SyncFab, a blockchain for manufacturing, recently launched a highly-anticipated feature to tokenize parts at their point of production for real parts provenance. The release comes following many months of development and a 2018 provisional patent filing.
The SyncFab team is the first to combine distributed ledger tokenization technology with an operational distributed manufacturing supplier network enabling parts tokenization right at their point of production. In 2020 aerospace and automotive OEM IT departments and purchase-managers can now begin tokenizing their precision hardware part supply chains right at their point of production using SyncFab’s manufacturing blockchain network.
“This recently released upgrade to our platform provides hardware and OEM parts buyers and their suppliers the opportunity to manufacture parts with a number of new capabilities in SyncFab’s manufacturing blockchain which is paving the way for commercialized hardware and OEM parts tokenization with many in the industry taking notice. It is our aim with the release of this exciting new feature to demonstrate how blockchain adds value bringing greater transparency and streamlining inefficiencies in the industrial manufacturing industry.”
– The SyncFab Team
How to Tokenize Parts using SyncFab
When parts buyers choose to procure their parts through SyncFab’s production network they will now be given the option to “Tokenize Your Part(s)” at checkout. This represents the first big step in leveraging the value add of blockchain in the supply chain and will allow users to boost efficiency in their parts supply chain feature by feature. For this release SyncFab begins with the parts provenance feature:
Part Tokenization / Unique Identity / Part ID
Every component or part that is manufactured and purchases an MFGPRT token. Will be assigned a unique digital blockchain-based NFT token that can be verified in real-time on the blockchain.
With the implementation of an NFT compatible wallet and introducing our own non-fungible tokens (NFT) industry application based on this ERC721 standard, parts identification and unique IDs support an organization’s need for counterfeit prevention and anti-fraud measures to reduce liabilities and keep suppliers and distributors honest and accountable.
Part Information / Metadata for IP Protection
The MFGPRT NFT token includes product-specific attributes and details relating to the specific part or end product including original order specifications and product requirements. This feature allows for oversight on IP usage as well as savings on sovereign audit and regulatory compliance records.
Business-Ready Use-Cases
SyncFab helps aerospace and automotive OEM purchase managers stay on top of their demanding production schedules; while shaving their parts procurement costs as much as half off benefiting from a vetted full range manufacturing capabilities network of 1000s of suppliers. SyncFab’s network precision machining capabilities include multi-axis milling and turning, routing, waterjet, laserjet, EDM, electron beam welding, punching, cutting, shearing and finishing services including anodyzing, coating, plating, polishing and more.
Moreover, SyncFab works with OEM IT departments whose aim is to secure more of their supply chain data with blockchain for ERP module and internal reporting system integration. OEM IT departments can use their procurement activity blockchain records SyncFab generates to complete a turnkey supply chain blockchain Proof of Concept, custom use case pilot or program implementation.
Further, SyncFab’s patent-pending parts procurement tokenization solution can be used to mitigate product fraud — isolate recall cost and time using blockchain track and trace feature technology at a fraction of the cost. Finally, OEM IT and financial departments can partner to use the industry-first MFG manufacturing token to create a custom smart contract and supplier incentive programs such as RFQ and data sharing rewards.