• MMS Youtube
  • MMS Facebook
  • MMS Linkedin
  • MMS Twitter
6/21/2019 | 1 MINUTE READ

NTMA Partners with Blockchain Supply Chain Firm SyncFab

Originally titled 'NTMA Partners with Blockchain Supply Chain Firm'
Facebook Share Icon LinkedIn Share Icon Twitter Share Icon Share by EMail icon Print Icon

SyncFab uses blockchained “smart contracts” and data-driven methods to optimize the external supply chain available to OEM buyers.

Share

Facebook Share Icon LinkedIn Share Icon Twitter Share Icon Share by EMail icon Print Icon

SyncFab, a manufacturing blockchain provider for parts suppliers and buyers, has announced a strategic partnership with the National Tooling and Machining Association (NTMA). The new relationship will grant access to SyncFab’s advanced manufacturing blockchain platform for over 1,300 NTMA members across the United States. 

SyncFab uses blockchained “smart contracts” and data-driven methods to optimize the external supply chain available to OEM buyers. New users will be able to build from an extensive parts library where all previously ordered parts are available for reorder. The system allows for the commercial procurement of manufactured parts backed by the security and speed that blockchain is said to offer. Orders are secure, instant, and streamlined, the company says. 

Buyers reward manufacturers for quotes and manufacturers reward buyers for reorders, says SyncFab. Small, local manufacturers are said to be placed on a level playing field against large firms, since no quotes get special treatment within the network. In addition, SyncFab’s platform captures partner information to offer time-sensitive status updates and data related to the production process and supply chain planning.

“The goals of our partnership are to better understand the availability and capabilities of suppliers, integrate them with our blockchain solution, improve security and capacity utilization, and provide a more seamless experience with OEM purchasing departments who need to plan for contingencies in their supply chain,” says Jeremy Goodwin, SyncFab’s founding CEO.

“We are really excited about our new partnership with SyncFab. Access to SyncFab’s advanced manufacturing blockchain platform is a great advantage for our members,” says Doug DeRose, interim president of NTMA. “With an extensive parts library and fast, easy and secure reordering, blockchain technology can make a huge impact on supply chain management for NTMA members.”

RELATED CONTENT

  • Getting Started with Machine Monitoring

    This shop’s successful entry into machine monitoring reveals important points about what to do and what to expect.

  • The Difference between MTConnect and OPC UA

    While OPC UA and MTConnect are both http-based protocols, there are differences between them, and each is best used in differing scenarios.

  • 3 Perspectives on Machine Monitoring

    A panel discussion at the recent Top Shops Conference focused on various points of view regarding the value of connecting machine tools to a network for monitoring performance and recording results. Because machine monitoring helps a shop make better decisions about manufacturing processes, it is a good example of data-driven manufacturing in action.

Related Topics

Resources

Thanks for considering a subscription to Modern Machine Shop. We’re sorry to see you go, but if you change your mind, we’d still love to have you as a reader. Just click here.