In the third quarter, we completed a number of upgrades to the MFG Wallet, MMS system, and Smart Contracts. In the fourth quarter, we’re getting close to the rollout of some exciting feature releases which we’ll cover in follow up announcements as they are released. In the meantime, here’s what we’ve got in the works:
The MMS system has been updated to improve the speed and ease of use for Ops and Procurement staff with enhanced search functionality and the creation of a buyers list. Ops staff are now able to better track supplier quotes and performance over time through the MMS.
MFG Wallet & Incentives Update
The MFG Wallet has been overhauled and upgraded to support our latest 3.0 architecture. In the coming weeks, a new more secure proprietary MFG wallet upgrade will be integrated on the platform to replace the old external wallet solution at which point notifications will be sent to legacy users to transfer MFG out of the old wallets which will be quickly replaced by the new Wallet. The new wallet integration will allow buyers new ways to add MFG incentives more quickly and easily to their RFQs and secure more bids from machine shops who will be rewarded accordingly in addition to other incentives currently under consideration as part of our ongoing business development efforts, partnerships and internal business mechanics review. As part of this upgrade, the purchase flow will include the option for manufacturing buyers to purchase MFG at a fixed price. We continue to experiment with new incentivization models to further incentivize suppliers to continually quote faster and share more data with current models under consideration including a fixed pool of rewards distribution to suppliers who participated in a particular RFQ upon completion of the related PO.
Smart Contract Upgrades
As part of our larger releases, maintenance and upgrades to our related blockchain smart contracts must also occur. The MFG Smart Contract has been upgraded to ensure compatibility with the MFG ERC-20 token with consideration also being given to a forward-looking emphasis on cross-chain interoperability and atomic swap functionality where feasible and practical. Lastly, we are close to finalizing the Part Token NFT smart contract to support the upcoming Hardware Parts Tokenization release which will reflect a whole new blockchain feature service product offering transacted in MFG on the backend but initiated upfront in fiat for a smooth user experience making it easier for quicker adoption amongst a more traditional industrial user base.
Buyer Facing Improvements
Buyers now have the ability to assign a single part up to 3 quantities. The user interface for the Parts Inventory Library, which allows for fast re-ordering of parts has been finalized ahead of the Hardware Parts Tokenization release which is expected towards the middle of next month.
NTMA Partnership — SyncFab Supplier Dashboard Update
As a result of our fruitful relationship with the NTMA we will be launching a significant Supplier Dashboard upgrade, suppliers will be granted improved login access to view RFQs, POs, compliance documentation for parts in addition to their MFG Wallet balance amongst other features intended to encourage greater collaboration, data sharing, and supply chain analytics. This has been a major undertaking on the part of our product engineering and business development teams and a very important next big step for us and for the industry working more closely and easily with our suppliers who are critical to the implementation of the pathway forward for Blockchain in the Supply Chain and Industry 4.0.
Stay tuned for more on our major releases!
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