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SyncFab manufacturing Blockchain [R] integrates MFG Digital Token Wallet for manufacturing RFQs and purchase orders

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SyncFab manufacturing Blockchain [R] integrates MFG Digital Token Wallet for manufacturing RFQs and purchase orders
Source: SyncFab

SyncFab, the industry first manufacturing blockchain ® for Industrial OEM supply chain procurement management, successfully integrated a dedicated fully functional Digital Wallet for the MFG Token with its procurement platform for use with manufacturing service RFQs and purchase orders. Following this recent milestone, SyncFab continues the Supply Chain 4.0 revolution integrating more manufacturing partners on the digital supply chain procurement platform.

With great anticipation for what 2019 has in store for Supply Chain Digitisation, SyncFab has been working tirelessly throughout the fall 2018 season improving its existing web 2.0 procurement platform while adding blockchain functionality as a precursor to its 3.0 Testnet launch in winter 2019.

In its latest development update, SyncFab shared its latest milestone completing the official MFG digital token wallet launch and platform integration for use with manufacturing service RFQs and purchase orders, for which they have begun a test trial with select users. It is expected that more users will receive the update in the weeks ahead.

The Official MFG wallet will ultimately replace the Ambisafe MFG wallet that was first used, so existing wallet users are asked to follow upcoming timing notifications when to transfer existing MFG balances to the newly released official MFG wallet on the SyncFab platform or to another compatible digital wallet of the users choosing before the Ambisafe wallet is fully phased out. The latest information can be found on the official website.

Ongoing testing of the official MFG wallet includes MFG purchases for manufacturing services to be incorporated in the RFQ submission process along with use of MFG tokens to incentivize manufacturers to join SyncFab and submit quotes. MFG rewards will be distributed primarily to losing bidders as an offset when they do not win an order in recognition of the effort required for making their bid for the RFQ.

As this new incentive model is refined through testing, SyncFab will solidify its foundation to support a robust decentralized network that improves the manufacturing supply chain process for all of its participants in the years ahead.

About SyncFab

Founded and headquartered near Silicon Valley, SyncFab is a manufacturing blockchain ® platform that streamlines the way industrial OEM supply chain buyers procure, manage, and track precision parts production securely using blockchain technology.

Through partnerships with federal government and municipal smart city initiatives, SyncFab helps spur economic development by making regional suppliers with idle manufacturing capacity more accessible and responsive to buyers to enable a shift towards cleaner, local manufacturing supply chain worldwide.

SyncFab is founding member of CESMII, the U.S. Department of Energy’s Clean Energy Smart Manufacturing Innovation Network appointed by the White House. SyncFab municipal partners include the San Francisco bay area city of San Leandro as part of the San Francisco Civic Innovation program, which includes Oakland, San Jose, Sacramento and other cities.

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