SAN FRANCISCO—SyncFab will give more than 1,300 National Tooling and Machining Association (NTMA) members access to its advanced manufacturing blockchain platform, the company said today. 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.
SyncFab’s system allows for the commercial procurement of manufactured parts backed by the securi-ty, speed and immutability of records 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.
Buyers reward manufacturers for quotes and manufacturers reward buyers for reorders. Small, local manufacturers are given a level playing field against 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 a more seamless experience with OEM purchasing departments who need to plan for contingencies in their supply chain,” SyncFab CEO Jeremy Goodwin said.
“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,” said Doug DeRose, Interim President of NTMA.
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 to medical and renewable energy. The NTMA is organized into 31 local chapters throughout the United States.