What’s Next in the Manufacturing Industry?

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We first experienced a massive industrial revolution with the rise of the steam engine and assembly line production, both of these massively improved the productivity and the scalability levels. Then with the digitized era fueled by the Internet, we took manufacturing to a global scale by relocating productions to low-cost countries to create more massive specialized factories to streamline the creation process further.

With the advent of 3D printing, however, a paradigm shift is inbound, suddenly ordinary people can create objects and products in the comfort of their home, a task that was attributed to big specialized companies. With this new infrastructure at our disposal, there’s an ever-growing need for a bridge between the ones who produce and the actual buyers.

SyncFab: Decentralized Manufacturing

By bringing together the public and private sector with manufacturers from all over the world, SyncFab has created a decentralized manufacturing platform that will connect buyers directly to the suppliers of manufacturing services. The ecosystem will be powered by the MFG Utility token, an ERC20 based token that will make use of the Smart Contracts feature that will ensure scalable relationships between consumers and manufacturing players.

How can we lower the manufacturing prices?

Usually, the high cost of a product is mainly due to procurements brokers and agents that source materials through a veiled chain of command. Each link in this chain takes it’s toll and then it finally ads up to the pumped-up price of the final product. SyncFab strives to create a highly productive network of suppliers for the manufactures to lower the production costs and streamline the commercial process ultimately. Some of the current challenges of the global production market would be the following:

• High minimum requirements for production
• Minimum performance track record for suppliers
• Storage solutions for intermediary production
• Lack of capacity and capability benchmarks for suppliers
• Labor hours loss due to inefficient procurement processes

The MFG token, the manufacturing store of value

With the help of the distributed ledger technology, however, all of these issues can be solved as blockchain technology offers an unparalleled level of transparency and long-term scalability. The MFG token will become the standard commodity about the global manufacturing market. As the SyncFab platform grows even more significant, so will the value of the MFG token. Users will be able to use it for its utility on the platform or only store it for its value.

The MFG token acts as a two-way street, meaning that consumers will be able to incentivize the manufacturing suppliers for the quality work the deliver and manufacturers can create loyalty programs based on the Smart Contracts architecture. Thanks to the almost instantaneous transaction times of the SyncFab network, production at scale can be deployed virtually anywhere. The total number of issued MFG tokens is 1 billion; any unsold tokens will be destroyed once the distribution event is over.

As the blockchain technology develops at light speeds, it will be interesting to see where a platform like SyncFab
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