NTMA Partners with Blockchain Supply Chain Firm SyncFab
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.”
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