The MFG Token provides the incentive for precision parts suppliers to be more responsive to RFQ's (Requests for Quotes) initially on SyncFab ultimately on the Smart Manufacturing Smart Contract compatible blockchain.
SyncFab Introduces BlockChain to the Advanced Manufacturing Industry
Jeremy Goodwin | SyncFab
What is SyncFab and what are your goals?
SyncFab provides a Smart Manufacturing Blockchain through public-private partnerships with manufacturers at the local, regional and national levels. Our goals are to advance efforts to decentralize manufacturing via a public, peer-to-peer ecosystem, powered by the MFG Utility Token.
What is the SyncFab token and what problems does it solve?
SyncFab envisions a vibrant ecosystem of purchasers, manufacturers, suppliers and logistics service providers actively buying, selling and ordering manufacturing-related services within the Smart Manufacturing Blockchain using Smart Contracts. Initially, incentives to join will be in the form of the MFG Utility Token, which gives value to tasks frequently done within the supply chain but which are not currently compensated, such as suppliers putting together quotes for purchasers. Incentives work for both purchasers and manufacturers as a way to bring them into the blockchain.
How big is the global manufacturing supply chain industry?
Industrial manufacturing in the U.S. steadily rose, with growth forecasted at 5% compounded annually into 2018. In 2014, an estimated $1.4 trillion in exported goods were made in the United States. U.S. companies investing heavily in IIoT technologies stand to gain yields from global demand as high as $10-$15 trillion by 2030, according to an Accenture Technology report.
How is SyncFab trying to disrupt this industry? How are SyncFab’s solutions unique?
Intermediaries and large procurement firms control the access into many hardware manufacturing companies. They increase prices, rarely provide Intellectual Property protection, and make it difficult for small innovators and medium sized business to easily source manufacturing. 31% of buyers cite finding the right manufacturing suppliers as being a problematic issue, 39% have experiences security breaches in the last 12 months, and inefficient product procurement processes account for yearly losses of $1.5 billion in revenue within North American businesses. SyncFab was established in 2013 and has developed a unique online buyer-to-manufacturer platform that aggregates all orders and sends requests to manufacturers that match the buyer’s requirements which is being further developed to decentralize direct access on the Smart Manufacturing Blockchain. This results in eliminating intermediaries, utilizing our Smart Contracts upgrades to streamline procurement processes, and eliminating wasted labor-hours on miscommunication that lead to manufacturing mistakes or delays.
You’ve talked about Industrial Revolution 4.0. What is this about, and how does it affect SyncFab?
According to a study performed by PWC and shared by the World Economic Forum in 2016, companies from all sectors across the globe are embracing “Industry 4.0”, or business in the digital age. About one third of 2,000 companies surveyed in 26 countries already rate their level of digitisation as high, and this value is expected to rise on average from 33% to 72% by 2020. In South Africa, the current level of digitisation and integration is expected to rise from 27% to 64% by 2020. SyncFab is uniquely positioned to be a leader in Industry 4.0 by streamlining and improving manufacturing.
Why would a small parts supplier want to work with you and how would that take place?
A small parts supplier can save on marketing budget and customer qualification time by simply listing their available capacity and capabilities with us so that they can focus on doing what they do best, which is making precision parts leaving the customer pre-qualification to us.
What advantage would a mainstream manufacturer have by using the SyncFab token?
In today’s environment of just in time supply chain requirements with ever tightening and complex supply schedules - the MFG Token provides the incentive for precision parts suppliers to be more responsive to RFQ's (Requests for Quotes) initially on SyncFab ultimately on the Smart Manufacturing Smart Contract compatible blockchain.
What are the risks to the companies that invest and use the tokens over the next few years?
The risk to purchasers of the MFG Token over the next few years are that the RFQ incentives or efficiencies of blockchain technology are integrated too slowly or rejected by the industry as a whole.
About Jeremy Goodwin
Jeremy is an international finance technology executive fluent in Chinese and French and social impact entrepreneur passionate about technologies improving the human condition. Currently, Jeremy is CEO of SyncFab, an IIoT Industry 4.0 Blockchain Manufacturing Industry Partner to the $140MM US D.O.E. & D.O.C. Clean Energy Smart Manufacturing Innovation Initiative (CESMII) appointed by the White House and US Departments of Energy and Commerce National Network for Manufacturing Innovation (NNMI). SyncFab is also the San Francisco Mayor’s Office of Civic Innovation - 2016 Startup in Residence (STIR) in partnership with the Cities of San Leandro, Oakland and West Sacramento. From 2008 - 2012, Jeremy served as Executive President and CFO of China Advanced Construction Materials Company, leading it to peak performance of 2,000 employees and NASDAQ IPO. As the only bilingual member of the company board of directors, he was responsible for negotiating large international contracts, implementing SOX 404 compliance, and managing international accounting audits, SEC and shareholder communications. Jeremy successfully clinched a $100M Private Equity investment offer in support of company expansion plans and NASDAQ listing before board decision to privatize. From 2002 - 2008, Jeremy was Managing Director of 3G Capital Partners and Global Capital Group - Trans-Pacific Merchant Banking Firms with more than $250M in transactions. From 1996 - 2002, Jeremy worked as a financial executive at ING Barings, Baring Capital Partners, ABN Amro, Mees Pierson in New York, London, Amsterdam, Geneva, Beijing, and Hong Kong in mandates including Carlyle Partners first $1BN Fund.
The content & opinions in this article are the author’s and do not necessarily represent the views of ManufacturingTomorrow
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