San Francisco, US— SyncFab’s product, blockchain, and development teams have announced new platform features that will dramatically enhance the interaction of part buyers and suppliers, as well as new user onboarding.
First Manufacturing Blockchain platform SyncFab has launched a multiple user, account team management feature today, which will make parts procurement more streamlined and effective. Based on feedback from procurement teams, buyers are now able to invite multiple users under a single company profile with different roles to keep orders moving along faster. The New User Account Management Feature is essentially two-fold: as an onboarding tool for suppliers, and a way to verify and vet capabilities and quality of suppliers. The feature allows for higher quality suppliers in the network and better matching of RFQs that would be of interest to suppliers based on their capabilities and preferences. Additional benefits are evidenced in higher supplier satisfaction and likelihood to continue using the platform, as well as reducing the burden of matching on SyncFab’s procurement team.
To continue the smooth user experience parallel to the robust system development, SyncFab has also enabled buyer access to a parts library, where all previously ordered parts will be available for fast and easy re-ordering. In addition, SyncFab plans the development and deployment of non-fungible tokens or NFT Parts Tokenization, described as Hardware Tokenization™. This additional feature functionality will log manufactured parts in all of their complexity. In this case, each individual machined part would have information including design drawings, 3d models, material information, quality information, version data, part production source, volume, production date, fulfillment date and other data logged and housed within these NFT Tokens. To get an idea of the industry impact of this new initiative – a typical car is comprised of about 30,000 parts, and there are an estimated 1 billion cars on the road. SyncFab’s aim is to tokenize the production of those parts.
In addition, SyncFab’s platform now digitally captures partner information to offer time-sensitive status updates and data regarding the production process. The goal of this feature is to eliminate headache for OEM purchasing departments that need to plan for contingencies in their supply chain. Procurement buyers and purchasing departments are no longer “in the dark” regarding the status of their POs. There is no longer a need for repetitive back-and-forth calls and emails towards suppliers. SyncFab is laying the middleware pipeline towards IIoT and Manufacturing Supply Chain 4.0.
All data surrounding the milestones of SyncFab’s progress bar are stored on a proprietary permissioned hybrid blockchain network built in Hyperledger. This allows for a secure and truthful representation of events that happen in the physical world, towards all parties involved in the supply chain of each Purchase Order.
SyncFab has enabled users to upload and download all relevant documents within the Purchase Order page. In that way, SyncFab is getting one step closer to becoming the single point of reference and source of truth regarding the progress, documentation, and communication of every Purchase Order.