFab is a decentralized platform built on blockchain technology and enables companies to arrange the chain of supply of equipment directly from the manufacturer. What is the main feature of the project? An important component of this project is that the platform will establish procurement and production on the basis of P2P (peer-to-peer). This means that it will be possible to remove the unnecessary middlemen from the supply chain process, and to get required supply directly from manufacturers.

The platform uses smart contract to add to the transparency of the process too. But that's not it all. In order to make this platform most reliable and the user relationships within the platform  -  most confident, the project team is building a whole system of smart contracts, and this will include payments, insurance, production smart-contracts.

How does this platform operate?

Let me explain in simple terms.  You are the customer and your company either needs to make new equipment or buy a ready-made one, and of course to get it delivered. To do this, you simple go to the platform SyncFab, where you can find all reliable manufacturers listed, who will have a complete description of its capabilities for the production of parts in the profile. Once you found a suitable manufacturer, you can just checkout and receive direct supply. The next step will allow you to check on order details, production and delivery timelines and agree with the terms and conditions by accepting this smart contract. Your transaction will be verified by SyncFab Manufacturing Blockchain, which will confirm the order placement. 

Token MFG

MFG will be used to run the platform. It will monitor all payment transactions, and will be used as currency too. Using the token will ensure the safety, reliability and transparency of transactions.   These data tokens will help to administer smart-contracts.  And this is important, since a smart contract will be store user identification data, transaction information, documents, company profile and order history. 

How does SyncFab help the industry?

Industry makes a significant contribution to the development of the world economy. However, there are some issues here. Particularly this is noticeable within small and medium-sized enterprises, which have a problem in finding reliable manufacturers and suppliers of equipment. The paradox is that manufactures are facing the same problem, the lack of reliable and responsible customers. The main objective is to connect both sides and to make their collaboration very simple and transparent. That's the main project’s aim, which will provide easy communication between both parties and will lead the process of procurement and production to a new level of equipment. 

Road Map

Conclusion

I have outlined the main of purpose and features of this project in simple language.If you would like to find out more about the project and to understand it in more details, please check the platform itself. I strongly recommend reading the information provided on the project's website and in the white paper, as well as watching a video on Youtube. This project has great future prospects, and is already in demand in emerging markets that are on a mission to simplify the process of interaction of manufacturers and buyers. Particularly, it is worth to highlight:  SyncFab is a venture that was launched back in 2013, and which helps owners of CNC-equipment to find buyers. The mechanism behind it is very simple, and sheds some light on what SyncFab will be in the future.

Official website:  https://blockchain.syncfab.com/
Bitcointalk: https://bitcointalk.org/index.php?topic=2286102.0
Whitepaper:  https://blockchain.syncfab.com/SyncFWP.pdf
Telegram: https://t.me/syncfab 

Author: saycryptohello, profile: https://bitcointalk.org/index.php?action=profile;u=1336255