Smart MFG Tech, a company focused on Industry 4.0 Digital Transformation and promoting new data mobilization technologies, including IIOT (Industrial Internet of Things) for use within the manufacturing industry, has pre-announced a multi-pronged initiative to accelerate post-COVID industry blockchain adoption powered by MFG – the first and only manufacturing blockchain smart contract token in one of the most promising applications for blockchain technology. Deloitte’s Global Blockchain Executive Survey reported that blockchain’s greatest potential to deliver business value is in manufacturing, and Smart MFG Tech is one of the earliest movers in this space.
Signaled upcoming new initiatives include expanding ecosystem partnership development to compliment the alliance with manufacturing platform partner SyncFab; industry education on the catalyst effect of incorporating MFG to incentivize and accelerate digital transformation of manufacturing supply chains; developing Decentralized Finance or “DeFi” solutions to traditional supply chain finance challenges using MFG in partnership with emerging DeFi instruments and operators; and launching a newly redesigned front-facing website in support of these new initiatives.
Precision parts suppliers on Smart MFG Tech’s partner SyncFab platform now get rewarded with crypto for timely RFQs and winning bids. MFG Supplier Incentive Crypto Rewards are a new way to reward time connecting supply chains with blockchain. With traditional supply chains, many manual processes occur that do not compensate suppliers for their time. Smart MFG Tech and SyncFab are rebuilding supply chains for Industry 4.0 digital transformation by implementing a new system where time is compensated, sensitive information is kept secure, and suppliers get rewarded for maintaining a responsive supply chain.
“Currently we are preparing for a multi-pronged approach to increasing awareness and accelerating adoption of blockchain technology to benefit digital transformation of manufacturing supply chains including actively exploring supply chain DeFi opportunities and our ecosystem expansion, which will compliment our great achievements with SyncFab integration,”
said Smart MFG Tech Executive Director Hikaru Yuki.
Smart MFG Tech promotes new technologies and applications for use within Industrial Manufacturing. The company is one of the leaders in the blockchain based industry incentive initiatives helping shape and accelerate the digital transformation trajectory of traditional manufacturing supply chains towards an Industry 4.0 compatible data-driven model. Smart MFG Tech also manages the network governance and overall health of the MFG Token ecosystem and allocates from the partner adoption pool of MFG tokens.
MFG Tokens are a digital ERC20 cryptocurrency that allow OEM business and its suppliers to pay for supply chain products and services on the SyncFab platform and a growing partnership ecosystem mirroring the reality of a complex, multi-tiered supply chain ecosystem, which transcends any consortium or any single Fortune 500 company’s supply chain. At the moment, these supply chains are disconnected and siloed in spite of common areas of overlap and they require integration points, security reassurances and INCENTIVES to come out of their siloes.
The Data Value Add of the IIOT, which is but one value-added service sub-component of Industry 4.0, represents a trillion dollars over the next decade. The estimate doesn’t include the efficiencies of more eco-friendly, more specialized hardware applications and the value of intertwining supply chain finance transactions making it all a reality.
Currently, MFG Tokens are accessible through KyberSwap, Uniswap, Mooniswap, 1inch, and Metamask with more liquidity network integrations planned in the coming weeks and months. Additionally, MFG Tokens can be obtained by using the Bancor Network and IDEX. MFG was an early participant in IDEX and even achieved record liquidity activity last summer. But following a recent decision by IDEX to begin charging new user fees to companies and users alike, Smart MFG Tech opted out of what could be considered a backward-looking business model.
Some of the features of the MFG Wallet allow manufacturing buyers to have transactions written over the Ethereum Blockchain, deposit MFG ERC20 tokens from any 3rds party wallet, such as MetaMask or MyEtherWallet, reverse this process, and much more.
The team is busily working on the development and plans to update on new, high-profile partnerships and use case development efforts for MFG, particularly in the area of Supply Chain DeFi. As mentioned above, Smart MFG Tech has just announced a complete overhaul of its website interface. New Partnership Request forms will provide for a simple user interface to submit detailed partnership collaboration queries, which will help streamline and expand the MFG adoption ecosystem driving Industry 4.0 in the 2020s.