SyncFab, a San Francisco-based company providing a platform that matches manufacturers with nearby machine shops that supply precision components, announced on Jan. 1 the launch of their public pre-sale of a token, called MFG, on the Ethereum blockchain.
SyncFab has developed the token in partnership with Smart MFG Tech Ltd., a UK firm that provides engineering services and software for manufacturers.
Smart MFG Tech Director Hikaru Yuki said in a statement, “Smart MFG Tech is very excited to be working together with SyncFab on this important undertaking in a lynchpin industry for blockchain. A 2017 Deloitte executive survey reported the highest number of industry leaders exploring blockchain solutions for implementation in the manufacturing and supply chain industries and we expect this trend to continue to lead in blockchain use cases both in number and business feasibility going into 2018 and beyond.”
SyncFab’s existing business aims to reduce emissions and waste in manufacturers’ supply chain. SyncFab’s MFG token is designed to incentivize manufacturers to request quotes and parts from small, local machine tooling shops as opposed to larger, more distant, and less-green providers. The MFG token mechanics are designed to enhance cost savings for large manufacturers and increase utilization and efficiency for local, small scale machine tooling shops. The MFG token will be used in order bidding and tracking to enhance transparency and the desirability of local manufacturing.
Jeremy Goodwin, founder and CEO of SyncFab, said in a statement, “We have received overwhelming support from end users and industry professionals regarding our plan to implement digital tokens to incentivize working class manufacturers to adopt our blockchain solutions. Now with our public presale, we look forward to widening the scale of our offering and boosting utilization rates in small independent machine shops and enhancing cost savings for large industrial buyers.”
An earlier, private presale was conducted during the month of December for industry participants and qualified hardware innovators, Syncfab disclosed in a press release emailed to news outlets. This subsequent presale is open to the public and requires no minimum purchase. To find out more about SyncFab and the MFG Presale, visit https://tokensale.syncfab.com/.