Industrial growth is all about implementation of modern technology. The service industry is facing ever-increasing demand from the customer, and the need to establish a balance between demand and supply has given rise to use of modern technology. Blockchain in aviation is the latest addition to the series. This technology despite being in infancy has created a revolution in the market. Well, if you have thought that Blockchain only revolves around transactions then, I have news for you. This multifaceted technology finds application in almost every field. You can see its use in real estate, retail business, supply chain management, etc. But, here I am going to focus on how Blockchain is revolutionizing the aviation industry.
Blockchain – The new wing in Aviation
Well, it won’t be wrong to claim that aviation industry is mulling the application of latest technologies like IoT, cloud-computing, and Blockchain. Although the blockchain technology seems to be at an infancy stage, it holds some promising solutions for the industry in the times to come.
When it comes to the aviation industry, then the area where you can find this technology creating wonders is the maintenance process. Functions like flight operations performance monitoring, aircraft components, Maintenance Repair and Overhaul (MRO) can reap benefits from this technology. Providers could also benefit from the use of this technology. An example of this is the Blockchain for Aviation (BC4A) initiative by Lufthansa Industry Solutions. Compiling potential applications of Blockchain in aviation and creating common parameters of use is the prime objective of this application.
How will Blockchain help the Aviation Industry
The blockchain is primarily a platform or a data structure which can establish a digital archive of records data or transactions. This information is easily accessible by the users across the network of different computers.
Since this shared information is easily accessible to all, there are least possibilities of any loss of data or information. The Blockchain technology is more reliable, is easily accessible, transparent and automated. These features of Blockchain makes it a highly vulnerable yet popular technology.
The shared digital ledger feature of Blockchain makes it popular amongst the airline companies. Since this shared ledger is easily divided into MRO teams and OEMs to keep a record of flight events, conditions, scheduled maintenance, etc.
Another prominent use of the Blockchain technology is the registration of components. The data about the airplane component is stored in the ledger, for example, the date of manufacturing, serial code, etc. Suppose this new part of the airplane malfunctions; this information is updated in the Blockchain. Later, if that component malfunctions then the technician staff can use the information in Blockchain to review the number of flight hours and decide to repair or replace the part.
To sum up, you can store all possible information regarding the slightest change, repair or replacement in the plane. The best part of it is that this information is easily accessible to all the people connected to the network. This is an excellent feature of Blockchain which makes it inevitable for the airline companies to make it as a part of their operations.
Example of the application of Blockchain Technology:
As mentioned, Blockchain has an information stored in the form of blocks; Each block has its history. Since all the blocks of Blockchain are verified and sealed, the data cannot be altered by anyone. The data in the Blockchain is easily visible to the authorities. Apart from this, its permanent feature makes it difficult for anyone to change or alter this information.
Thus, the transparency feature of Blockchain makes it difficult for anyone to corrupt or hamper the information.
Although Blockchain was the underpinning for cryptocurrencies, being an excellent source of tracking the ownership, and distributed ledger feature has enticed many industries to make this technology a part of their operations. Lufthansa and Air France are the airlines which have found this technique incredible and are working aggressively to use this technology as a part of their mainstream operations.
The blockchain is still at a stage of infancy, however, with the times to come and more and more companies are relying on this, it is undoubtedly going to transform the way business operates.