BLOCKCHAIN TO LAUNCH AEROSPACE INDUSTRY TO HIGHER LEVELS OF PERFORMANCE AND SECURITY Blockchain solutions for aviation industry hold high potential and capabilities for applications. Blockchain technology can be used to ease out many aviation functions such as flight operations, monitoring and overhaul. Aerospace, aviation and defense industries are keen for blockchain adoption given the potential of the breach of content and crucial information utilized by them. Blockchain has for the first time introduced the possibility of a fully integrated ecosystem for flight data (fuel usage, flight conditions etc.) and the entire aviation industry. The ecosystem, besides significantly improving the efficiencies will all also reduce the costs.
In future, aircraft components could be registered in a blockchain with all the relevant data. If a component malfunctions, maintenance technicians can review its exact number of flight hours to decide whether to repair or replace it. There are plenty of more use cases for blockchain in aerospace, such as:
Engine and parts leasing through smart contracts Baggage tracking for the connecting fights Airport slot management Ticketing, security and identity
Real-time flight information Pilot’s log no matter where they worked Customer loyalty programs, and many more
Aviation industry is turning to blockchain In July 2018, aviation giant Boeing announced its partnership with artificial intelligence company SparkCognition to track autonomous air vehicles while in flight and to assign them secure flight paths. Air transport technology provider SITA Lab, Miami International Airport, British Airways, Heathrow Airport and Geneva Airport have come together to explore the implementation of blockchain to create a single source of truth for the flight data. AVINOC, a platform for global General Aviation (GA) business that brings air traffic control, travel agencies and passengers together has already implemented blockchain into its business aviation sector. Enhanced digital decision making Blockchain, combined with AI has far reaching implications for autonomous vehicles. Currently, relaying commands from earth to a spacecraft is a slow process taking hours. Moreover, the scientists spend valuable time to perform routine tasks such as dodging the space debris. Ethereum-based smart contracts will allow for enhanced digital decision making and freeing up time for further research. NASA has given its consent for the development of a blockchain based autonomous spacecraft. Removing human element from the supply chain GSC Aviation’s blockchian aims to minimize aircraft accidents by eliminating human error. With this, the thinking goes, the chances of accidents happening due to human error will also be eliminated. GSC’s project has the potential to mitigate the loss of human life by eliminating the human element entirely from the supply chain. A recent report by Accenture says that about 86 % companies expect to integrate blockchain into their corporate systems within the next three years. Blockchain has high potential to provide immense benefits to numerous suppliers involved in the manufacturing a single aircraft. Want to explore how blockchain can help your aerospace business in specific ways? You can approach Group50’s blockchain technology consultants who offer innovative blockchain solutions for aerospace industry. Their plug and play, permission based blockchain Sciobc provides you the ability to control the access of your critical aerospace data.
To know more about the Group50’s aerospace industry blockchain consulting and its proprietary IoT solution Sciobc, please write to blockchain@group50.com.