Based on the results of a global study on “CyberRisk in Manufacturing”, almost 40% of the small/medium scale businesses in the manufacturing industry feel intellectual property protection as their main concern. Large companies can afford to have a separate cybersecurity department for protecting the assets of their organization. But, small businesses have a limited budget, and they cannot afford to have a team of security experts for protecting the integrity of their data. Besides security, it will take more time for the small companies to get a reply to their RFQ (Request For Quote) as the manufacturers give priority to only large organizations.
To motivate the small businesses and help them to compete with large companies, the US-based company SyncFab is developing a blockchain based Smart Manufacturing platform which connects the buyers directly with the manufacturers. The ultimate objective of the SyncFab is to make this platform as a first step towards the Industrial Revolution 4.0.
The platform offers incentives to both the purchasers and manufacturers by using MFG tokens. What is MFG token? MFG utility token is a proprietary token that will be issued and sold by the company SyncFab during its initial token sale event. If any buyer/manufacturer wants to access this platform, then they need to hold MFG tokens. Check out https://blockchain.syncfab.com/ to learn more information about the sale procedure, availability, and pricing of MFG tokens.
How is MFG token beneficial to the purchaser/manufacturer? See below:
The purchasers can get cheap and high-quality quotes for the source parts directly from the manufacturers.
Small businesses will get quicker replies for their RFQs as the platform offers incentives to the manufacturers who place faster bids by quoting low or competitive pricing for their parts.
As the intermediaries are eliminated, the buyers can increase their profit margin as there is no need to pay the brokerage fees.
Buyers get the opportunity to establish a connection with a trusted network of manufacturers which will help them to save the time to production.
SynFab platform stores all the information related to RFQs, IP, and history of transactions in highly secured AWS (Amazon Web Services) servers. As the AWS servers are protected by security protocols such as firewalls, DDoS protection etc., the buyers need not worry about the IP protection.
Manufacturers can eliminate their marketing costs as they can get in touch with the buyers directly.
Manufacturers don’t need to worry about getting their payments, as all the transactions of the SyncFab platform are automated using Ethereum based smart contracts.
Because of the elimination of middlemen, the manufacturers have the complete freedom to set and control their pricing. Currently, manufacturers don’t have the option to contact the buyers directly. So, the brokers or agents will also have some control over the pricing.
As the SyncFab eliminates a headache for the manufacturers and helps them to get guaranteed payments for their purchase orders, they can utilize the time to improve the quality of the products.
Do you want to know more about the Smart Manufacturing Platform? Kindly visit the official whitepaper of https://blockchain.syncfab.com/SyncFab_MFG_WP.pdf.