Blockchain Technology Ventures Into the Aerospace Industry

Blockchain technology can be used to improve data sharing in the aerospace industry; the technology can enhance product design, manufacturing and maintenance of life-cycle in an industry.

Blockchain technology is being implemented in sectors far and beyond its original purpose. In the finance sector, the technology is used for transferring and storing funds. Blockchain platforms provide a technique of monitoring activities in a network without publicly disclosing valuable information. Blockchain technology’s online ledger is used in banking, document sharing, supply chain tracking, etc. The automobile industry giants like Porsche, Ford, Benz, etc are experimenting with blockchain technology through supply chain incorporations and by digitizing vehicles. This month, yet another sector revealed its explorations in blockchain technology.

Global Managing Director for Accenture’s Aerospace and Defense practice, John Schmidt says –

“The aerospace and Defense industry has one of the world’s most vast and complex supply chains. Blockchain technology offers a new, elegant and secure way for the industry to track and trace myriad components while deterring counterfeiting and improving maintenance capabilities. Used in combination with technologies like digital twins and digital threads, blockchain could ultimately be a game-changing innovation for this sector.”

Accenture launched a new blockchain project to cater to the aerospace and defense industry in July. The announcement was made at the Farnborough Air Show, one of the largest exhibitions in the world.

The prototype is a combination of blockchain technology and a few other innovative technologies like Thale’s physical unclonable function or PUF to secure the consistency of the product throughout its lifespan. The prototype is based on Hyperledger Fabric, a project which is hosted by the Linux Foundation.

The Fabric is a blockchain technology implementation and is a base for developing applications. Smart contracts called ‘chaincode’ are leveraged in the prototype to include components like consensus and membership services.

A report by Accenture states that by the year 2021, 86% of Aerospace and Defense (A&D) companies will integrate with blockchain technology. Accenture’s prototype adds momentum to the growing interest in blockchain technology in the A&D industry.

The Vice President for secure communications and information systems at Thales UK, Gareth Williams, says –

“Identifying counterfeit and grey-market goods in the A&D supply chain can be challenging. Using blockchain in combination with cryptoseals and physically unclonable functions allows you to build a trusted history behind parts.”

Feelium is a blockchain technology platform that offers secure smart contracts integrated with escrow services. Feelium’s services can be utilized by any industry. The added advantage of escrow services will act as a trust-less and autonomous mediator between parties in a supply chain. Learn more about Feelium on www.feelium.co