When it comes to global studies, “CyberRisk in Manufacturing” is one that made quite an impact. It showed how smaller firms felt about keeping their intellectual property safe.
The results weren’t so unusual. About 40% of the companies are aware of the risks and the benefits of protection. In fact, it is one of their main worries, if not the most important one.
However, large firms have the means and power to employ a whole department devoted to cybersecurity. In contrast, smaller ones would have to redesign their budget, so that they could afford it.
Often, small businesses get by on a limited budget. That means that they simply cannot employ a team of experts. Even though protecting their data is vital, it seems like they are losing the race against the bigger firms.
The manufacturers themselves will prioritize more powerful organizations. Usually, it is because money isn’t an issue for them. However, small businesses often do not even get a reply to their Request For Quote.
That is when SyncFab comes into the picture. They are a US-based company that has been working on a unique program.
Their platform will allow the buyers to connect directly with the manufacturers. As a result, this is expected to provide the essential motivation to small businesses. In addition, it is also going to keep them competitive.
This blockchain based platform called Smart Manufacturing is supposed to be the first step. However, the process should lead to the Industrial Revolution 4.0.
And how does it work? It all comes down to MFG tokens. These are proprietary tokens which SyncFab will issue and sell. During the first token sale, the manufacturers and purchasers can get hold of these tokens. Afterward, they can use them to access the platform. If they do not own them, then they cannot use their services.
If you want to know more about the process, MFG tokens and the availability, you can go to https://blockchain.syncfab.com/.
Here are nine ways in which MFG tokens can have a beneficial effect on your business:
Instead of going through a mediator, the buyer can get quotes from the manufacturer himself. In addition, they will be high-quality, yet less expensive than usual.
Your small business will actually get a faster reply. The platform also offers incentives to those manufacturers who are the fastest bidders. They can quote their lowest pricing, making sure that they stay competitive and available.
Once they stop using mediators, buyers will have a higher profit margin. They will not have to spend their money on brokerage fees.
They will not spend their valuable time on unreliable producers. Instead, they will have a chance to connect to dependable networks, which in turn will save them some precious time for production.
The platform keeps all your data safe and secure. Because they use Amazon Web Services, SyncFab can offer you high-security measures. That way, your RFQs, transactions, and IP address will be hidden away behind firewalls and other protection methods.
The manufacturers can spend less money and time on marketing because they can contact the buyer directly.
There is no need to worry about payments. All transactions that go through this platform are automated by implementing Ethereum based smart contracts.
Right now, manufacturers cannot just contact a buyer. However, once they start using this platform, they can drop the mediator and control their pricing.