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Blockchain Platform to Help Small Firms

An established technology company is using Blockchain to dismantle barriers to entry for manufacturing firms and their buyers, with a new platform billed as “the way forward into the Industrial Revolution 4.0.” SyncFab, which launched in Silicon Valley five years ago, is working with the US Department of Energy’s Clean Energy Smart Manufacturing Innovation Initiative and the cities of San Leandro, San Francisco and Oakland. The team believes smart technology will help smaller manufacturers with minimal marketing budgets who struggle to gain free exposure on search engines- allowing them to bid for more contracts and showcase their capabilities with ease. Meanwhile, purchasers looking for precision parts have a greater chance of finding a provider who is local to them. Expenses also tumble because the procurement process, where brokers, agents and inefficient software cost time and money, is streamlined dramatically. SyncFab argues that local sourcing lowers the minimum number of parts that a buyer needs to commit to while creating a more responsible and eco-conscious supply chain at the same time. At the heart of this Smart Manufacturing Blockchain is the MFG Token, a utility token which doubles up as a payment method and a reward mechanism for manufacturers who participate in auctions quickly, offer competitive rates and maintain production records on the Blockchain.

Reference: https://cointelegraph.com/news/blockchain-platform-to-help-small-firms-enter-in-manufacturing