How Blockchain Technology Can Improve Aviation Industry ?
The Subject of Debate in this day and Age is Blockchain Technology. The technology that has captured the interest of multiple businesses like Healthcare, Insurance, Supply chain, Banking, Sports, Tourism, Digital art and a lot more in the queue. Hence the Aviation industry is no more exception here. The Blockchain is also being used to address climate change issues, like carbon emissions.
Blockchain is the fast emerging technology in the Aviation industry, paved its new waves of opportunities like transparency maintenance, Data Security, boost efficiency and accuracy levels.
The Year 2020, will be a significant milestone for the Global Commercial Space ecosystem with steady investment in new and existing space technologies using blockchain. Actually, the Aviation industry is a rapid growing, vast, complex, and interconnected one.
Stakeholders in Aviation Industry including Airports, Airlines, Aircraft Manufacturers, Airspace technology providers are partnering together to explore blockchain-based capabilities.
Challenges Faced by Aviation Industry
As it is being the fastest mode of Travel, the Aviation industry is considered as a preferred mode of transportation and thus creates revenue for the economy. With an increasing number of passengers, the demand for new commercial aircraft may reach above 4000 planes over the next 20 years.
Nowadays most of the Airlines Usually sell paper-based tickets and also maintenance paper-based records. Some Airline Companies might have issue Electronic tickets. Hence here the maintenance of records may lead to delay and possibility of data breaches.
Even though if an Organisation adopt digital technology, all those details will be stored in a centralized database. Then the stored data or records in multiple databases cause insufficiency, inefficiency and lack of transparency.
Safety and Comfort
In Aviation Transport, the mandatory process of security checking will be carried out. And thus the industry has the responsibility to safeguard the passenger’s personal information against data attacks.
In order to overcome those issues, the industry has to take prior security measures of ensuring the involvement of no third parties or hackers.
The Supply chain in Aviation Industry encompasses multiple players which include Manufacturers, element traders, Airlines, Service providers and monitoring authorities. Each of these players used to store the information’s in a private database or physical ledger.
This leads to the slow process of gathering aircraft information and components.
The baggage tracking is a matter of loyalty in Airlines. To claim their baggage the passengers need to confirm their identity and have to wait until the baggage goes on a conveyor belt to the handling system.
Therefore the details about the passengers and their baggage should be maintained digitally.
Hence to Optimize the performance the companies that manufacture, operate and service aircraft might require Artificial Intelligence, 3D Printing, Tools and technologies. So here came an Avant grade Technology called Blockchain
Why We Need Blockchain in Aviation?
Probably everyone knows about the Herculean Technology - Blockchain
The Adoption of the Blockchain in Aviation industry will eliminate the risks and challenges by maintaining the exchange of information records securely to bring trust and transparency.
It will store and maintain the manufacturing details, component details and various sensitive details of aircraft like serial code, date of manufacturing and also spare parts or components to a private or public blockchain. In addition to that, it takes care of Passangers details, payments, immigration, airports and so on.
Working of Blockchain in Airlines
Herein Aircraft maintenance The smart contract has the unique hashed id and details of the manufacturer, flight log data from the airline, and maintenance report of MRO. All those will be get stored in Blockchain.
In Detail, The Aircraft Manufacturer will add the components, air conditioning and fabrication details with their expiry date on Blockchain. It also has a Private key to store the information. Those who have access can view it.
After that The MRO Service providers stores certain details on Blockchain to maintain, repair and ensure the safety of passengers. this to access the details of repair and maintenance records during any fight accidence.
Airline companies will get those data which is stored by airplane manufacturers and MRO service providers to perform the inspection before the flight takes off.
Then the Flight auditor will access those records from blockchain if any components get damaged. When it is fixed it will be updated on Blockchain again.
After getting information from the auditor and airplane company it will display aircrafts health scores. it will help customers to book a flight ticket.
Finally, With the help of smart contracts, a buyer could access the on date and historical records of the aircraft.
Benefits Of Blockchain In Airline Industry
In Airline Industry, the fast and flawless exchange of data within the intertwined and intricate ecosystem is highly difficult. Hence, blockchain addressed this problem with a decentralized Approach and saves money, time with high-end security and data management.
Improves Customer Experience
Reduce iNtermediate Dependency
Track Luggage and Shipments
Improve On-time Departures
Ease flight Operations and maintenance
Blockchain Use Cases In Aviation
The Use of Blockchain in identity management eradicates fraudulent and terrorist activities. The technology helps to store the passenger’s data such as biometric data, documents, and tickets in the distributed ledger. Once the data has stored it is difficult to alter again.
The Arrival ob blockchain could completely eliminate paper passports and enable passengers to simply enter the airport via verification code.
The important feature of Blockchain is its Security, that it collects and encrypts all the data then stores them to the multiple computers.
It stores the data using the cryptography method, hence it is completely impossible to change the data stored in the decentralized ledger.
The Ownership of Aircraft may change several times and the tracking of records between manufacturers, traders, suppliers also be difficult.
But here with the digital records that have stored in blockchains, distributed ledger provides the data instantly to the authorized people. Hence here no time delay occurs.
Herewith Blockchain the usage of paper tickets has vanished and the e-tickets can be tokenized through smart contracts.
The Tokenized tickets also have a separate set of logics that also allow people to purchase tickets from different partners globally.
Industries Integrating Blockchain in Aerospace
- Skyy network
Bitdeal - The Blockchain Development Company
Looking forward to building a Blockchain for your organization without any in-house blockchain developers. We Bitdeal - The Best Blockchain Development Company in India set out to build a trustworthy business and equip customers with various technologies.
We having a proficient Blockchain Developers to assist you in developing custom blockchain Application. We Provide complete end to end traceability and eliminate fraudulent thefts by storing the decentralized and encrypted records on the blockchain.