Benefits of Introducing Blockchain in Aviation Industry The implementation of changing technology has played a crucial role in the growth of various industries. With increasing customer demand in the service industry, it becomes important to maintain the balance between customer’s demand and supply. The addition of new blockchain technology has brought the revolution in different industries. Apart from making a secure and safe transaction system, blockchain has also a huge scope of implementation in the industry. If we talk about the aviation industry then it has a very complex series of interactions between various entities for offering products and services. Each entity has been governed by federal, local and global government and authorities. So, if the industry is unable to define any single source of truth for any product or service then it may cost them 35% more on the air travel charges. It is mainly troublesome for products and services which are focused on flight safety. The aviation industry will be challenged in the future due to various reasons that include• Increased government regulations • Storage of Electronic-AMRs (EAMR) records in multiple databases leads to inefficiencies, lack of transparency and time-consuming retrieval process. • High border security needs better baggage and passenger control • A requirement of stricter maintenance documentation. It is estimated that most of the maintenance records are on paper which is not systematized • 50% more aircraft will be operated by 2026
• The high volume of passengers required more responsive systems and processes • To deliver high-end quality services • Reduced revenue recognition cycles • low cost of travel To resolve these issues, Blockchain and IoT have brought the solution for Aviation industries through which they can deal with all the above issues by providing a single immutable source that can be accessed by everyone in the Aviation Supply Chain. Blockchain will benefit the aviation industry by offering easy and smooth functioning of fight operation, repair overhaul, monitoring, maintenance, etc. As compared to traditional technologies, blockchain proves effective for providing reliability, transparency, and protection. Have a look on blockchain use cases which will positively impact on rectifying the above-listed challenges. In Term of Flight Safety • • • •
By offering an easy way for maintenance logs The life cycle of flight safety parts Part Validation (non-counterfeit) Parts tracking
For Revenue Recognition • • • •
Airport slot management Managing the ticketing process Airport slot management Interlining and revenue recognition
Proficiency and Efficacy • Location of equipment like tow truck, service vehicles, etc. • Recruitment of pilots • Exchange of real-time flight information to avoid any type of conflicts between airports and partner airlines. Related to Passenger services
• Manage Customer loyalty program • Beneficial for baggage tracking for connecting flights and airports • Complete chain of custody and provenance of food from farmer to passenger Validation • Make security and identity verification work easy • Immutable pilot logs When you are thinking to include blockchain in your industry, you need to understand this technology in a better way like • How it will grow the business? • How to apply it to your company and industry? • Get a full understanding of the potential of blockchain and IoT technologies for your business and supply chain. • How the leadership team can plan their approach to identify and integrate the blockchain and IoT strategies. Do you want to get complete knowledge and understanding of blockchain to include in your business supply chain? If yes, Group50 experts can help you in the best way. They are backed by the team of subject matter experts with expertise in productivity, supply chains, and supporting technologies. They have designed and integrated the blockchain and IoT plug and play solution named as Scioebc™. They provide the workshops in which you can participate to learn about the planning and integration of these transformation technologies.
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