SyncFab (San Francisco), which calls itself the first manufacturing blockchain solution for parts suppliers and buyers, has announced a strategic partnership with the National Tooling and Machining Association (NTMA; Cleveland). The relationship grants access to SyncFab’s advanced manufacturing blockchain platform to more than 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 combined sales.
SyncFab users have access to an extensive parts library, where all previously ordered parts are available for fast and easy re-ordering. 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, explained the company’s information.
SyncFab’s system allows for the commercial procurement of manufactured parts backed by the security, speed and immutability of records that blockchain offers. Orders are secure, instant and streamlined. The SyncFab network creates a decentralized economy between producers and buyers to improve cost, capacity utilization and security using trustless incentivized transactions.
Using SyncFab’s system means that buyers reward manufacturers for quotes and manufacturers reward buyers for re-orders. Small, local manufacturers are on a level playing field with large firms, as no quotes get special treatment within the network. In addition, SyncFab’s platform digitally captures partner information to offer time-sensitive status updates and data related to the production process and supply-chain planning.
“The goals of our partnership are to better understand the availability and capabilities of suppliers, integrate them with our blockchain solution, improve security and capacity utilization, and provide a more seamless experience with OEM purchasing departments that need to plan for contingencies in their supply chain,” said Jeremy Goodwin, founder and CEO of SyncFab.
While many NTMA members are privately owned independent businesses, the products and services provided are absolutely vital to the global economy serving as the backbone of the industrial manufacturing supply chain. Industries range from aerospace and automotive to electronics, medical and renewable energy. The NTMA is organized into 31 local chapters throughout the United States.
“We are really excited about our new partnership with SyncFab,” commented NTMA Interim President Doug DeRose. “Access to SyncFab’s advanced manufacturing blockchain platform is a great advantage for our members. With an extensive parts library and fast, easy and secure re-ordering, blockchain technology can make a huge impact on supply-chain management for NTMA members.”