How Blockchain Technology is Revolutionizing the Manufacturing Industry [Infographics]

Blockchain technology has not only the potential to revolutionize currency markets, payments systems, financial services, but all other industries as well, moreover, it has all the chances to radically change our daily lives. It is a fundamentally new paradigm, which allows to manage our activities easier and more efficiently than any other paradigm ever.

Everybody knows that the core feature of blockchain is its decentralized character. However, it’s worth mentioning, that the issue is not that it’s only decentralized – it allows for multipurposeness and global scale never seen before. Blockchain can be used for automatic allocation of any recourses from tangible assets to personnel.

Blockchain tech simplifies coordination of all kinds of human interaction; helps arrange collaborative work effectively, and, all in all, lays the groundwork for transition of man-machine interaction to the new level.

As all the data is stored in and transferred via network nodes, it becomes very difficult (if not impossible) to falsify or steal it. This surely makes blockchain a safe haven for secure and transparent storage and transaction of insider information. This, in its turn, makes blockchain tech applicable far beyond just cryptocurrency exchanging – there are zillions of possible alternatives available for businesses of various sectors.

One of such is using blockchain tech to revolutionize  multi-trillion dollar manufacturing industry.

Blockchain-based Solution for Manufacturing

A good example here is SyncFab, a manufacturing supply chain blockchain – the world’s first peer-to-peer industrial marketplace for the manufacturing industry. The company aims to revolutionize the sphere by connecting buyers directly with hardware manufacturers saving their time, money while increasing efficiency, transparency, and, of course, profitability.

As was reported earlier by Coinspeaker, SyncFab, the pioneer in the sphere of peer-to-peer industrial marketplace, managed to successfully complete private and public token sales for its MFG Utility tokens last month. With the use of MFG Tokens, SyncFab will be able to save their customers much time by rewarding blue-collar workers for quoting orders, encouraging faster quotes from reputable manufacturers for buyers to choose from, in-turn speeding up the procurement process. MFG token is already incorporated into the platform and is listed on COBINHOOD, CoinExchange and IDEX.

To understand how significant are the changes, that blockchain tech brings to the sphere, it’s worth checking out SyncFab’s infografics (see below) on the problems of the manufacturing industry solved by the tech. From eliminating third parties, quality control and automated payments through smart contracts, to speeding up of order and payment processing, and enhanced traceability – the list turned out to be truly amazing.

While digital marketplace connecting bidders and manufacturers is rapidly advancing, it is predicted to grow up to $15 trillion by 2030, as per a report by Accenture Technology.  Given this, SyncFab’s CEO Jeremy Goodwin believes that “the world is at the brink of the 4^th Industrial revolution and with technological disruption caused by blockchain and the Internet of Things, it only makes sense for a platform like SyncFab to revolutionize a typically slow moving, manual, insecure and paper based process to a more secure, digital, automated and fast-moving network that can be operated globally on a single efficient platform that brings order to chaos in manufacturing procurement process”.

Editor-in-Chief Maria Konash

Being a successful graduate of Belarusian State Economic University (BSEU), Maria has acquired competencies in economic and social studies. Given Maria’s previous research working experience, and desire to explore what's really shaping the future, the main research focus is placed on FinTech and Blockchain Technology.