SyncFab Partners with the National Tooling and Machining Association (NTMA) to Boost Precision Custom Manufacturing Supply on Blockchain

SyncFab, Partners, National Tooling and Machining Association

SyncFab, the first manufacturing blockchain solution for thousands of parts suppliers and buyers, has announced a strategic partnership with the National Tooling and Machining Association (NTMA). The new relationship will grant access to SyncFab’s advanced manufacturing blockchain platform for nearly 1,300 NTMA members across the United States. The new users will be able to work through an extensive parts library where all previously ordered parts are available for fast and easy re-ordering.  With its unique solution, SyncFab utilizes smart contracts and data driven smart manufacturing to restructure the external supply chain in the United States and beyond.

SyncFab’s system allows for the search and procurement of manufactured parts on a blockchain network. Orders are secure, instant, and streamlined. The SyncFab network creates a decentralized economy between producers and buyers while eliminating brokers and intermediates. Both parties save on fees, thus reducing prices.

Buyers reward manufactures for quotes and manufactures reward buyers for reorders. Small, local manufacturers are given a level playing field against large firms as no quotes are favored in the network. In addition, SyncFab’s platform digitally captures partner information to offer time-sensitive status updates and data regarding the production process. The deal will raise SyncFab’s market share up to 5%.

“The goal of this feature is to eliminate headache for OEM purchasing departments that need to plan for contingencies in their supply chain,” said Jeremy Goodwin, Founding CEO at SyncFab.

As the national representative of the precision custom manufacturing industry, NTMA members generate more than $30 billion in sales combined. While many  members are privately owned independent businesses, the products and services provided are absolutely vital to the nation’s economy. Industries range from aerospace to electronics to nuclear power. The NTMA is organized into nearly 50 local chapters throughout the country.

About SyncFab:

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.

About NTMA:

NTMA is the national representative of the custom precision manufacturing industry in the United States. NTMA’s has 32 chapters throughout the U.S. and nearly 1,300 member companies that design and manufacture special tools, dies, jigs, fixtures, gages, special machines, and precision machined parts, representing more than $30 billion in sales annually. While many of NTMA members are privately owned independent businesses, the products and services they provide are vital to the nation’s economy, serving industries from aerospace to electronics to nuclear power. More information: www.ntma.org.

SyncFab is proud to be featured on Modern Machine Shop @MMSOnline for using #blockchain and data-driven methods to optimize the #supplychain for OEM Buyers. Through our Partnership with @NTMATalk we aim to bring new business & tech to #NTMA #MachineShops. https://t.co/FHknjIjphk

— SyncFab (@SyncFab) June 24, 2019

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