• Consultants in the aerospace industry are backing blockchain technology to drive down the huge cost of plane maintenance.
  • Blockchain has been described as a single ledger that can record information from several different parties and then allows users to access a single record of information.
  • Schmidt uses engine maintenance as an example of how airlines can avoid carrying out wasteful work.
  • “Blockchain is in effect a single federated ledger that everybody who uses and touches that engine could use it as a single point of truth of what has happened to the engine,” he explained.
  • Schmidt said that with blockchain data, engineers who may have never worked on the plane will know precisely the configuration, parts list, and usage data.

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@ConsenSysLLC: “Blockchain is coming to #aerospace @CNBC @Accenture #blockchain #technology #automation…” open tweet »

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