Place/Date: USA - September 20th, 2019 at 8:32 pm UTC · 3 min read
Contact: SyncFab, Source: SyncFab
Supply Chain and the Automotive Industry, in particular, were outlined by Deloitte as the number one use case for blockchain in their recent Global Blockchain Survey. California-based SyncFab has already been very active behind the scenes engaging with various automotive industry leaders with regards to procurement and manufacturing blockchain supply chain solutions.
Dauod Thompson joined SyncFab’s Advisory Board this year. Dauod brings extensive experience in Manufacturing Program Management and Product Development Engineering Quality Management, having formerly served as Global Product Development Quality Engineering Lead at GM for more than 17 years, followed by consulting manufacturers on implementation of quality best practices to eliminate defects.
SyncFab, additionally, signed an MOU with Process Intel, a global provider of cloud-based real-time mobile quality verification solutions, inspection software and mobile process auditing solutions. The partnership is strategically focused on Automotive businesses that are in need of these quality control solutions.
SyncFab’s blockchain technology helps secure data within supply chains and dynamically scale manufacturing capacity. Automotive companies can build a more agile supply chain with SyncFab, so they can focus on their business.
SyncFab is developing smart contracts for the automotive, manufacturing, aerospace, and precision parts industry that enable the trust needed for positive buyer-supplier relationships.
Because a smart contract is a code stored on the public blockchain, it is transparent, and can’t be manipulated or altered. Smart contracts allow parties to do business directly with each other and cut out the middleman or layers of bureaucracy.
Smart contracts are agreements that are founded on trust. For any relationship or buyer-supplier deal, a smart contract will complete precisely as the code was written once certain conditions are met. Because smart contracts are created using a wide computer network and without any other intermediary, the terms of deals are determined up front, without an intermediary between the parties, the smart contract created, the work is done, and payment is made. Simple, transparent, trustworthy business.
Using smart contracts offers the potential for automakers and suppliers to advance their working relationship and increase transparency and trust. By utilizing smart contracts, both parties can agree on objective terms, improve cash flow upon fulfillment, and put more focus on their areas of expertise while maintaining a positive relationship.
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 is a distributed manufacturing platform founded and headquartered near Silicon Valley that streamlines the way OEM hardware supply chain buyers procure, manage, and track precision parts production securely using blockchain technology. Learn more about how SyncFab benefits manufacturers.