The blockchain is showing its value in areas such as logistics, process simplification, transparency and data security.
A majority of people think that blockchain was a technology built to handle financial transactions. But this revolutionary technology finds application in almost every sector possible.
Blockchain technology has captured the minds of companies across industries, including airlines. Unlike traditional data technology, blockchain technology is a decentralized ledger system.
So how airlines can cut through the buzz and use this technology to change the way they do business?
Blockchain technology can create wonders in the maintenance process of the Aviation industry. Functions like aircraft components, maintenance repair, and overhaul can reap benefits from this technology. For example, Lufthansa Industry Solutions took the initiative named Blockchain for Aviation (BC4A). Compiling applications of Blockchain in the aviation industry and creating common guidelines of use is the prime objective of this application.
The shared decentralized ledger feature of Blockchain makes it popular amongst the airline companies.
This technology can also be used in the registration of components. Where the data of the aircraft components are stored in the ledger, like the serial code, date of manufacturing, etc. Suppose a new part of the airplane malfunctions; the information is updated on the Blockchain. If the component malfunctions then the technician/staff can use this information to review the flight hours and decide to replace or repair the parts. The best part is that people connected to the network can easily access the pieces of information. These features make the airline industry/companies to make Blockchain an inevitable part of their operations.
Use-cases of Aviation blockchain
Aircraft Maintenance:
Blockchain can manage an authentic virtual copy of the maintenance logs of every part of the plane, where is it going from here and who handled the part. All the parties in the chain have the visibility to these changes, and this could push the aviation industry to a whole new level.
Ticketing and loyalty:
Ticketing is the centre of the aviation industry. There are extensive data on a particular user. Using blockchain technology this data can be decentralized for better tracking and performance. It doesn’t stop there, they can also keep track of their loyal users, without relying on a third party in the chain.
Security & Identity Verification:
The Blockchain is known for its security and also the way data is decentralized among peers, allowing a no-margin error while validating the transactions in the system.
Blockchain’s security wrappers are different from other technologies, which protects the data stored in the system authentic and secure.
To give it a start, by blockchain development we can create new applications to create new standards, which will improve business efficiency, and create a trust for passengers. It is obvious the impact of blockchain on aviation industry will be exciting and appealing. If you are looking for a solution on Blockchain for aviation, contact LeewayHertz.com.