Menu

IoT FEATURE NEWS

Manufacturing's Connected Future: SyncFab's CEO Sees Extraordinary Future Gains When the Supply Chain Meets the Blockchain

By

SyncFab, the industry first manufacturing blockchain for Industrial OEM supply chain procurement management, has taken on the challenge of harmonizing Supply Chain 4.0, and for years has been developing a procurement platform able to support increasing manufacturing partners on their digital procurement platform.

This week, at the IoT Evolution Expo, SyncFab’s CEO, Jeremy Goodwin, will share his company’s experience in successfully integrating blockchain into procurement and manufacturing supply chain processes as part of group of experts coming together for an educational and certification event on Tuesday, January 29, in Ft. Lauderdale, Florida. (link to page)

“We’re delighted to have Jeremy presenting insights and examples at this first-of-its-kind event,” said Don DeLoach, organizer and moderator of the half-day session, “as some of the greatest gains we’re witnessing in the IoT world is coming from Industrial IoT applications, but connected factories, made more productive by improvements in procurement systems need more scalable data management solutions, which blockchain is ideal for.”

“SyncFab has made tremendous strides in the ongoing development of our existing web 2.0 procurement platform,” Goodwin said, “and are now adding blockchain functionality as a precursor to our 3.0 Testnet launch later this year. Timing couldn’t be more perfect for sharing our vision and roadmap at this week’s expo, and for interacting with many of the top minds in IoT and blockchain.”

Headquartered in Silicon Valley, SyncFab’s development team has already integrated a dedicated, fully functional Digital Wallet for the MFG Token with its procurement platform for use with manufacturing service RFQs and purchase orders. Following this recent milestone, the company is continuing to contribute to the Supply Chain 4.0 revolution by integrating more manufacturing partners on the digital supply chain procurement platform.

“We're having a strong start to 2019, which will include launching initial test trials with select users,” Goodwin said. “We will be adding more users as our Official MFG wallet or other compatible digital wallets of our customers’ choice.”

Ongoing testing of the official MFG wallet includes MFG purchases for manufacturing services to be incorporated in the RFQ submission process along with use of MFG tokens to incentivize manufacturers to join SyncFab and submit quotes.

Taking their unique exchange approach a step further, SyncFab will be distributing MFG rewards even to those bidders who don’t win, as an offset in recognition of the effort required for making their bid for the RFQ.

“We’ve also been busy contributing to the overall blockchain community, including the Linux Foundation Hyperledger project,” Goodwin said.  

Due to Ethereum’s scalability issues, SyncFab has been developing its own Ethereum-Hyperledger hybrid as a permissioned blockchain network. The solution is designed to provide streamlined support for parts procurement and supply chain processes.

A Testnet has been launched and its integration with client applications is well underway. Mainnet is expected to be fully functional by early Q1 2019.

Other development activities begun in 2018 and continuing in the new year are optimization of the internal platform’s capabilities and improvements to the user interface to minimize data discrepancies. Digital checklists will guarantee that procurement managers can provide users with a quicker production and delivery of manufactured parts.

SyncFab is on its third iteration of their Dapp, which focuses on user experience, one of blockchain technology’s most underdeveloped features.

Chief Design Officer Dennis Delgado stated in an update from the company that they are incorporating Google Material Design components and principles as an effort to establish a new standard of blockchain usability.

Requests for quotes (RFQs) can now be submitted by simply uploading parts drawings and purchase orders. Likewise, buyers will be able to apply MFG tokens to RFQs as an incentive for suppliers to quote jobs.

“We are constantly working with and listening to our customers and partners, which will be one of our main themes in engaging with the attendees this week,” Goodwin said. “Great platforms are built collaboratively, and sustainable business value is created collectively. Only when open platforms are built with open discussion can we make the kind of headway we have all envisioned, as the material gains for the combination of IIoT and blockchain are so inevitable. We’re excited to not only share our experiences and recommendations for how this community can thrive, but to learn from so many visionary and successful leaders in both fields this week.”

Founded and headquartered near Silicon Valley, SyncFab is a distributed manufacturing platform that streamlines the way buyers procure, manage, and track precision parts production securely using blockchain technology.

 Through partnerships with federal and municipal government initiatives, SyncFab helps spur economic development by making regional suppliers with idle manufacturing capacity more accessible and responsive to buyers to enable a shift towards cleaner, local manufacturers worldwide.

SyncFab is Partner to CESMII, The U.S. Department of Energy’s Clean Energy Manufacturing Network appointed by the White House. SyncFab municipal partners include San Francisco, San Leandro, Oakland and West Sacramento.




Edited by Ken Briodagh
Related Articles

Teledyne Agrees to Purchase FLIR Systems for $8 Billion

By: Maurice Nagle    1/4/2021

Teledyne Technologies and FLIR Systems jointly announced a definitive agreement where Teledyne will purchase FLIR for approximately $8 billion. The ca…

Read More

Connecting Things with LoRaWAN in the Golden State: California CLEC Partners with Senet To Deploy and Scale IoT Networks

By: Arti Loftus    12/18/2020

As evidence that Competitive Local Exchange Carriers (CLECs) in the US are pushing beyond their traditional voice and data offerings, GeoLinks, a Cali…

Read More

Innovation in The Time of COVID: Smart Wireless Sensor Networks for Smarter Social Distancing

By: Shrey Fadia    12/15/2020

As we witness a third surge of growth in the novel coronavirus pandemic, with some countries reaching the same or higher levels of cases as we enter t…

Read More

As the Pandemic Continues, Telehealth Connected Devices Becoming more Common in Healthcare Industry

By: Matthew Vulpis    12/11/2020

Prior to the pandemic telehealth services were used by 15,000 fee-for-service beneficiaries per week. Since March, when the pandemic officially began,…

Read More

Chipset Specific, Integrated Passive Devices (IPDs) Simplify Development of Next Gen Wireless IoT Applications

By: Special Guest    12/7/2020

For the next generation of low-cost, battery operated, wireless IoT products, the design goal is to provide exceptional RF signal range and stability,…

Read More