SyncFab- THE NEXT PHASE OF MANUFACTURING
We are at a crucial transition point in industrialization as was the case in the 19th and 20th centuries. Technological advancements in various fields have encouraged the need to adopt a new efficient way of manufacturing. The current system is able to meet its target but there are so many hurdles making it costly for each production unit. Manufacturing companies are targeting worldwide sales and any hurdle along the supply and demand chain is set to affect this goal. New ways are being developed to eliminate elements within the manufacturing industry that prevent efficiency and maximization of output by manufacturers. Thanks to the creation of blockchain technology, bypassing most of these hurdles has been made possible. Blockchain is safe, secure and it promotes a one on one approach of any transaction carried out on its platform.
SyncFab is the company that intends to use blockchain technology to create a more efficient manufacturing system that will meet growing demands with minimal cost per unit of production. Reducing the cost of production is an important element in streamlining the manufacturing industry. There are a few factors that cause an increase in production costs which SyncFab plans to eliminate. Procurement procedures are one of the major hurdles that hinder cheaper production costs. These procedures are time consuming wasting a lot of useful man hours that would have been spent in a more productive way. Most of the time, procurement of desired manufactured goods is never done on a business to business level rather brokers and other third-party elements are involved. This lengthens the process and incurs more costs as brokers and agents try to get a sizeable cut for themselves from the deal. Before manufacturing of the product finally starts, a lot of precious time has been wasted and the need for the product becomes greater. Some manufacturing companies take advantage of these needs and charge even higher for their ‘express’ services. The resultant domino effect is a higher production cost and a higher cost of product for consumers.
In some cases, problems occur after the manufacturer has been cleared to start production. The production capacity of some of these manufacturing companies may not be available; they however give you assurance that they will meet the demand within the specified time limit, however come a few days before the deadline and there is substantial doubt of the progress they have made. Tracking the progress of our product becomes difficult. If you are lucky, you will have all your products delivered, at a later date. The unlucky ones usually find out later that their demand cannot be fully met by the manufacturer and they have to incur extra costs to fully meet their product needs. Syncfab will remove any element of luck from these procedures and make it a fact to provide clarity and transparences.
One of the problems faced by the manufacturing industry that damages the trust between the manufacturing company and its client is the loss or leakage of the intellectual property of the client. This has been experienced around the world. The best example would be in the mobile phone industry where products similar to high end flagships hit the market just before the original product is released. This often leads to a decrease in expected sales as some consumers may not be aware of the differences between the original and the copied version of the product. These are just some of the challenges SyncFab wants to eliminate.
SyncFab has a well laid out strategy for combating all these challenges; the use of a direct approach in procuring products or services is one of the many ways they intend to do this. By connecting businesses within its platform, SyncFab will have eliminated brokers who usually slow down this process. Manufacturers will be able to send their quotations upon request and production can begin as soon as an agreement has been reached. The time saved will provide the basis for more available production time in future requests. This will reduce production costs and production time greatly. Manufacturers will be required to display all their data including their manufacturing capacity and previous accounts of customer orders fulfilled. This will act as evidence to the buyer that the manufacturer is capable of delivering the requested services. Manufacturers will also be required to avail information pertaining to the state of production of the requested products upon demand by the buyer. This will be made possible by product tracking within the SyncFab system which will be able to predict a date or time of completion of the requested products.
This peer to peer system encourages the development of small scale manufacturers who may be best suited for buyers with low quantity demands. Most large-scale manufacturers usually have a high minimum unit of production which discourages buyers from ordering and may sometimes cause buyers to opt out of a business in case a small-scale supplier is unavailable.
SyncFab will also develop an incentivized system which is meant to promote cheaper and quicker transactions within the platform. The system will involve use of MFG tokens as the rewards for performing certain tasks within SyncFab. MFG tokens will be one of the modes of transaction within the SyncFab ecosystem. Buyers will be receiving incentives in for of these tokens when they place order forms in the platform. These MFG tokens may act as discounted prices as they can be used in transacting other businesses within the system. Manufacturers also receive incentives but from SyncFab itself. Incentives received by manufacturers are based on how fast they accept orders. SyncFab will create a bidding centric environment where manufacturers will receive orders and will place bids on the orders. The quickest, cheapest and most qualified bidder will win the order and MFG tokens will also be rewarded.
The atmosphere SyncFab is aiming at within its set up is an inclusive space for all parties involved in the supply chain of products. Exchange of ideas will be encouraged to promote a more holistic system which will provide the basis of the future of manufacturing. To further understand the view SyncFab has for the manufacturing industry visit https://blockchain.syncfab.com/SyncFab_MFG_WP.pdf .
There is a token distribution event that is currently underway. This event is aimed at involving the public, by offering 30% of the available one billion tokens for sale, in the building of this system. Ethereum will be the accepted form of payment. To learn more and participate in the token distribution, while getting help for any questions you may have please follow any of SyncFab’s contact links below.
Website- https://blockchain.syncfab.com/
Twitter- https://twitter.com/syncfab
Facebook- https://www.facebook.com/syncfab/
Medium- https://medium.com/@SyncFab
Telegram- https://t.me/syncfab
Bitcointalk- https://bitcointalk.org/index.php?topic=2286102.0
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