Do you know what is the main cause for delays in the manufacturing industry?
Most of the manufacturing companies are not using any kind of procurement software but rely only on their own software which is slow and inefficient to use across the entire supply chain. Also, the majority of the information related to the order management like tracking the status, expected a delivery date, quality of the products etc are kept in silos. Silos? It means keeping the information private and not sharing with others. Because of that, the whole process across the supply chain lacks transparency which affects the mutual trust between the purchasers and manufacturers.
A possible solution to overcome this problem and to increase the trust between the parties, is a P2P (Peer-to-Peer) platform which links the buyers directly with the manufacturers. That’s exactly the objective of the blockchain based platform which is being developed by a U.S. based company named SyncFab. The main objective of the SyncFab platform connects the buyers directly with the manufacturers by eliminating the intermediaries like dealers or agents. It is also developing an incentivized system based on the MFG tokens which will provide incentives to the manufacturers as well as the buyers.
How is MFG tokens based incentive system implemented?
Before you can understand about the incentivized system, you need to know about MFG tokens. What are MFG tokens? MFG tokens are a special type of utility tokens based on the Ethereum standard ERC20. They will be available for sale during the token sale event of SyncFab. MFG tokens will be used as the primary payment method for any kind of transaction between the users of the SyncFab platform. Check out https://blockchain.syncfab.com/ to learn more information about the pricing, availability and sale procedure of MFG tokens. Now, let’s see in detail about the incentivized system.
Manufacturers – Usually the buyers will send RFQ (Request For Quotes) to various manufacturers before buying the source parts. For large companies, getting replies for RFQ is not a big deal. But for small and medium scale companies, sometimes it takes very long time to get replies for the RFQs which affects the schedule for their projects. SyncFab problem eliminates this problem as the manufacturers will be rewarded with MFG tokens if they place faster bids in response to RFQs with lower or competitive price quotes. As a result, small and medium scale companies can easily get connected with a list of manufacturers who offers high-quality parts with competitive pricing.
Purchasers – Not only SyncFab platform offer rewards to the manufacturers but also to the purchasers. How? While submitting the quote, the manufacturer has the option to specify the amount of MFG tokens that can be used as a reward. To put it simply, it implies the percentage of discount offered by the manufacturers to motivate the purchaser in choosing them as the winner of the bid. In this way, the purchasers will receive the MFG tokens mentioned in the bid to their accounts. But enough toking, let's step further and become a part of this promising platform. The power of investment is in your hands, I would only like to suggest to use it wisely.
SyncFab Website
SyncFab Whitepaper
SyncFab ANN Thread
SyncFab Bounty Thread
SyncFab Telegram
Thank you for your time,
Jack Andrew