Simplifying the Smart Factory with SyncFab Manufacturing Blockchain

Simplifying the Smart Factory with SyncFab Manufacturing Blockchain
Advertisement

Deploying technology into a manufacturing environment can be overwhelming. For an industry founded on using manual processes to create tangible goods, it takes confidence – and a more straightforward approach – to shift to a technology-focused business model.

But while the ideal smart factory may seem unattainable to many manufacturers, are there simpler ways to get started to capture the benefit of Industry 4.0? Actions or areas of technology available and in use today to lower some of the hurdles for operators? SyncFab thinks so.

Simpler, Smarter, SyncFab

Defining the current capabilities of a manufacturing plant, determining where the operation wants to go, and laying out the steps to getting is a classic approach to provide clarity and direction. Becoming a smart factory can be equally effective even if the initial vision is on a smaller scale and many manufacturers might be surprised how close they already are to getting underway and achieving these new goals.

Once a clear direction and a strategy is outlined, it’s time to get the plan underway. The basics of a smart factory include creating a network of connectivity among equipment, incentivizing for action, and achieving insight and security into new processes. When it comes to considering potential stumbling blocks, keep it simple using readily available technologies and tools.

Better connectivity

At the center of a smart factory is the Internet of Things (IoT), also referred to as the Industrial Internet of Things (IIoT) for manufacturing environments. Understanding, creating an inventory, and connecting the wireless data communication in your plant helps create a pipeline to smarter working.

Advertisement

Many manufacturers may be surprised how many devices in a plant incorporate smart sensor technology or have the ability to transmit data to the cloud of other devices. Get a handle on these assets and a networking plan for this equipment to work smarter for you.

Incentivization

Suppliers or buyers of manufactured parts can both benefit from incentives. Tokenization, enabled with blockchain technology, can add economic value and competitiveness to an order or a bid in a manufacturing supply chain.

Incentive tokenization, such as with SyncFab MFG, benefits a buyer by getting a more competitive price for a supply order, ensured order quality, and process transparency and speed. Suppliers can secure more orders, and fill manufacturing capacity, through competitive pricing plus it also makes transactions and order payment faster. Incentive tokenization is a way to make operational budgets work harder and smarter.

SyncFab (MFG) is an ERC20 cryptocurrency token issued by Smart MFG Tech for use in supply chain and manufacturing smart contracts. MFG can be used to incentivize RFQs, secure and pay for smart contract POs (Purchase Orders) along with supply chain tokenization on the manufacturing blockchain.

Data security

As smart factory changes get underway, how can manufacturers protect the amount of new data generated, information shared, and payments made and received? And, if this is possible, how can a smart manufacturing strategy be implemented that doesn’t cause more complexity?

The blockchain platform offers a chance to implement a simpler, more transparent, and more secure infrastructure for manufacturers to do business. While most recognized as the platform on which cryptocurrencies like Bitcoin, operate, blockchain is much more.

About SyncFab

SyncFab is designed using the blockchain distributed ledger to add a layer of security and trust throughout manufacturer supply chains. For the smart factory using SyncFab, buyers and suppliers enter into smart contract agreements that not only deliver protection of data and intellectual property but streamline payments and give real-time visibility to the entire process.

As manufacturers wrestle with how to create a smart factory, limiting the complexity – and lowering the risk – using available technologies and proven solutions is a good path forward to avoid stumbling blocks and start realizing the benefits.

More and more machine shops are seeing the advantages offered by SyncFab. SyncFab recently started a strategic partnership with the National Tooling and Machining Association (NTMA). The new relationship grants access to SyncFab’s advanced manufacturing blockchain platform for over 1,300 NTMA members across the United States.

As the national representative of the precision custom manufacturing industry, NTMA members generate more than $30 billion in sales combined. New SyncFab users will be able to build from an extensive parts library where all previously ordered parts are available for fast and easy re-ordering.  With its unique solution, SyncFab utilizes blockchain smart contracts and data-driven smart manufacturing to optimize the external supply chain available to OEM Buyers in the United States and beyond.


Disclosure/Disclaimer: This article is sponsored and produced by a third-party source and should not be viewed as an endorsement by ZyCrypto. Readers are urged to do their own research before investing or having anything to do with the company, goods and/or services mentioned in the above article.

What's Your Thought On This?, Let Us Know In the Comment Section Below.

Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram