TL;DR

SyncFab is a platform to revolutionize the procurement process that has long been plagued by hefty reliance on middlemen. SyncFab incentivizes manufacturers and innovators to work with each other directly.

SyncFab offers other benefits like IP protection and real-time tracking of products that are being sourced.

Read on to find out how SyncFab achieves these.

Part 1: Introducing ICO: What is SyncFab

With the expansion of globalization, the world’s economies have become more intertwined than ever before. This allows business, both small and large, to easily interact with suppliers and buyers in countries across the world. This has led to extremely globalized supply chains. Products are being sourced from half-way across the globe and being shipped out to dozens of countries.

Tracking all the data necessary—transactions, inventories, sourced product status, etc.—is quite difficult. Companies are leveraging technology to make the management of all this data possible. Large companies are leveraging enterprise resource platforms and advanced supply chain management software to sustain growth and global expansion.

Small companies, however, have limited ability to utilize expensive software, especially if customization is needed. Moreover, entrepreneurs are finding it increasingly hard to manufacture products of their choice within their own countries. Today, most countries specialize in the development of products in which they have and can maintain an absolute advantage.

To source products, large companies utilize internal and external procurement teams or agents. These middlemen enjoy strong profits by linking relations between manufacturers and buyers—this is quite odd given that communication is so strong in today’s world. The only issue is that there hasn’t been a means to accurately leverage technology to streamline procurement needs.

Moreover, the situation is often more dire for entrepreneurs. As mentioned earlier, since many products are not made in every country, the individuals must build cross-border outreach. In the present state of procurement, these individuals must rely on brokers to connect them with manufacturers who do not entertain direct contact. These individuals face high broker fees and procurement costs.

There is far too much inefficiency in the present state of the global supply chain.

The need for middlemen in the digital era should be moot. Additionally, cross-border direct connectivity between companies or entrepreneurs and manufacturers should be a reality.

SyncFab is the Solution

SyncFab is an existing Silicon Valley-based tech firm that provides supply chain management system. The company wants to expand its abilities and resolve the major umbrella problems that are present in today’s supply chain.

SyncFab wants to create a smart manufacturing blockchain where data is accurately stored and transparent, transactions are secure and transparent, product lifeline is trackable, and communication between buyers and manufacturers is incentivized.

Some of the goals are easy to achieve. As the platform is based off the blockchain data and transaction security and transparency is achieved by the very nature of the blockchain. SyncFab wants to leverage the blockchain further to ensure intellectual property rights are not transgressed; given that many other blockchain services are pursuing this, valuable partnerships can be made between IP security projects and SyncFab.

The main challenge that remains is to boost communication between buyers and manufacturers to remove the middleman layer that unnecessarily raises costs of procurement.

To resolve this, SyncFab has created a mechanism to incentivize the communication as such:

• Buyers can offer MFG tokens for manufacturers as a reward for bidding on their request for quote (RFQ); the winning manufacturer isn’t the only one who gets a share of the reward pool offered. A number of the top respondents share it. Manufacturers, with an aim of earning an additional revenue stream, would be incentivized to pursue these MFG token rewards by bidding on RFQs.

• Manufacturers can incentivize buyers to maintain constant communication with them by offering MFG token rewards for reorders.

This way, manufacturers seeking token rewards place bids, and buyers seeking token rewards maintain relations with manufacturers.

The incentivization concept is brilliantly designed because, while it certainly incentivizes relations between buyers and manufacturers, it also gives a cyclic value to MFG tokens and ensures sustained presence of users on the SyncFab platform.

Be a part of this revolution to remove middleman with the SyncFab ICO.

Part 2: Essential Information

🌐 Website: https://blockchain.syncfab.com/
💡 Whitepaper: https://blockchain.syncfab.com/SyncFab_MFG_WP.pdf
👨 ANN Thread: https://bitcointalk.org/index.php?topic=2286102.0
💻 Telegram: https://t.me/syncfab
⌚️ Token Sale: FEB. 15 – MAR. 15
📃 Ticker: MFG
👂🏻 Token Type: ERC20
🔗 KYC: YES
💰 Accepts: ETH
👔 County: USA

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