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Tuesday, February 13, 2018

The manufacturing boom meets blockchain - a look at SyncFab...

I've always found these kind of projects the most interesting - when an existing business in an existing field, discovers blockchain technology and finds ways to improve the way they function by implementing it - because they're ready for blockchain, right now!

That's exactly what SyncFab is - founded in 2013 they're already successful in the manufacturing and supply chain fields.

It could also be perfect timing - the US economy is in the midst of a manufacturing boom that could see it taking the #1 spot back from China within the next couple years.

Having experience in these fields, SyncFab identified some problems they believe blockchain can solve. Medium and small businesses face a number of challenges when comes to getting access to hardware manufacturing companies, which currently  large procurement firms, and middlemen control.

SyncFab's solution is actually pretty simple - which is a huge plus because their goals seem reasonable and attainable.  An online decentralized buyer-to-manufacturer platform.

"We have received overwhelming support from end users and industry professionals regarding our plan to implement digital tokens to incentivise working class manufacturers to adopt our blockchain solutions." says CEO Jeremy Goodwin.

Manufactures join the platform and list what their machines and factories are capable of producing.  The buyer joins the platform and explains their needs.  Then this will send buyers requests directly to manufacturers that match the buyers needs, and secures the agreement with smart contracts on what they're calling the "Smart Manufacturing Blockchain".

They've also worked out some pretty impressive partnerships beyond private interests in their industry, the city of San Francisco and their home city of San Leandro in the Bay Area through the STIR 'Startup in Residence' program.

So where does a token fit into this? Their MFG token will function as a utility, and reward token. Allowing buyers to get quotes, make purchases, and secure transactions - and allowing manufactures to control pricing, eliminate middlemen by connecting directly to buyers, and guarantee their payments via smart contracts. There will also be a rewards program for using the platform.

Their presale is live now, more info at https://blockchain.syncfab.com/

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Author: Ross Davis
San Francisco News Desk