SyncFab 2019 Year in Review

SyncFab
SyncFab
Jan 9 · 10 min read

2019 was a year dedicated Blockchain Companies will refer to as a year of executing in the trenches of deployment in the face of industry inertia. It is from this vantage point that 2019 proved a remarkable year for SyncFab marked by a strong commitment to product and business development as the Company sets the precedent for new sales cycles as the hardware category creator in the Manufacturing Blockchain space. We grew our registered Buyer and Supplier user base more than 1000%+ including major companies like SpaceX as well as many other noteworthy Fortune 500 manufacturing companies which propelled sales significantly higher in 2019 than 2018 leaving the company well positioned to capture growing market share in 2020 as we expect our client list to continue to expand with growing name recognition alongside new partnerships in 2020. The company made strong additions to it’s advisory board alongside significant new hires to replace legacy sales, marketing, operations and strategy personnel restructuring for better alignment with company mission execution. The company successfully concluded it’s technical development commitments to Smart MFG Tech which will continue as a collaborative partnership. The company established a new partnership with the NTMA in 2019, launched the SyncFab 3.0 DApp in 1H2019 followed by the official 3.0 MFG wallet in 2H2019 and much more we review below.

2019 Highlights

  • SyncFab completed the filing of a provisional patent application with the US Patent and Trademark Office in an effort to help ensure recognition for the blockchain industry development pathways we pioneered in 2017, which have proven enormously popular as they carry promise to deliver some of the most disruptive gains to general industry. With the filing, SyncFab’s unique application of distributed ledger technology to its Hardware Manufacturing Blockchain and Hardware Parts Tokenization technology and business process is now patent pending.
  • Following a lot of back and forth with the US Patent and Trademark Office we successfully registered 3 Trademarks in an effort to recognize the blockchain industry development pathways we pioneered in 2017 which have proven enormously popular as they carry promise to deliver some of the most disruptive gains to general industry with the application of DLT namely for:

SyncFab Manufacturing Blockchain

Manufacturing Blockchain

Supply Chain Blockchain

  • SyncFab DApp 3.0 Release: The SyncFab 3.0 DApp was completely rebuilt on an entirely new technology stack which was overhauled to better conform to the speed and specification requirements of the ongoing blockchain architecture buildout. With this deployment, all documents relevant to an RFQ and PO are organized and stored in a single interface with PO milestones logged to the blockchain.
  • Hassle-Free Production Status Tracking: Production status is no longer a headache for OEM Purchasing Departments who need to plan for contingencies in their supply chain. We digitally capture our partners’ information to offer time-sensitive status updates and data regarding the production process. Procurement buyers and purchasing departments are no longer “in the dark” regarding the progress of their Purchase Orders. We eliminated the need for repetitive back-and-forth calls and emails towards suppliers and we are laying the middleware pipeline towards IIoT and Manufacturing Supply Chain 4.0. All data surrounding the milestones of our progress bar are stored on our proprietary permissioned hybrid blockchain network built in Hyperledger. This allows us to securely and truthfully represent events that happen in the physical world, towards all parties involved in the supply chain of each Purchase Order.
  • Multiple User Account Team Management Feature: We’ve been rolling out tools to make the lives of procurement buyers even easier with our DApp platform. Based on feedback from procurement teams, buyers are able to invite multiple users under a single company profile with different roles to keep orders moving along faster. This capability is part of a larger user management feature we rolled out. The New User Account Management Feature is essentially two-fold: as an onboarding tool for suppliers, and a way to verify and vet capabilities and quality of suppliers. This allows for higher quality suppliers in our network, and also allows us to better match RFQs that would be of interest to our suppliers based on their capabilities and preferences. Additional benefits are evidenced in higher supplier satisfaction and likelihood to continue using our platform, as well as reducing the burden of matching on our procurement team. Further, we scoped out a new feature set based around RFQ distribution for suppliers.
  • Document Management Feature Upgrade: Based on customer feedback, gathering all relevant documents of a Purchase Order in one place is of utmost importance as the current process of collecting documents from different channels is clearly inefficient and time-consuming. For that reason, we decided to address this issue by enabling users to upload and download all relevant documents within the Purchase Order page. In that way, SyncFab is getting one step closer to becoming the single point of reference and source of truth regarding the progress, documentation, and communication of every Purchase Order.
  • Buyer Facing Improvements: Buyers now have the ability to assign a single part up to 3 quantities. The user interface for the Parts Inventory Library, which allows for fast re-ordering of parts has been finalized ahead of the Hardware Parts Tokenization release which is expected towards the middle of next month.
  • MMS Update: The MMS system has been updated to improve the speed and ease of use for Ops and Procurement staff with enhanced search functionality and the creation of a buyers list. Ops staff are now able to better track supplier quotes and performance over time through the MMS.
  • Launched an official 3.0 MFG wallet: SyncFab 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 in preparation for the launch of our forthcoming Hardware Tokenization Application expected to be launched in early 2020.
  • Smart Contract Upgrades: As part of our larger releases, maintenance and upgrades to our related blockchain smart contracts must also occur. The MFG Smart Contract has been upgraded to ensure compatibility with the MFG ERC-20 token with consideration also being given to a forward-looking emphasis on cross-chain interoperability and atomic swap functionality where feasible and practical. Lastly, we are close to finalizing the Part Token NFT smart contract to support the upcoming Hardware Parts Tokenization release which will reflect a whole new blockchain feature service product offering transacted in MFG on the backend but initiated upfront in fiat for a smooth user experience making it easier for quicker adoption amongst a more traditional industrial user base.
  • 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.
  • Team growth: The company added several Heavy Hitters and significant new hires to the team in 2019 to replace legacy sales, operations and strategy personnel restructuring, including the addition of a former Airbus A3 Blockchain Lead Engineer as our Blockchain Program Manager, Cross-Chain Blockchain Engineer, Head of Sales and Procurement Manager — adding the most talented human capital to our ranks who are just as passionate about our mission to revolutionize manufacturing at SYNCFAB.
  • User growth: We grew our registered Buyer and Supplier user base more than 1000%+ including major companies like SpaceX as well as many other noteworthy Fortune 500 manufacturing companies which propelled sales significantly higher in 2019 than 2018 leaving the company well positioned to capture growing market share in 2020 as we expect our client list to continue to expand with growing name recognition.
  • Astute Advisory Board additions of former GM quality manufacturing expert Dauod Thompson in support of our Automotive Industry Expertise and former SAP-Ariba veteran — Henry Robinson in support of our ERP Integration.
  • Began the process of joining the MOBI Alliance
  • Presented, partnered with and participated in leading Industry and Blockchain conferences at NTMA Western Regional Conference 2019, LiveWorx2019 in Boston and Westec2019 in Los Angeles.
  • Featured in digital and print media — Modern Machine Shop, CPO Rising, ComputerWorld, amongst others.
  • SyncFab was named a Top Player in Global Blockchain Market Research Report by The Research Insights.
  • In support to Smart MFG Tech co-sponsored and subsequently tabled a proposal to integrate with Binance DEX pending swap gateway layer security risks to be addressed as well as demanding added layer protocol implementation budget requirements that would require significant additional funding.
  • Demos were conducted for the benefit of candidate Enterprise Clients being targetted as part of CBlock partnership collaboration business development efforts in 1H2019
  • Maintained a new worksite in Los Angeles: in addition to our location in San Leandro, we added a location at the prestigious Los Angeles Cleantech Incubator whose partners include the City of Los Angeles, the US DOE, JP Morgan Chase, Wells Fargo, Caltech, NASA JPL, Ernst & Young, USC, UCLA and Tech Coast Angels amongst other noteworthies.
  • Maintained the Company Headquarters in the US Blockchain Capital of Wyoming and continued collaborating with the City of Berkeley Blockchain Bond Initiative which saw SyncFab CEO, join their Advisory Board led by Vice Mayor, Ben Bartlett.
  • Continued to champion the Manufacturing Blockchain revolution as a component of the national Manufacturing Innovation agenda as a part of CESMII and the City of San Leandro STiR

What to Expect in 2020

We expect to launch several new feature releases in Q12020 including our much anticipated 1) Hardware Tokenization Application, 2) a Parts Library upgrade, and a 3) Supplier Dashboard upgrade based on feedback from the NTMA partnership — all of which will enhance and add value to the Industrial Manufacturing Supply Chain. We aim to significantly boost sales and business development efforts adding additional layers of support where feasible as we enter the next chapter of our evolution as a company. Buckle up and stay tuned as we believe 2020 will continue to be a revolution in manufacturing!

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.

Follow our official channels for the latest updates

SyncFab

Written by

SyncFab

SyncFab is the first peer-to-peer blockchain for the manufacturing supply chain. Learn more at https://blockchain.syncfab.com

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