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The versatile conglomeration of the benefits from the Internet of Things (IoT), cloud computing, and Blockchain technology is altering the paradigm of many industries. From banking to aviation, the use of blockchains can bring remarkable changes in the specified industries.
For an instance, an association of 40 financial institutions in Switzerland, also known as the Swiss banks, is testing an array of blockchain components and solutions. In Honduras, the government is currently taking a step further and encoding all the land-related entries and transactions into blockchains so as to stop corruption and illicit confiscation.
What is Blockchain?
After reading all these, there must be a simple question arising in your mind regarding the concept of blockchains. This is a concept where a particular data structure is capable of establishing digital archives or recording transactions and data blocks. These data blocks and archives can be shared by any user in the world across all the networks. Blockchain has considerably become popular in the financial segment. Its entry in the aviation industry is new. The concept is still in its infant stage. Excellent research and development are going on to make the concept more fortified and useful for all industries.
Last year, IBM and various other big players have scouted the possibilities and applications of this concept regarding the implementation in the aviation industry. Capco shared a report in collaboration with the International Air Transport Association (IATA) in 2016. The report suggested prime optimization of the money flow between the airliners and their partners. The industry chain will be exceptionally benefitted like the other industries by the implementation of the concept. The new concept launched, Blockchain for Aviation (BC4A) will evaluate the efficiency, transparency and optimum utilization of technologies in flight maintenance. Capco believes in the immense potential of the BC4A that can be used by the potential participants of the aviation industry such as aircraft manufacturer, software developers, logistics, civil aviation regulators, lessors, MRO (maintenance, repair and overhaul) service providers, etc.
Blockchain for aviation (BC4A)
Speaking in a general sense, Blockchain is a typical computer without any piece of hardware. It is kind of a freeware that can be accessed by the users from all over the world. The gigantic database will be not restricted to any particular hardware but decentralized. The proper distribution of the data throughout innumerable computers will keep it safe and accessible anytime. It will serve as a neural documentation system of information.
Lufthansa is taking this excellent step of innovation to a new level. The Blockchain for aviation Lufthansa is taking the initiative to verify and seal the specific information in such a way that the blocks cannot be altered or corrupted. It will increase the transparency of the processes and ward of manipulation of data in the long run. It will be very beneficial for almost all kinds of aircraft-related process such as manufacturing, maintenance, repair, air traffic control, etc.
Future of Blockchain technology in aerospace
The initiative of Lufthansa Industry Solutions, BC4A, will surely revolutionize every aspect of the aerospace industry. From manufacturing to management, every single process will be redefined and perfected without giving any chance for manipulation of data.
Aircraft manufacturing and maintenance
The future of this technology will take the concept to a new paradigm where the components will be registered after the manufacturing is done. The relevant data or the serial codes of the components used in manufacturing a plane will be again introduced in a new blockchain. The components will cater specific information to the maintenance and repair technicians when necessary. For an instance, the total flight hours will signify whether the specific parts should be replaced or not.
The stored information will ensure that the risk associated with the MRO services are reduced to a huge extent. This Aerospace blockchain concept will provide seamless information to the manufacturer of the parts and the MRO service provider for the proper review of the maintenance cycle. The data can be accessed anytime by the parties involved in the process.
Blockchain air traffic control
IBM Research Laboratory, Zurich, has taken this initiative a step further. By combining the power of cloud computing, IoT, and Blockchain technology, the team of researchers are compiling a potential digital ledger of events related to flight timings, route, passengers, etc. This consolidated information can be used for an excellent air traffic control service. The flight events will provide detailed information about the airliner service so that it can be used worldwide for an effective control measure. The machine learning concept is being utilized by the team to create a particular algorithm including weather reports, flight schedules, aircraft landing, runway information, etc.
The latest concept of Blockchain travel industryand aviation will revolutionize the industry by all possible means. As time passes by, the concept is getting better and soon will be implemented in various aspects of life.