A very effective way to utilize blockchain technology is for managing the chain of supply. This chain is no longer a linear one from producer to consumer but now contains multiple sequences of producers, partners, clients, agents, etc.; hence, the use of blockchain is of high importance as it would enable assets to be traced or tracked.

Lockheed Martin, a defense agency, just recently concluded a deal with SyncFab firm. The contract entails that SynFab can narrow Switzerland’s supplier capabilities putting blockchain into good utilization. As per the contract, the firm would give the contractor unrestricted permit to its protocol of section procurement and supply chain based on the firm’s blockchain. This protocol links OEMs (Original Equipment Manufacturers) with Swissmem workers, providing Original Equipment Manufacturers with tours around Switzerland with the suppliers.

How would SyncFab help Swissmem?

The platform’s function is to connect prospective experts with OEMs, giving them the privilege of a long-standing competitive staminal, which would make them fit to contend with more prominent companies. SyncFab would give the Swissmem members the privilege to work on a project via its platform. Swissmem stands for the mechanical and electrical engineering industries in Switzerland, which was created in 1999. The firms executed about a third of the exports in the nation.

Jeremy Goodwin, founder of SyncFab, while remarking on the contract, said that it is a privilege to collaborate with Swissmen in the execution of their mission to create more access as they transform Switzerland’s industrial supply chains.

SyncFab, a Silicon Valley distributed production network, started operating in 2013, and it has since then been numerous high-ranking business deals. In 2018, it was reported to have worked with the US Department of Energy.

SyncFab targets businesses with promising futures who want to slash their overhead and venture into intelligent innovations in the IoT (Industrial Internet of Things). The platform aids firms in reducing their production costs, as their RFQs would be pegged with producers who possess technical prowess to manufacture their goods. They determine this by comparing their potential client’s product designs with customer’s ordered product requirements. The firm thinks blockchain improves transparency as it allows adjustment in material specifications and product requirements to be known before time, preventing expensive mistakes and delays.

Intellectual property theft is one of the most significant threats that plaque business. The firm claimed that it could solve this problem by using full security measures to encrypt the properties, to protect clients who cannot afford cybersecurity services. SyncFab also claimed that its network would profit producers as it would allow them to face their production squarely.