The aviation industry is going to get some massive reformations with the help of blockchain based services and products which will be integrated into the operational systems of the airline. The American multinational conglomerate company Honeywell will begin the usage of blockchain platform for the online buying and selling of aircraft parts which includes both old and new. The MNC giant believes that it is going to enhance the trust and confidence between the parties involved.
Honeywell Aerospace Venture Lead Lisa Butters revealed that, their company will make the debut of such customized marketplace and storefronts. He further added that as of now only 2.5 percent of all the industry transactions are being done online. Hence, there is quite a lot of space for expansion of e-commerce in this domain.
The company is relying on the blockchain and trust from the users for the success of this e-commerce platform. It is because that the customers must be sure about the authenticity of the aircraft parts as well as the best prices. Blockchain will help the customers to track and monitor the ordered parts along with the images and quality documents accompanied while shipping as mentioned by Forbes. Certainly, this is one of the very first such initiatives taken by the aviation industry.
How Blockchain Is Disrupting Aviation?
Blockchain has huge potential to disrupt this industry as there is an urgent need of decentralized solution which can improve the connection a coordination of all the participants involved. In another update it is unveiled by Coin Idol that blockchain technology will be used to encrypt data from the Malaysian Flight MH370 which went missing on March 8, 2014 on its way from Kuala Lumpur to Beijing.
One of the reports revealed by tech giant Accenture has made a prediction that about 85 percent of the aviation industry will be using blockchain enabled platforms by the year 2021.
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