SyncFab Co., a regional supply-chain management and business-to-business procurement platform for precision parts production, has announced a ‘Utility Token Sale’ campaign, due to start on the 16th of October, 2017. This event will mark the launch of its ERC20 Ethereum MFG token and make use of blockchain technology to achieve better operational efficiency on its network. Additionally, the company has also announced the launch of its redesigned SyncFab platform, featuring mobile access, optimized page load time, search function, more streamlined order flow, digital inspection report, and online payment.
By using the forthcoming utility token on SyncFab’s eco-system, supply-chain purchase managers, CNC machine shops and third-party design firms will be able to source domestic manufacturing and conduct secure transactions using smart contracts on the blockchain.
Founder and CEO of SyncFab, Jeremy Goodwin commented: “With the launch of the MFG token, we aim to blaze a trail in smart manufacturing and procurement to make economies-of-scale manufacturing more accessible and affordable to all. As we are committed to efficiency and security, the robust functions of smart contract on our new blockchain service will enable our customers to shorten their negotiations with suppliers and better manage their supply chains. Through our automated peer-to-peer platform, SyncFab is also solving a major problem for manufacturers with limited marketing budgets and underutilized capacities. The future of smart manufacturing is data-optimized precision parts manufacturing. Different from Alibaba’s services of connecting global buyers with low-cost traditional manufacturers in China, SyncFab is catering to the burgeoning smart manufacturing market in the US and Europe. The value proposition of SyncFab is that, by connecting supply-chain purchase managers with those underutilized smart manufacturers with advanced CNC machine shops, many domestic advanced factories are becoming more accessible and productive and procurement costs are lowered,” Goodwin concluded.