While automation and advancements in robotics have improved the speed and quality of manufacturing around the world, the current state of the manufacturing industry still leaves a lot to be desired when it comes to organization and efficiency. Small business, in particular, have a difficult time outsourcing their manufacturing to specialists, as their orders are often ignored by facilities in favor of larger ones. SyncFab aims to simplify and add transparency to the manufacturing process through the use of blockchain technology and smart contracts.

For more information about SyncFab, you can visit their website at https://syncfab.com/.

For more information about the SyncFab blockchain and smart contracts project, visit their project website at https://blockchain.syncfab.com/.

Even with its problems, the manufacturing industry is massive and constantly growing. According to Accenture Technology, the market is predicted to grow to an estimated $15 trillion by 2030. Unfortunately, however, with a market of that size the focus is on large, wealthy companies that can place enormous orders. This prevents small businesses and independent buyers from fulfilling their manufacturing needs in a timely manner and at a reasonable price. SyncFab currently provides a platform that’s oriented towards helping those underserved small businesses to gain access to manufacturers.

SyncFab began operations in 2013 by connecting small bidders to local manufacturing facilities. More recently, the company has ventured into the blockchain and smart contracts arena with the goal of streamlining the process further. SyncFab has partnerships with two California cities – San Francisco and San Leandro – making it one of the more well-established companies to jump into the blockchain arena.

The SyncFac blockchain project recently completed its token campaign with about $9 million in funds raised. The team has since shifted their focus towards integrating the token into its already existing platform.

The SyncFab token, called MFG, will be used to execute the smart contracts that SyncFab is developing for the blockchain aspect of their project. MFG will be primarily used as a utility token to make payments and reward purchases and manufacturers on the platform. With the SyncFab smart contracts platform, buyers will benefit from cheaper quotes, on-demand purchasing, and easy connections with local vetted manufacturers. Manufacturers will also benefit from ensured security, pricing control, less overhead and less marketing requirements.

On top of their focus on small businesses, the SyncFab project is also committed to the use of clean energy. In April, SyncFab met with the Clean Energy Smart Manufacturing Innovation Institute (CESMII) to discuss their partnership and the advancement of the supply chain for clean energy optimization. At the same time, they are collaborating with the cities of San Leandro and San Francisco to develop tools for smart cities. In particular, smart cities need ways to analyze and limit their energy expenditure, and SyncFab is developing the necessary tools to help them complete those tasks.

For years, SyncFab has been successfully joining small businesses with local manufacturers so that entrepreneurs can build better products without having to break budgets or wait months. Now, SyncFab is taking the expertise developed from years in the industry and using it to build a platform that can significantly improve the manufacturing and supply chain industries. SyncFab will also apply their blockchain-powered products to help smart cities manage their energy use and incentivize responsible practices.

It’s clear that the company is headed in the right direction, and the successful integration of the MFG smart contracts project into their platform will establish SyncFab as an innovative, forward-thinking company.