SyncFab - Revolutionizing Manufacturing with Blockchain
So, what is Syncfab? It is a supply chain management tool that will allow you to procure track and organize your local parts production so you can source something like CNC machining or welding near you. Initially it'll be for the USA and I’m sure they've got aspirations of going global. If you don't know what is CNC is, it’s actually computer numerical control it just means use these machines to cut and manufacture parts. Basically, using a computer to control the cutting etc. As far as the competition goes I don’t believe there is any for this particular ICO and that's a really good selling point for me. They are pretty unique, there are not going to be any other companies coming out trying to do a blockchain for this kind of supply chain management which is good. They've obviously identified finding parts manufacturers as a big problem in the USA in particular and if you can’t find them in the US, it's going to be a difficult globally as well. Even a quick google turned up and quite a few results for individual companies but no real platform that you could get your parts manufactured on. You'd have to go through the lengthy process of contacting each company individually, telling them your requirements, getting a quote. Typical way that business has been conducted previously before blockchain technology came along. This technology could be quite disruptive for the industry if they can implement and as far as I am aware they don't have any competition even centralized or decentralized so that’s a big bonus for them.
The problems they want to solve, first off, it's very difficult for small businesses to get anything manufactured. Basically, manufacturers prefer larger order so they prefer large companies and this doesn't allow smaller innovators or entrepreneurs, smaller manufacturers to get involved. It's very difficult, it’s expensive, it really is time-consuming and annoying. I used to work a company related to that in Berlin so I know, I've got experience and we used to have to really search high and low for companies that were willing to fabricate a stuff for us. It's difficult, it is a pain and this app, this blockchain, this project should hopefully go somewhere to making it a lot easier for small business to access parts manufacturer. The other thing is there's opaque procurement process and again there's no visibility, there's no transparency using the blockchain will obviously solve that. 31 percent of buyers they say, finding the right manufacturing supplier has been a problematic issue. I completely agree with that. I think that’s your first point of contact always going to be on the internet. You google, you might not find anything, you might have to search for a long time on the internet to find something that might even be suitable for what you're looking for. And then you’ve got to contact them, maybe visit the factory, it's very difficult. Another problem they see is outdated technology so current tech and manufacturing processes are outdated they say. Inefficient product procurement processes account for a yearly loss of 1.5 billion in revenue within North American businesses. It's the old world isn't it, fallen company up, the purchase orders being sent paper, it really is antiquated and now we have the blockchain technology hopefully this will all go away. The other problem and the final one is little to no IP protection. So, there's no protection for your intellectual property. If you've got a factory and get something made it can be easily stolen or copied. And it says, thirty nine percent of businesses have experienced a breach in the last 12 months. That's not surprised and of course having the immutable ledger and the blockchain will go some way in protecting that and curbing that problem.
The aims of Syncfab are to provide supply chain platform that is tokenise, incentivizes people to use it. They're obviously going to use the blockchain, public blockchain and a private blockchain as well. They're going to have an app that will allow people to find manufacturing plants or find parts manufacturers. So, it’ll be a lot easier than the current model which is very tedious and time-consuming and annoying. And that will be eliminated so you won't have to use any intermediaries, there will be no third parties, you'll be going straight to the manufacturers getting help easily and hopefully being able to get your equipment manufacturer. Obviously, this is initially focused on computer numerical control machining and milling, welding as well but obviously you could see this being applied to a lot broader applications within the industry. They are going to connect you directly using the app and this is going to be a benefit to the manufacturers as well as they will get customers straightaway. It will all be done through smart contracts on the blockchain so you might not have to worry about getting paid and it will really improve and potentially be a big disrupter to this industry.
If we look at the global market, we've got 500-billion-dollar potential market and that’s for global precision metal fabrication. When I say precision metal fabrication, we're not talking about some blacksmith banging, a metal on an anvil. We're talking about machining, milling and the CNC machining. Almost like a niche within the metal fabrication or other fabrication. You also have welding and numerous other different metal fabrication techniques, casting, forging etc. and that's just for precision metal fabrication. 75 billion for the us machining and metal stamping market alone. That is phenomenal and we use metal everywhere, you'd be very surprised actually how much industry is geared towards or around metal manufacturing inspection and maintenance. It really is a phenomenal amount of money. And California alone where they are located in Silicon Valley, 9.5 billion from machine shops in California receipts alone and that's working at a 50% capacity they're not chugging away a hundred percent.
Website: blockchain.syncfab.com
Twitter: https://www.twitter.com/syncfab/
Facebook: https://www.facebook.com/syncfab/
Telegram: https://t.me/syncfab
Whitepaper: https://blockchain.syncfab.com/SyncFab_MFG_WP.pdf
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=2286102.0
Authored by: donniedarko
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