During the first quarter of 2019 the SyncFab team has remained focused on execution in three key areas: 1) ramping sales and marketing efforts, 2) streamlining operations for greater efficiency, and 3) calibrating continued buildout of our product roadmap delivering beyond what was originally outlined in 2017/2018 including the testing and deployment of the patent-pending SyncFab Manufacturing Blockchain™ and technology planning for Hardware Tokenization™ applications. The industry has taken notice as SyncFab is in discovery talks with several industry leaders exploring consideration for tests of or adoption consideration of our existing and customizable manufacturing blockchain application within their vast organizations. All talks are at the discovery stage as the technology is extremely new and the Industrial Manufacturing sales cycle tends to be long usually exceeding 2–3 calendar quarters. We are happy to report that registered buyer average growth on the platform has remained robust for the quarter since the soft release of the SyncFab 3.0 DApp.
SyncFab DApp 3.0 Soft Release
In late January, the SyncFab 3.0 DApp was brought online for soft release to new commercial buyer prospects. The SyncFab 3.0 DApp was completely rebuilt on an entirely new technology stack which was overhauled to better conform to the speed and specification requirements of the ongoing blockchain architecture buildout. Since rolling out, we have received very positive feedback from test users. This new decentralized application was launched alongside our internal procurement management system for increased efficiency in working with clients and processing orders at greater speed. With this deployment, all documents relevant to an RFQ and PO are organized and stored in a single interface with PO milestones logged to the blockchain.
Successful Completion of Commercial Buyer-Supplier Transaction on the Manufacturing Blockchain™
The SyncFab Manufacturing Blockchain™ phase 1 MainNet was integrated to replace the TestNet at time of the 3.0 DApp soft release. The first few months were so action packed for the team that we were delayed to share the exciting news upon successful completion of end-to-end commercial purchase order transactions on our Manufacturing Blockchain™. The initial phase of our SyncFab Manufacturing Blockchain is based on a hybrid of Ethereum Blockchain and Hyperledger Fabric technology. The public/private hybrid blockchain model allows users the flexibility to choose the approach that best meets their requirements with regard to security and speed conforming also in nature to the spirit of our public private partnerships with Federal Smart Manufacturing and Municipal Smart City economic development initiatives to accelerate supply chain connection and digital transformation adoption.
The TestNet to MainNet transition initially was for integration with the existing procurement platform technology stack architecture and subsequently for the 3.0 DApp soft release. Where the 2.0 platform was regional in focus, the 3.0 blockchain is national and beyond, with plans for global expansion as part of our partnership with C Block Capital and additional partnership mandates as they emerge.
Phased Deployment of the patent-pending SyncFab Manufacturing Blockchain™
February saw additional upgrades of the Hyperledger system being tested and deployed. In the second part of February, we completed a planned phase of development that includes automatic quote expiration and added all relevant line items to the quote page. In addition, we updated the PO pages of the DApp with payment status and enabled a platform error monitoring system.
In March, we began implementing an overhaul of our supplier onboarding process to eliminate unnecessary paperwork in the status quo, while allowing suppliers to share order specifications faster and easier than before.
In a subsequent update, we’ll cover what’s planned for the 3.0 DApp hard release which we’re very excited about!
SyncFab Manufacturing Blockchain Patent Pending with USPTO
SyncFab completed the filing of a provisional patent application with the US Patent and Trademark Office in an effort to help ensure recognition for the blockchain industry development pathways we pioneered in 2017, which have proven enormously popular as they carry promise to deliver some of the most disruptive gains to the manufacturing industry. With the filing, SyncFab’s unique application of distributed ledger technology in it’s Hardware Manufacturing Blockchain, Hardware Parts Tokenization technology and business processes are now patent pending.
Former Airbus A3 Blockchain POC Lead Engineer joins SyncFab as Manufacturing Blockchain Program Manager
The past few months have been very productive as the team has been highly focused on streamlining operations, restructuring our HR department and creating more conservatives budgets adapting to market conditions. In addition, we made a key new technical hires, including Airbus’ former Blockchain POC Engineer Lead. The new hire from Airbus, Vinay Munjewar, joined us as Manager of our Manufacturing Blockchain Program to lead our Enterprise Blockchain Pilot Partnership Program. As the former Blockchain Engineering Lead for Airbus A3 Silicon Valley Innovation, Vinay spearheaded the Enterprise Blockchain Strategy, Planning, Execution and Deployment for Airbus. Vinay was responsible for architecting the blockchain solution and managed the Blockchain POCs (proof of concepts) for various use cases of enterprise supply chain, digital twin, and smart contract development. Vinay has experience with Ethereum, Hyperledger, Multichain and NEM blockchain platforms. He also has experience with linked data technology using OSLC. Prior to Airbus Mr. Munjewar was PLM Executive at Siemens with 15 years of global experience spanning industries including software, high tech electronics, high tech manufacturing, aerospace & defense and automotive. Vinay is a graduate of MIT’s Sloan School Executive Education for Artificial Intelligence: Implications for Business Strategy. Vinay’s background and successful track record of delivering next generation solutions to Enterprise clients, leading diverse and high-caliber global teams that consistently deliver cutting-edge capabilities makes him a perfect fit for our plans developing a marketable Blockchain as a Service for the Manufacturing Industry.
Procurement Sales Operations Manager Role Added
SyncFab has taken measures to “Right Size” the team streamlining operations in recognition of the graduation of our product and deemphasizing administrative operational roles in order to allow for greater focus on the most essential operations for our growth: sales and procurement functions. SyncFab was happy to announce the addition of Max Wasilko to our team as Procurement Sales Operations Manager to support the growth acceleration of our manufacturing supplier base and to oversee our procurement process, allowing us to optimize our RFQ turnaround time and accelerate departmental performance KPIs.
Prior to joining SyncFab, Max Wasilko served as Regional Sales Director for Confirmit, a VC-backed global online data and research software firm with $15M in annual sales, where he developed and implemented regional sales strategy with budget responsibility over $1M. At Confirmit, Mr. Wasilko acquired their largest strategic customer, Yahoo!. Additional clients recruited and closed included Google, AC Nieslen/Net Ratings, Maritz and eRewards. Mr. Wasilko defined and implemented new internal sales reporting process resulting in improved sales reporting and forecasting, in which the company eventually held a successful IPO. In addition, Mr. Wasilko served as a Sales Executive of SAP Business Objects, where he sold complex SAP ERP related data warehouse and reporting solutions to Fortune 1000 including Siemens, Bayer, Monsanto and MetLife. In this role, he performed significant outbound telephone calls to key prospects and customers to qualify sales opportunities, which led to multiple sales opportunities and substantial early revenue. Mr. Wasilko also trained and mentored inside sales representatives accelerating sales targets, time frame and internal communication.
2019 Here We Come
Over the course of 2019 our aim is to refine and adapt our product roadmap, continuing to add features which will enhance and add value to the Industrial Manufacturing Supply Chain Buyer experience while accelerating the sales cycle. Similarly, we aim to boost sales and business development efforts, adding additional layers of customer support along the way. We will be releasing more business, development and team updates and other exciting developments over the coming weeks and months as we enter the next chapter of our evolution as a company. Buckle up and stay tuned!
Revolutionizing Manufacturing with Blockchain
SyncFab is a distributed manufacturing platform founded and headquartered near Silicon Valley that streamlines the way OEM hardware supply chain buyers procure, manage, and track precision parts production securely using blockchain technology. Learn more about how SyncFab benefits manufacturers.
Blockchain Engineers! Talented and Eager to Make a Difference? Join Us!
We are always seeking additional blockchain engineers. Interested in joining our team? Learn more and apply here.
Follow our official channels for the latest updates