Tokenize Parts at their Point of Production for Real Parts Provenance
SyncFab is excited to announce the release of our much anticipated feature following many months of development and a 2018 provisional patent filing. SyncFab 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.
Getting Started: How to Tokenize your 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 your supply chain and will allow you to boost efficiency in parts supply chain feature by feature. For this feature release we begin with the Parts Provenance feature:
Part Tokenization / Unique Identity / Part ID
Every component or part that is manufactured and purchases a 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. Buyers use MFG ERC20 to initiate PRT ERC721 Parts Tokenization orders.
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.
Parts Provenance Anti-Fraud for Automotive Supply Chains and Aerospace MRO
Fake parts pose a real threat to safety, reliability and profitability in Aerospace and Automotive. OEMs are concerned about counterfeit parts in their supply chain with Aerospace increasingly concerned about MRO — where the FAA estimates 500,000 or more Bogus Part installs occur each year. In Aerospace, Government records show 2,868 incidents of substandard unapproved parts or “SUPs” discovered on commercial planes flown by almost every airline resulting in Aircraft Recalls, Large Fines, up to 15% decrease in system reliability and an NTSB estimated 200 plane crashes. On the other hand, Studies also now show using blockchain tokenization technology can cut MRO costs by $3.5BN or 5% and boost revenues by $40BN or 4% each year while also addressing $4 billion in aerospace parts inventory management inefficiencies and $20BN in unplanned maintenance costs.
Verifying Parts for Compliance, Safety and Provenance in the Aerospace MRO supply chain.
Blockchain DLT enables end-to-end component verification across internal and external MRO (Maintenance, Repair, and Overhaul) stakeholders, and unified operational efficiency in Aerospace MRO. This brings tremdous cost savings for the entire industry through greater transparency, stronger risk management and auditing capabilities that MRO is in desperate need of.
Sovereign Audit Solution in the Age of Corona Virus
Aerospace companies, OEM suppliers, part resellers, airline operators and regulatory authorities all work toward managing risk and ensuring ongoing safety. A large part of this effort involves complying with safety regulations issued by authoritative governing bodies such as the FAA. Blockchain-secured record-keeping is the best way to manage the compliance of data while maintaining an audit trail. Because of the immutable nature of blockchain’s record-keeping mechanism, the industry can take greater assurances with regards to the data’s integrity and origin.
This feature is yet another industry-first move by SyncFab’s manufacturing blockchain. To realize the benefits of blockchain technology custom-built for the manufacturing industry including parts tokenization for anti-fraud, recall mitigation, track and trace, and supply chain transparency in your organization, get in touch with SyncFab for implementation and customization. Or register on the SyncFab Manufacturing Platform and start tokenizing parts today.
Stop Corona Virus bottlenecks in your OEM Supply Chain: SyncFab allows OEMs to slash procurement time and cost for precision parts with SyncFab’s rapid response supplier network secured by blockchain for anti-counterfeit, recalls, smart payments & more.
Let us quote your precision machined parts at no cost or obligation to: firstname.lastname@example.org
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.
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