SyncFab hopes to unveil its Ethereum-based platform for connecting industrial machines and customers early this year.
Notably, SyncFab claims its Mainnet could be up and running in 1st Quarter 2019. Hence, SyncFab could take orders for industrial machine services in its SyncFab (MFG) ERC20 (Ethereum Request for Comment) token soon.
In addition, SyncFab could soon release version 3.0 of its Ethereum decentralized application (DApp). In detail, customers will use SyncFab’s DApp to place orders for parts and items made by computer numerical control (CNC) machines and other industrial equipment.
To explain, SyncFab’s management believes it can transmit the data needed to program computer-controlled machine tools through the blockchain. SyncFab is using the Ethereum blockchain because it offers a higher level of security than the traditional internet.
SyncFab to test Blockchain Marketplace for Manufacturers
In fact, SyncFab’s goal is to build an Ethereum-based marketplace for CNC machine services. For instance, an automaker could use SyncFab’s platform to order engine parts. Ultimately, companies will pay for parts with the MFG token if SyncFab’s plans come to fruition.
The latest plan is for companies to place requests for quotes through the SyncFab DApp. In fact, bidders will post purchase orders and drawings through the DApp. Machine shops and manufacturers use the DApp to bid on the job.
Once the job is complete suppliers will fill the purchase order and manufacturers pay in MFG. In particular, SyncFab CEO Jeremy Goodwin’s hope is that his technology will make American industry competitive with China.
In addition, SyncFab is putting human monitors called Procurement Managers in charge of its supply chain. To explain, the Procurement Managers will watch the process and make sure that they fill every purchase order.
Why Speculators should Watch SyncFab
Cryptocurrency speculators should keep a close eye on SyncFab because it plans to sell a real product to real customers in the real world.
Importantly, the real product is custom manufacturing services for industry. Moreover, the market for such services is already huge and lucrative.
In fact, First Research estimates there were 20,000 companies with combined revenues of $36 billion in the American machine shop business in 2018. Hence, both the customers and the market for SyncFab’s solution already exist.
However, SyncFab will face an uphill battle getting notoriously conservative machine shop owners to use its solutions. Therefore, it could be years before SyncFab’s app and platform make money.
On the other hand, SyncFab could bring the blockchain to manufacturing. Only time will tell if SyncFab can drag American manufacturing into the 21st Century.
This story also appears at Geek Crunch Reviews and Tech Fury.