Manufacturing blockchain company SyncFab has been selected as an official showcase solution finalist for the United States Air Force AFWERX program, the company announced this week. AFWERX is a community of innovators devoted to creating a faster and smarter US Air Force. SyncFab showcased its technology enabling agile manufacturing and reverse engineering of mission-critical component parts.
Additionally, Jason Smith, a veteran in the aerospace industry, joined the SyncFab team recently. Smith possesses a tremendous knowledge of the industry, having worked with L3 Vertex Aerospace, the United States Air Force, commercial airlines, and government agencies to uncover business opportunities for engineering, maintenance, and repair services.
SyncFab’s advisory board has also welcomed Urs Breitmeirer, former group CEO RUAG Swiss Aerospace Defense CO to boost the blockchain adoption strategy. 67% of space and aerospace executives anticipate the combination of blockchain distributed ledger technology, AI, XR, and quantum computing will have a transformational impact on their organization as reported by Accenture. With thousands of suppliers responsible for delivering advanced and innovative components or materials to Tier 1 suppliers and OEMs, supply chain and logistics have long been critical to the success of every major aerospace and defense program, SyncFab team stated.
This substantial reinforcement of the core team at SyncFab is expected to help boost the aerospace industry key players’ activity on SyncFab’s smart manufacturing, blockchain-based platform, which features incentivized parts procurement. Access to the SyncFab platform and RFQ submission is performed with the purchase of MFG Tokens. The MFG Token allows parts buyers to receive fast and high-quality quotes directly from manufacturers and then to complete each purchase. The platform stores all information about each RFQ and the history of all transactions. All transactions are done automatically through Ethereum based smart contracts.
One of the most interesting features of the MFG Token within the Smart MFG Tech and SyncFab partnership ecosystem is that it allows RFQ bidding parties to be partially compensated for their efforts even if they do not win the contract – they receive some MFGs for participating. This system is the key to answering the industry’s call for resilient supply chain solution requests in an environment of accelerating supply chain disruptions breaking down longstanding just in time manufacturing models. The supply chain is strengthened effectively through SyncFab’s supplier response incentivation mechanism which is tied to the blockchain. Consequently, traditional suppliers are enticed to participate more in the development of the blockchain ecosystem, an industry that has so far been dominated by fintech players.
In December of 2019, SyncFab announced that it upgraded its MFG Wallet for ERC721 smooth fintech transaction integration. The 3rd version of the MFG wallet began to support SyncFab’s newly created MFGPRT token, which is an NFT ERC721 token. These types of tokens are unique and are not interchangeable, unlike ERC20 tokens. Users can now store both ERC20 and ERC721 tokens in the same wallet.
The latest features of the MFG Wallet allow manufacturing buyers to have transactions written over the Ethereum Blockchain, deposit MFG ERC20 tokens from any 3rds party wallet, such as MetaMask or MyEtherWallet, reverse this process, and much more.
Most recently, SyncFab CEO Jeremy Goodwin was included in the Forbes analysis of managing remote teams for success in the new era of “work from anywhere.” Goodwin was also quoted in a Sage article discussing supply chain resilience: “There is a complex web in these supply chains because of a tiered structure and intermediaries between manufacturer and suppliers as well as layers of quality controls, and annual inspections which are industry standard.”
Recent efforts of SyncFab to attract additional talent, as well as the increased focus from partner Smart MFG Tech to craft new DeFi driven supplier incentive programs and expand new partnerships while SyncFab continues implementing the tech buildout and push for adoption of supplier incentive programs on the blockchain, solidify the company’s position in the marketplace and allow SyncFab to contribute greatly to the supply chain restoration during the post-pandemic recovery.
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