Usage of Blockchain Technology in Aerospace/Aviation Industry
One of the sectors hardest hit by the pandemic due to COVID-19 is undoubtedly the aviation industry in general. The confinement has brought innumerable losses of employment, income and a high cost. So the industry, including the tourism sector as its main ally, is trying to rescue this year.
The aviation and aerospace industry have gradually turned towards disruptive technologies such as blockchain, even before the pandemic, in order to make it more efficient and more profitable.
In 2018, the IATA (International Air Transport Association) pointed out the importance of this technology for the sector for the future in its report.: “Future of the Airline Industry 2035”, highlighting that “Blockchain has been identified as one of the technologies that can have a significant impact on the future of aviation, among other drivers of change such as new modes of consumption or the privatization of infrastructure”.
Today, it is clearer than ever that the blockchain has potential for numerous industries due to its decentralized capabilities, scalability, and security, even in the aviation industry.
For the aviation industry, with the security of its transactions, blockchain technology can facilitate many functions such as flight operations, monitoring, maintenance, reserve management and park repair, among other use cases.
Maintenance
Due to the decentralized capacity of the technology, one of the main functions touted by blockchain lovers in the sector is the use of a shared ledger to store flight logs, fleet maintenance status and other data of great interest for both manufacturers and regulators.
At the maintenance level, logistics could be facilitated with a component registry that allows the timely and optimal replacement of the components used by manufacturers in aircraft construction. In case of any part requirement, the technical staff can simply search the information stored in the blockchain and take the necessary steps for its repair or replacement.
For its part, the consulting firm PwC points out that in addition to the advantages of maintaining new or existing fleets, access to decentralized identities would allow the industry to increase security and protection of know-how from the competition restricting access to the information stored in the blockchain.
According to PwC estimates, included in the report ‘Data for the life of the aircraft’, the improvement in efficiency as a consequence of the application of blockchain technology could increase the sector’s revenue by up to four percent — about USD 40 billion — and cut maintenance costs by five percent, about USD 3.5 billion.
Other uses
But the maintenance of the fleet in the aviation and aerospace industry is not the only potential benefit that has been applied in the sector with blockchain technology.
The management of decentralized identities for use at airports in combination with other identity verification factors such as biometrics, could lead to greater efficiency in the boarding and disembarking processes at air terminals, which would represent a substantial reduction in costs for all the sectors.
Similarly, the issuance of tokenized tickets through the implementation of blockchain is another great step that remains to be seen in the coming years in order to eliminate the problems: the confirmation of paper tickets and the issuance of paper with the ecological consequences that this generates in addition to the improvement of times and cost savings associated with the printing.
Ticket tokenization would also allow people to buy tickets from different partners globally, while loyalty points could be completely transparent, as has happened in the past with pilot tests established by some airlines.
Finally, we can see that the use of blockchain within the industry is also helping to improve the security of people with respect to the privacy of the information inherent to the passengers or customers of the main manufacturers.
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About FLETA
FLETA is a blockchain platform that aims to offer infrastructure that can be applied to real-world business models. FLETA has its own core blockchain technologies like Level Tree Validation, Parallel Sharding, Independent multi-chain Structure, Block Redesign, and PoF(Proof-of-Formulation) which is its own consensus algorithm. With them, it aims to solve problems that existing platforms have such as slow speeds, scalability limitation, and excessive fees and provide a flexible development environment. Moreover, through its Gateway technology, it enhanced its interoperability by allowing projects issuing their tokens through other mainnets to maintain their mainnets while using FLETA chain.
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