The Aerospace Industry is set to explore the transparency and efficacy of Blockchain in tackling the several challenges faced globally while advancing a standard in production and quality of airplane services.
Launched as the MRO Blockchain Alliance in a partnership involving key players in the industry, this alliance is looking to apply the digital ledger technology to the manufacture and quality check of airplane components.
MRO Blockchain Alliance to Improve Quality of Aerospace Industry
Proposed in 2019 by the HAECO Group, the partnership between the key players was to bring about a global consensus in the adoption of Blockchain technology for the improvement of the airspace Industry.
This venture involving HAECO Group, SITA, Bollore Logistics, Cathay Pacific, FLYdocs, Ramco Systems and Willis Lease Finance will integrate a proof of concept empowered by blockchain to work with the various sections of the MRO chain.
Speaking at a press conference on the MRO Blockchain Alliance, SITA’s Matthys Serfontein highlighted that the applications of this technology will provide the means of standardizing the access and storage of data for industrial processes.
[…] in an industry with interrelated services as this, the ability to secure, circulate and record common data without relinquishing control and access over it, is pivotal to driving new efficiencies in the quality of air travel”
Based on reports, the aerospace industry manages about US$100 billion worth of parts annually with a decline in 2019. However, the strong demand for modernization and technological advances is projected to bring about the robustness of the airspace system in 2020.
$40 billion increase in revenues, MRO reduced by $3.5 billion
PwC estimated that this new phase will move to increase the revenue of the industry by US$40 billion while reducing the MRO costs by $3.5 billion.
Conjointly, an increment of produced units to about 40,000 is projected to drive the revenue increase.
Though still in its pilot stage, blockchain will be used to provide a digital thread and passport or birth certificate. These will allow real-time access to the data and in turn, upgrade the safety and routine efficiency of all necessary procedures involved in assembling.
Feature Image from Pixabay