Can Blockchain Help Machine Shops Win Work? : Modern Machine Shop

With the front office in order, Mr. Goodwin’s shopfloor troubleshooting can begin. Preparing for broader blockchain-based functionality requires networking equipment and adopting machine-monitoring systems. Buyers reward manufacturers for quotes and manufacturers reward buyers for reorders. Small, local manufacturers are given a level playing field against large firms as no quotes get special treatment within the network.

The MFG Token is a Utility Token that will become a vital part of the SyncFab platform and operating partner manufacturing supply chain management ecosystems. SyncFab will be a supply chain management tool to procure, track and organize local parts production using smart contracts on the Ethereum blockchain network.

How can SyncFab transform your industry?

The example is expected to be particularly poignant for smaller machine shops, which can face cash-flow problems due to lengthy payment terms (30, 60 and even 90 days are common). The MFG Token will be integrated on the SyncFab platform which has a strong network launchpad built out from public-private partnerships. SyncFab, meanwhile, will continue to sweeten incentives by developing the dApp, introducing new smart contracts and reformatting existing smart contracts to better match the realities of business. Current markups will be replaced by fees more appropriate to how participants use the system.

The record-keeping system underlying cryptocurrencies like Bitcoin could automate the front office, secure intellectual property and plug data-driven manufacturers into increasingly data-driven supply chains. “Access to SyncFab’s advanced manufacturing blockchain platform is a great advantage for our members. With an extensive parts library and fast, easy and secure re-ordering, blockchain technology can make a huge impact on supply chain management for NTMA members,” said Doug DeRose, Interim President of NTMA. SyncFab’s system allows for the commercial procurement of manufactured parts backed by the securi-ty, speed and immutability of records blockchain offers.

In this system, manufacturers use an online interface to bid on jobs that SyncFab has already pre-vetted by shopfloor capability and capacity. From there, the company acts as an intermediary, tracking production, managing logistics and payments, and otherwise streamlining interactions between a shop and its new customer. Manufacturers join for free, and purchasers pay a small markup on each successful request for quote (RFQ). At the time this article was written, the “bounty” system of incentives was still being developed.

Ultimately, the hope is that others will adopt the MFG Token and SyncFab’s established protocols to fuel other smart-manufacturing blockchains, even as the company continues to expand its own network. , they are the building blocks of more complex, decentralized applications (dApps) that automate complex tasks. The eventual goal of SyncFab’s evolving dApp is to automate procurement, with matchmaking performed by comparisons of incorruptible data embedded (and encrypted) in the smart manufacturing blockchain. Anonymous manufacturers and parts purchasers could agree to do business without even a phone call, let alone a face-to-face meeting. As work proceeds, there would be no risk of referring to an outdated copy of, say, a part-inspection report or quality certification, because there is no such thing as an outdated copy on the blockchain.

Not all blockchains can be a bridge because not all blockchains are created equal. Capability to store and exchange more than just records of monetary transactions is a primary reason why SyncFab chose to set up on the Ethereum platform, and to base the MFG Token on the currency of that network, Ether (specifically, on the ERC20 Token Standard). Together, these records form the blockchain, a shared, digital history of all transactions ever conducted with any given cryptocurrency (in this case, MFG Tokens). More specifically, groups of cryptocurrency transaction records are bundled together into “blocks” that are then linked together in chronological order. This chain of blocked transaction data is not stored in a single, centralized location, like a bank ledger.

The SyncFab network creates a decentralized economy between producers and buyers to improve cost, capacity utilization and security using trustless incentivized transactions. Smart MFG Tech, a firm focused on the Internet of Things (IoT) and promoting new technologies for use within the manufacturing industry, and SyncFab, a startup working in the manufacturing supply chain ecosystem, have joined the Binance Chain network.

About SyncFab

mfg token

In addition, SyncFab’s platform digitally captures partner information to offer time-sensitive status updates and data related to the production process and supply chain planning. In a bid to give users access to digital payments across multi-tier supply chains and cross-chain transaction records, SmartMFG Tech and SyncFab have joined the Binance Chain distributed ledger technology (DLT) network according to a Medium blog post. Essential to SyncFab’s Smart Manufacturing Blockchain will be the use of the MFG Utility Token, a first of its kind to incentivize community users to embrace blockchain technology. SyncFab, a technology developer near Silicon Valley, is touting a new way. Since 2013, the company has been developing a cloud-based network to simplify complex supply chains by better connecting manufacturers and parts purchasers.

On Ethereum blockchains, cryptocurrency is more than just digital money. Ether-based utility tokens like the MFG Token are the “fuel” for blockchain-based automation called smart contracts. Smart contracts are essentially simple computer programs that use blockchain-embedded data to determine whether certain conditions have been met before performing a specific, automatic function.

  • Smart contracts are essentially simple computer programs that use blockchain-embedded data to determine whether certain conditions have been met before performing a specific, automatic function.
  • On Ethereum blockchains, cryptocurrency is more than just digital money.

When the work begins, blockchain automation can streamline complex, typically manual tasks associated with ordering parts, tracking production throughout the supply chain and processing payments. SyncFab (MFG) is an ERC20 digital currency token issued by Smart MFG Tech for use in inventory network and assembling keen contracts.

SyncFab (MFG) is an ERC20 cryptocurrency token issued by Smart MFG Tech for use in supply chain and manufacturing smart contracts. MFG can be used to incentivize RFQs, secure and pay for smart contract POs (Purchase Orders) along with supply chain tokenization on the manufacturing blockchain. SyncFab claims to be ‘the pioneer and creator of the smart manufacturing blockchain process architecture protocol’ (patent pending). SyncFab is also a digital manufacturing platform that enables hardware supply chain buyers to transact POs (purchase orders) and source RFQs (requests for quotes) directly from a network of manufacturers (launched in 2013). At the time this article was being written, SyncFab users were taking their first, tentative toe-dips into blockchain.

How to Buy MFG Tokens

Eventually, smart contracts could even facilitate real-time, automatic and fully secure production updates via direct feed from machine tool CNCs. SyncFab, of course, is interested in more than just monetary transactions.

The MFG Token, a new form of cryptocurrency that is to be the lifeblood of the evolving network, had only just been integrated. Whatever the future holds, machine shops using this service will likely get a head start in leveraging a technology that could transform not just manufacturing, but the entire economy. They will be prepared if the day ever comes when customers demand levels of transparency, data security and communications and transaction efficiency that only blockchain can provide. By moving its matchmaking network to a blockchain platform fueled by the MFG Token, a new form of cryptocurrency dedicated specifically to the manufacturing industry, Syncfab aims to help secure intellectual property throughout increasingly data-driven supply chains. By moving its matchmaking network to a blockchain platform fueled by the MFG Token, a new form of cryptocurrency dedicated specifically to the manufacturing industry, SyncFab aims to help secure intellectual property throughout increasingly data-driven supply chains.

“The initiative enables Smart MFG Tech and SyncFab to support the cross-chain transaction record initiative for creating and encouraging a modular manufacturing blockchain hybrid,” said the team. SyncFab creates a peer-to-peer manufacturing supply chain and incentivized token system adapted for public and private blockchains. While the government built the Internet (ARPANET), SyncFab believes the IIoT will be built collaboratively, through public-private partnerships (of which SyncFab has formed).

Syncfab revolutionizes manufacturing by connecting buyers directly to hardware manufacturers. Through the Smart Manufacturing Blockchain, purchasers and manufacturers will be able to streamline the procurement and supply chain processes, protect intellectual properties, source, and track parts production in real time and ondemand. Syncfab wants to revolutionizes manufacturing by connecting buyers directly to hardware manufacturers.

Taken to the extreme of its potential, blockchain could make sourcing parts as easy as using a ride-hailing service like Uber or Lyft, Mr. Goodwin says. In this future, machine shop and prospective customer connect directly and anonymously, matched by computer programs that pull blockchain data to compare machining resources to work requirements. There is no need for the customer to worry about the shop’s capacity, capability or reputation, because the shop has already been vetted according to service history, machine specifications, quality certifications and other records embedded (and securely encrypted) in the blockchain.

Blockchain’s great promise is that a distributed database can be more than a bank ledger. It can be a platform for storing and exchanging records of virtually any transaction or asset, from RFQ details and order histories to design revisions and inspection-device calibration reports. As such, blockchain could be as important to the industry’s future as advances in artificial intelligence, robotics and other technologies widely credited for driving the fourth industrial revolution, Mr. Goodwin says. However, bringing a truly decentralized, peer-to-peer manufacturing ecosystem into existence requires widespread buy-in. Manufacturers need to get past their uncertainty and their fear about this new and unfamiliar technology.

New SyncFab users will be able to build from an extensive parts library where all previously ordered parts are available for fast and easy re-ordering. With its unique solution, SyncFab utilizes blockchain smart contracts and data-driven smart manufacturing to optimize the external supply chain available to OEM Buyers in the United States and beyond. “Upon migration, the MFG Token will submit a formal proposal to integrate the MFG BEP-2 Token onto Binance decentralized exchange (DEX). Should the MFG Token gain acceptance, we’ll start a move towards multi-asset diversification and cross-chain-transaction records within the blockchain ecosystem,” declared the team. The MFG Token is a utility token used to reward purchasers and manufacturers, make payments, protect intellectual properties, and promote trust and transparency through its execution of smart contracts on the blockchain.

With the MFG Token’s launch, SyncFab serves as an early adopter, protocol developer and integrator of Smart Contracts into the manufacturing supply chain blockchain. Without blockchain, there would be no incentive for SyncFab to set up such a system, Mr. Goodwin says. After all, revenue from the sale of MFG Tokens is a major source of funding for the network’s continued development. Meanwhile, the bounties will serve as a relatively risk-free means of demonstrating the difference between an instant, automated blockchain transaction and one that involves banks, accountants and multiple verification steps.

However, parts purchasers can already pay transaction fees in MFG Tokens. Thanks to a third-party application interface, they can also view various shipping quotes through SyncFab’s platform, then pay for the chosen option in MFG Tokens.

There is no master copy of the transaction history, nor any central authority debiting and crediting accounts. Every participant’s computer (in this case, every MFG Token user’s computer) can host its own automatically and continuously updating copy of the entire blockchain. Following years of development effort both online and in the field, the public Pre-Sale marks a significant milestone for SyncFab’s secure platform, which will broker many procurement transactions in a faster and more secure procedure online.

For instance, a smart contract might transfer a certain number of tokens to another virtual wallet as a payment once an inspection report is approved. MFG Tokens are the “fuel” in that they pay for creating and updating smart contracts, the processing power required to execute them, and, via SyncFab’s transaction fees and token sale revenue, further development of the platform.

MFG can be utilized to boost RFQs, secure and pay for brilliant contract POs (Purchase Orders) alongside inventory network tokenization on the assembling blockchain. Syncfab needs to alters fabricating by associating purchasers legitimately to equipment producers. Through the Smart Manufacturing Blockchain, buyers and makers will almost certainly streamline the obtainment and store network forms, ensure scholarly properties, source, and track parts generation continuously and ondemand.

BitForex has promised of adding multiple tokens in the past weeks – and deposits and withdrawals are open for most of them. However, the MFG asset was disabled and, in the weeks to follow, this decision of the exchange, neither BitForex nor SyncFab issued statements with information when the problem would be solved to resume trading. BitForex has been silent about the MFG token for days now after being suspended on July 31, just around 13 days after the start of trading. The token is now not to be found on the platform, and some of the deposited funds may be held by the exchange, raising suspicions among users on possible token kidnapping.