Blockchain Technology In The Aerospace
The main reason why Honeywell decided to implement blockchain technology is because the company believes that it will be the best way to build trust among participants. With blockchain technology, customers can confirm the authenticity of their purchases while sellers can confirm the authenticity of buyers. Blockchain can track each part making sure they are all accompanied by quality documents.
Blockchain technology eliminates the need for a cumbersome data base or paperwork because it is an immutable ledger. It will keep record of details about the lifecycle of an aircraft or part. If the aircraft has been sold before, the blockchain will keep accurate records of the process including information about inspection and time. Blockchain technology will also minimize the possibility of things like maintenance fraud and other forms of scam in the space.
What Are The Drawbacks Of Applying
Blockchain Technology In The Aerospace?
It’s true that blockchain technology has the potential to solve so many problems in the aerospace. However, with every technology comes some disadvantages. The CEO of Aeron, Artem Orange had this to say about it:“The aviation space is complex. So, there is little to no room for violations. Without the implementation of blockchain technology, the industry is already effective and safe. What this means is that it would be difficult to find use cases for blockchain technology in an already functional industry. Notwithstanding, the application of blockchain technology by Honeywell and Aeron is a good example of how it can be applied efficiently.”
When applied correctly and in the right field, blockchain technology doesn’t just guarantee trust, it also significantly reduces costs. The amount spent on intermediaries would be put into other aspects of the business. With blockchain technology, there will be no need for banks and other traditional financial institutions.
This cuts costs and speeds up transactions.
Don’t forget the fact that blockchain technology offers unified methods of verifying identity on a secure network that is free from third party manipulation. The technology can be used to restrict data access irrespective of the field of application. Whether it is applied in the aviation industry or any other industry, blockchain technology has a disruptive effect. It can potentially change the way the world works. If mass adoption is achieved, blockchain technology will affect the world as much as the internet has.