What problems does GSC Aviation solve?
29 June 2018
The Aviation Industry requires efficiency in a supply system when it comes to manufacturing, installing, maintaining, repairing and overhauling parts. The current system is inefficient, it relies on paper based systems, and has many unintegrated information silos.
Genesis Supply Chain (GSC) Aviation will use Blockchain technology to ensure buyers and sellers related to the aviation supply part industry benefit from a well-organized system which makes their very stressful lives, much more comfortable.
There are many problems GSC helps to solve for both the buyers and suppliers. However, the three listed below are the most severe issues which GSC promises to fix.
Establishing Trust
The traditional aviation system is slow and manual and limits the development of relationships between buyers and suppliers. Since the aviation industry is global with airlines existing in every corner of the world, suppliers are restricted to the more technically advanced countries. Thus, formal meetings may still not garner trust between the two parties and even if they do it may take several months.
GSC will use smart contracts to reduce the amount of raw paper documents which are replaced by an electronic agreement system. Smart contracts help exchange money from the buyer’s end for a particular aviation part from the supplier.
This electronic agreement executes according to predefined rules which will not be successful if the supplier does not do his due diligence in manufacturing and delivering the right part. Also, the supplier may not agree to certain servicing conditions, which the smart contract will facilitate from the buyer’s end according to aviation laws.
Suppliers may not want to provide parts to new buyers in the market due to trust issues. However, with smart contracts trust is created between the buyer and seller. The buyer will have to abide in paying the full amount when the part and the desired condition are fully verifiable which helps the supplier extend to new boundaries.
Thanks to GSC’s efficient blockchain smart contracts, time and money are saved.
Coping with Technologies
Automation, Robotics and various other technologies have created parts which are unknown in the market. Suppliers may not be able to reach the global aviation buyers, while buyers may not have any luck in finding a more advanced part which could result in the airplane being much safer.
Thus, GSC creates a blockchain based decentralized platform where buyers and sellers commonly interact helping them to connect with each other. Finding the right product, at the ideal price, and at the perfect time has never been easier for aviation part buyers. GSC’s interactive search module creates an indexed rating system with top-rated vendors shown first.
The aviation industry is extremely competitive, and the benefits that the GSC platform brings will ensure a market which delivers a high-quality product. The airlines will enjoy satisfied passengers, higher safety standards, a reduction in airline delays, and no catastrophes.
Counterfeit parts and damaged pieces due to manipulation or human error are eliminated thanks to GSC’s traceability. Accidents which can claim people’s lives such as the crash of Partnair Flight 394 in 1989 due to the installation of counterfeit aircraft parts are prevented. The Partnair Flight 394 crash was due to fake bolts which were wearing down excessively leading to the tail vibrating and breaking off. A counterfeited part will automatically be refused in GSC’s platform as specific compliances such as the Federal Aviation Administration and Parts Manufacturer Approval will have to be fully verified first.
Organization and Planning
“Organising is what you do before you do something, so that when you do it, it is not all mixed up.” -A.A Milne
The procurement departments of airline manufacturing companies are piled up with physical files with inefficiency and errors. It is not only difficult to search through these physical documents to find information about a vendor but also a waste of space in the office.
GSC creates detailed identity cards which are stored in GSC’s database to allow buyers to access information about each supplier. The procurement department doesn’t need to waste time on trying to find details; instead, they can rely on GSC’s platform.
The database is secure and tamper-proof thanks to the reliability of Blockchain technology. The traceability factor adds to the security guarantee for the buyers who spend heavily on certain aviation parts.
The aviation industry’s traditional system of buyers and sellers interacting, making decisions, and the process of the supply chain are profoundly inefficient. GSC’s decentralized Blockchain platform will help an industry which is waiting for a system like this. The platform saves time on the countless hours spent in finding information, less capital spent on projects which do not meet deadlines, and fewer accidents thanks to the availability to search for new technologies.
The GSC Platform ICO pre-sale runs from July 1st through July 24th during which GSC tokens can be purchased at a significantly reduced rate. For more information read the white paper or light paper and to get in touch with the team, please contact us.
