Founded in 2013, Smart MFG is a technology company headquartered in San Leandro, CA. Smart MFG is the first peer-to-peer Industrial Internet of Things (IIoT) production blockchain for the hardware manufacturing supply chain, by using smart contracts to manage, organize and track parts production. MFG is an ERC20 token used to reward buyers, manufacturers, suppliers and logistics service providers, and can be traded and circulated on the Smart MFG platform. Through smart contracts, MFG will be used to incentivize those manufacturers or buyers who place orders using Smart MFG.

Project Introduction

Smart MFG is a technology company based on cloud computing, e-commerce of virtual supply chain, machine learning of IIoT and data mobilization. The purpose of Smart MFG is to provide purchasers with local manufacturing services, and manufacturers are selected based on whether they use energy-efficient energy.

The platform allows buyers to make effective cost-saving decisions based on multiple competitive Requests for Quotations (RFQs) based on manufacturers' location, experience, material preferences, and processing capabilities. Through its portal, it can be used anywhere with a computer connected to the network, so buyers can reduce the time and costs associated with the production of purchased parts, especially when compared to traditional procurement processes involving multiple online and offline solutions .

The platform allows buyers to make effective cost-saving decisions with multiple competitive Requests for Quotations (RFQs) based on insights into a manufacturer's location, experience, material preferences, and processing capabilities. Through its portal, it can be accessed anywhere using a computer connected to the internet, so buyers can reduce the time and costs associated with the production of purchased components, especially when compared to traditional procurement processes involving multiple online and offline solutions .

Additionally, the technology can automatically push SyncFab's backend software updates in real time, which will reduce the financial burden of maintaining locally hosted software. It provides users with on-demand, real-time, easy-to-use and secure online cloud solutions to share files, improve communication, simplify procurement and manage parts inventory to help users produce quality products.

For secure transactions and payments, the platform stores intellectual property and documents in Amazon Web Services (AWS) servers backed by top security protocols such as SSO, firewall, and DDoS protection. All RFQs, IP and transactional histories are easily accessible in real-time to help users compare pricing or past demand to expedite the procurement process.

Project Highlights

A supply chain management system using blockchain technology

Blockchain, or Disaggregated Information Technology, is the latest technology for many applications in the IIoT technology ecosystem. It is a transparent digital ledger containing information programs and ciphers that encrypt records through its distribution network. A blockchain is a shared database that provides millions of linked blocks whose information is simultaneously verified and agreed upon by millions of computers in its hosted consensus network. Anyone can use a computer to connect to the Internet, it is a record of authenticity and proof of ownership, encrypted to its front block controlled by a private key or contract code. Therefore, hacking and altering the data stored in the blockchain is considered to be very difficult, as any changes will be detected and verified by those in its network.

Bitcoin is a pseudonym created by a person or group in 2009, the first blockchain created by Satoshi Naga. Unlike the centralized approach of traditional accounting payment processors, it achieves its goals by decentralizing information, so it is difficult to add transactions to the ledger table, but relatively easy to verify and verify. Ledger billing will identify and discard fraudulent transactions.

In addition, with the development and improvement of the blockchain's distributed ledger function, in 2015, a new type of blockchain, Ethereum, was created. It will allow anyone to create smart contracts and decentralized applications (DApps). DApps are mainly software or applications whose back-end code runs on a peer-2-peer (P2P) decentralized blockchain network and interfaces with the front-end.

A smart contract is a code with arbitrary rules governing a set of digital assets. It is essentially an encrypted block containing digital values, which can only be unlocked and accessed when predetermined conditions are executed, and anyone can create their own arbitrary rules to create ownership, transaction formats, and state transition functions. These applications of smart contract technology will be key to the standardization of decentralized supply chain management ecosystems in the production of all manufactured components.

Intelligent Manufacturing Blockchain Technology

The vision of Smart MFG is to simplify supply chain management, ensure transaction security, and protect all intellectual property rights, and establish a transparent procurement gateway in the industrial manufacturing industry. Since Smart MFG is a functional product with active users, we plan to realize our vision by integrating the current platform with innovative applications of smart contracts and blockchain technology into the development of smart manufacturing blockchain. The implementation itself will substantially change SyncFab's current business model and will decentralize power between buyers and manufacturers in the industry. (The evolution of the Smart MFG business model is further explained in Section 2.2.5).

Smart manufacturing blockchain technology is a system of record that contains customer or contact information, order history, machine capacity, design and intellectual property. In effect, within a decentralized ecosystem, buyers will be matched with manufacturers whose machine capabilities best meet their project criteria, and then directly source parts for production without intermediaries. All completed purchase orders will be recorded to the smart manufacturing blockchain to further establish the user's history, thereby providing historical transaction records, enabling buyers and manufacturers to place and complete orders with trust and confidence.

Initially, the smart manufacturing blockchain will be the system of record for all component production orders, containing transactional records and information. The ultimate goal is to reduce costs and increase efficiency by removing middlemen and barriers to entry such as brokers, outdated software, and inefficient processes. In doing so, we hope to connect innovators with manufacturers, smartphones and factories in a transparent, decentralized supply chain management network.

Using smart contracts to make the procurement process more transparent

The first iteration of the Smart MFG DApp will execute smart contracts executed on the blockchain to complement the existing Smart MFG procurement process, which has been tested and optimized over the past two years. It will change the current Smart MFG parts procurement process to be more transparent and manageable. Every smart contract executed on the smart manufacturing blockchain will increase the credibility of the buyer's and manufacturer's profiles as successful production orders are recorded into the ledger's system of record. The transaction record of each order is tracked by digital files on the distributed ledger, so it is transparent to potential buyers.

Information such as inquiries, quotes and intellectual property are encrypted and executed on smart contracts, and then recorded on the blockchain, only those with assigned permissions can access, thereby helping manufacturers record, track and monitor assets .

Initially, the system will be a partially decentralized system - part of the decentralization is due to the SyncFab layer built into the current procurement process as a reference or "broker" of transactions. After thorough testing and implementation of smart contracts for real business use cases, the Smart MFG middle layer will be eliminated, making it a fully decentralized ecosystem.

Information-separated supply chain management system

Continued opacity of traditional manufacturing economies of scale, retaining privileged access to central asset managers, the largest purchasers as such monopoly companies, exclusive access, requiring high order minimums and resource-rich intermediaries such as brokers, platforms, and service. All of these contain individual assets and siled data sets that need to be managed across multiple mediums and platforms. These additional layers complicate the entire supply chain management process, increasing costs and reducing revenues. The implementation of smart contracts will pave the way for a fully decentralized supply chain management ecosystem where innovators, suppliers and manufacturers have more control over the success, quality and delivery of their products. Through smart contracts and smart manufacturing blockchains, we will decentralize the economies of scale of the production supply chain, making it more accessible, transparent and profitable, for all participants from the current mainstream B2B relatively isolated and monopolistic model to peer-to-peer ( P2P) ecosystem.

Evolution of business model

In the decentralized supply chain management network, we will cancel the 'handling' fee of Smart MFG. Instead, we will introduce a transaction cost levied on all final payments, the percentage of which will be determined during development and after the proof of concept of the smart contract. The smart contract proof of concept is a smart contract that we will develop and then implement and test with buyers and manufacturers in a "realistic" procurement process. During this time, we will gain a better understanding of the buyer's needs and business use case to determine that the stated amount is correct.

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