SyncFab launches OEM Parts Tokenization — Industry First

Parts Provenance for IP Protection & Anti-Fraud in Automotive and Aerospace MRO Business-Ready Use Cases

SyncFab
SyncFab
Feb 29 · 6 min read
SyncFab OEM Parts Tokenization — Industry Debut Commercial Solution

Tokenize Parts at their Point of Production for Real Parts Provenance

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.

Automotive OEM Parts Blockchain Tokenization for Production Authentication

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.

Aerospace OEM Parts Blockchain Tokenization for Production Authentication and MRO

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.

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: sales@syncfab.com

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.

SyncFabMFG

Stay up to date with the latest SyncFab MFG News

SyncFab

Written by

SyncFab

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

SyncFabMFG

Stay up to date with the latest SyncFab MFG News

More From Medium

More on Manufacturing from SyncFabMFG

More on Manufacturing from SyncFabMFG

SYNCFAB Joins MOBI

SyncFab
Jan 30 · 3 min read

231

More on Manufacturing from SyncFabMFG

More on Manufacturing from SyncFabMFG

More on Manufacturing from SyncFabMFG

SyncFab 2019 Year in Review

SyncFab
Jan 9 · 10 min read

261

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade