SyncFab Partners with the National Tooling and Machining Association
The goal of the collaboration is to boost industrial manufacturing supply chain on blockchain.
June 28, 2019
SyncFab, a manufacturing Blockchain solution for parts suppliers and buyers, has announced a strategic partnership with the National Tooling and Machining Association (NTMA). The new relationship will grant 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 reordering. With its solution, SyncFab uses 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 security, 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 use 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,” says Jeremy Goodwin, founding CEO of SyncFab.
“We are really excited about our new partnership with SyncFab. 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,” says Doug DeRose, interim president of NTMA.
Sources: Press materials received from the company and additional information gleaned from the company’s website.
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