MFG Wallet Upgraded for ERC721 smooth fintech transaction integration

SyncFab
SyncFab
Dec 19, 2019 · 4 min read

With great excitement, SyncFab has officially launched the 3rd version of our proprietary MFG wallet! This upgrade came together to support our newly created MFGPRT token, which is an NFT ERC721 token.

Introduction of NFT ERC721 Tokens

What is NFT and how does ERC721 differ from the industry standard of ERC20?

ERC20 tokens are simply contract interfaces with very basic commands that revolve primarily around the reporting of token balances and approving transfers.

NFT stands for non-fungible tokens, meaning they are unique and not interchangeable. Since ERC721 tokens are non-fungible tokens and more advanced in command sets, that means they cannot be traded for a like-kind token like ERC20 tokens, as all ERC721 tokens are completely and entirely unique. As a result of their uniqueness, ERC721 NFT Tokens are a perfect fit for authentication and ownership applications. The vision for the MFGPRT token is to serve as the basis for hardware parts tokenization, enabling enterprises to mitigate product recalls, improve traceability and prevent fraud.

By supporting the new ERC721 format, companies will be able to see their ERC20 and ERC721 tokens in the same wallet, alongside each other.

But that’s not all.

MFG Purchase Flow UX and Stripe Integration

Hardware Buyers will now be able to purchase MFG directly using their MFG Wallet more seamlessly via Credit Card, ACH or Bank Transfer with our Stripe and Plaid integrations. This will allow purchase managers and procurement departments to more easily acquire and utilize MFG for the tokenization of precision parts or as rewards for their associated RFQs. This allows for a smoother workflow for the professional service user experience in the acquisition and application of MFG to continue to enhance enterprise utility and help foster greater corporate adoption. Procurement departments will no longer face the impediment of their own corporate firewalls which can block navigation to unapproved external websites or exchange transactions in compliance with evolving corporate cybersecurity policies.

MFG Wallet New Features Overview

In the newly upgraded MFG Wallet manufacturing buyers will be able to:

  • Upgrade their wallet to a Smart Contract Wallet that writes transactions over the Ethereum Blockchain
  • Deposit MFG ERC20 tokens from any 3rd party wallet (MetaMask, MEW, etc.) into their SyncFab MFG wallet
  • Send MFG ERC20 tokens from their SyncFab wallet to any 3rd party wallet (MetaMask, MEW, etc.)
  • Deposit MFG ERC20 tokens from any other SyncFab company MFG wallet
  • Send MFG ERC20 tokens to any other SyncFab company MFG wallet
  • Purchase MFGPRT ERC721 tokens with MFG ERC20 tokens
  • Deposit MFGPRT tokens from another SyncFab company MFG wallet
  • Send MFGPRT tokens to another SyncFab company MFG wallet or external wallet

Get Started Submit your RFQ!

Now manufacturing procurement buyers and agents will be able to better manage their MFG tokens used towards the tokenization of their manufactured parts and as rewards for their associated RFQs. Buyers and procurement departments using the SyncFab Manufacturing Blockchain architecture enabled platform can receive parts up to 4 weeks faster with savings as high as 25–50% over their existing supply chain sourcing activities. To get started, visit the SyncFab Manufacturing Platform and register to submit your RFQ quote request.

SyncFab is where OEM Parts Buyers GET MADE and Parts Suppliers GET PAID.

Let us quote your precision machined parts at no cost or obligation to: sales@syncfab.com

Procurement Managers watch THIS VIDEO to learn more.

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.

SyncFab also 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. Furthermore — 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 custom smart contract and supplier incentive programs such as RFQ and data sharing rewards.

Calling all Local Blockchain Engineers — Talented and Eager to Make a Difference in Manufacturing? Join Us!

We are always seeking additional blockchain engineers. Interested in joining our team? Learn more and apply here.

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SyncFab

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SyncFab

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