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Lockheed Martin, a US aerospace and defence contractor, has signed a deal with SyncFab, a Silicon Valley distributed production network, to streamline supplier capabilities across Switzerland, providing yet another tangible use case for blockchain technology.
SyncFab will provide Lockheed Martin with direct access to its parts sourcing and supply chain network, which is installed on top of the company’s blockchain, under the terms of the new deal. The protected supplier intelligence portal ties Original Equipment Manufacturers (OEMs) to Swissmem representatives, enabling OEMs to match with suppliers in Switzerland.
The platform basically acts as a “matchmaker” for OEMs and subject matter experts, helping the experts to bid for long-term logistics opportunities with larger organisations. In the case of Lockheed Martin, Swissmem representatives will be able to bid on projects directly through SyncFab.
Swissmem, established in 1999, serves the mechanical and electrical engineering industries in Switzerland. MEM industries account for roughly one-third of total exports in the region.
Jeremy Goodwin, SyncFab’s founder and CEO, commented on the new partnership:
“SyncFab is honored and privileged to work with Lockheed Martin in our mission to expand access and digitally transform Swiss Industrial Supply Chains in partnership with Swissmem.”
After its inception in 2013, SyncFab has secured a number of high-profile collaborations. According to Cointelegraph, the organisation collaborated with the US Department of Energy in 2018 to deliver renewable energy and smart manufacturing projects in the California cities of San Leandro, San Francisco, and Oakland.
Industry also cites supply chain management as one of the most significant usage cases for blockchain technologies. According to Cointelegraph, more than half of the firms named to the Forbes Blockchain 50 list in February 2021 are using distributed ledger technologies to address technical problems.