Market potential of blockchain lies in managing aircraft assets.
“Blockchain is one of the most discussed and intriguing technologies out there today,” observes Bas de Vos, director of IFS Labs at IFS. “It is a huge, global distributed ledger or database running on many devices and open to anyone within the blockchain. Its purpose is to ensure a 100% secure, verifiable and traceable database protocol.”
The IFS researcher thinks blockchain has a huge, untapped market in managing commercial aircraft assets. Of the two to three million parts on a commercial aircraft, it is crucial to know the provenance and maintenance history of many.
Yet participants in asset lifecycles, manufacturers, transporters, maintainers and operators, have disparate systems for managing assets. “Often, these records are incomplete or non-digitized, and communication is often conducted on paper or even verbally,” de Vos says. “Lack of standardization leads to limited traceability, and the cost for non-compliance can be high.”