Syncfab Has Come up With a Smart Contract Technology to Make Supply Chain management Smarter

What is Syncfab?

Syncfab, short for Synchronised Fabrication, is a company committed to the encouragement of local manufacturing via supply chain manufacturing. In order to keep up with the ever-growing manufacturing market and to improve the manufacturing process, Syncfab aims to create a peer-to-peer manufacturing supply chain - the first of its kind in the world.

How can Syncfab do this? By integrating smart contract technology into their current tools and technologies for chain management in a structure based on the Ethereum blockchain. To raise funds for these efforts, Syncfab is launching an ICO for a cryptocurrency that they refer to as MFG tokens.

Main Features - Token Information

Ticker: MFG
Token type: Ethereum blockchain
Initial token price: 1,250 MFG = 1 ETH
Fundraising goal: US$500,000 or 500 ETH
ICO soft cap: US$15,000,000 or 32,000 ETH
ICO hard cap: US$30,000,000 or 60,000 ETH
Total tokens for sale: 300,000,000 MFG
Accepted currencies: ETH
Minimum transaction amount: No minimum
Bonus: 25% bonus in public presale until February 15, 2018

What are they solving?

Syncfab aims to solve a number of issues common in the manufacturing industry,

1. The uneven business playing field. Syncfab notices the issue of manufacturers preferring to work with large companies, making it difficult for small businesses to be considered as clientele. In other words, Syncfab is looking out for the little guys, allowing them more visibility.

2. Lack of procurement transparency. The procurement process of today could do with more accessibility. In fact, Syncfab states that 31% of buyers consider finding manufacturing suppliers to be far too difficult. With better visibility, Syncfab hopes to improve on this.

3. Outdated technology. Syncfab considered the current technology and processes used in manufacturing to be far too old-fashioned and blames this for the yearly losses in North American business revenue, which add up to $1.5 billion. By improving product procurement and modernizing it, the issue can be rectified.

4. Lack of IP protection. 39% of businesses have experienced an IP breach in the past year. 36% of businesses consider IP protection to be their number one concern. Through their blockchain, Syncfab will provide added protection of intellectual and creative property.

Advantages of Syncfab

Syncfab’s plan offers benefits to moth hardware innovators and hardware manufacturers.

Manufacturers

1. Payments are guaranteed and secure via smart contracts.
2. No overhead fees or extra processes that cause hassle.
3. Fewer marketing costs; interested customers can be connected to the manufacturing facility directly.
4. Pricing and other details are fully controllable and customization.

Innovators

1. Streamlined purchasing, tracking, and reordering on demand
2. Ease of access to a wide variety of trustworthy manufacturers in a network
3. Less expensive quotes direct from sources at a high quality
4. All transactions and communications are secure and protected via smart contracts

Their Team

The Syncfab blockchain project team consists of:

1. Chief Executive Officer Jeremy Goodwin, a former CFO that led his company to 2,000 employees and high-performance levels.

2. Chief Strategy Officer Andy Tong, an entrepreneur who has founded companies that receive millions of visitors monthly without spending a cent on advertising.

3. Chief Technical Officer Jay Lidga, who has been a part of the development community for over two decades.

4. Chief Design Officer Dennis Delgado, with over a decade of experience in art and design and past experience as a gallery director.

5. UI/UX Designer Sharon Wong, a graphic designer.

6. VP Product and Operations Victor Nguyen, with international experience in the field in public and private sectors.

7. VP Marketing Ben Gerstein, who has 12 years of digital marketing expertise.

8. Blockchain Developer Ali Zain, an expert in all things cryptocurrency and with more than a decade of expertise in Full-Stack development.

9. Blockchain Engineer Tam Du, who has past experience in a wide variety of technological and team-based work fields.

The team also has the help of 10 blockchain advisors.

Token Structure and Distribution

One billion MFG tokens have been prepared for distribution, supplied by Smart MFG Tech LTD. We already know that 300 million of these tokens - 30% of the total supply - will be offered during the token sale, with unsold tokens from the amount being destroyed after the event, but where will the rest be heading?

Another 30% of those tokens will go into the building of the Smart Contract blockchain protocol. This will be done via a Strategic Partnership Adoption Pool that aims to build long-term communities and find partner supply chain manufacturing networks or other similar partners who are interested in becoming Smart Manufacturing Blockchain partners and will use it in their own networks.

15% more of the tokens made are going back to Syncfab in order to fund business development, research, engineering, and other similar efforts. Tokens will be held in a 2-year lockup. Yet another 15% is going to Smart MFG Tech LTD for their own ecosystem promotional budget and network management and government costs.

The final 10% will be set aside for the bounty funds and for the founding team, as well as advisors and early contributors.

Our Opinion on Syncfab

Syncfab’s cause is a good one, and their aims of eliminating the middleman in the manufacturer, supplier, and buyer relationships are ones we consider to be achievable, and if it succeeds, the change could be part of a revolutionary movement in the supply chain industry. While the idea behind this project is sound, only time will tell how it manages once it is out in the open for sure, especially with its high fundraising goals and ambitious project undertakings.