SyncFab (MFG), the blockchain-based supply chain management specialists, have officially unveiled their new feature which enables manufacturers to tokenise parts at the point of production to record and authenticate each item.
Tokenization for #OEM #Parts #Provenance is now officially Live! OEMs can now secure your supply chains from unforeseen supply chain shocks – right at their point of production when ordering parts through SYNCFAB – #Blockchain #Tokenization #MFGPRT #MFG https://t.co/CdTNWrC20Q
— SyncFab (@SyncFab) February 29, 2020
In what is stated to be a world’s first, SyncFab believe their Parts Tokenisation technology “…will demonstrate how blockchain adds value bringing greater transparency and streamlining inefficiencies…” to the manufacturing industry.
Aerospace and Automotive
Having come to market in an initial coin offering (ICO) in early 2018, SyncFab revealed a fresh new look at the start of this year and have begun to rollout a series of features designed to provide original equipment manufacturers (OEMs) and purchasers with the means to source, procure, track and pay for precision parts.
Applicable for many market sectors, SyncFab’s innovations are thought to be especially attractive to participants in the aerospace and automotive industries.
The new feature will give buyers, who purchase through SyncFab’s production network using the MFG token, the option to tokenise parts during the checkout procedure.
Each part is then assigned a unique blockchain-based ERC721 standard non fungible token (NFT) known as PRT to establish the item’s identification and provenance.
The MFGPRT NFT will contain not just part information and specifications but also metadata to provide oversight for intellectual property usage and to aid in audit and regulatory compliance record keeping.
It is suggested that such data is necessary to counteract fraud and counterfeit parts within the existing supply chains as using non-original stock has long been associated with a degrading of safety and is thought to have contributed to fatal incidents.
By verifying parts for compliance, safety and provenance, SyncFab believe tracing the end-to-end lifespan of a component from manufacture to maintenance, repair and overhaul (MRO) will bring enhancements for passenger safety and a company’s bottom line.