Aircraft manufacturing giant Boeing is now using blockchain technology to track airplane parts worth over $1 billion. The company is collaborating with Honeywell to utilize its GoDirect platform.
Information about the partnership was disclosed by Lisa Butters, Honeywell’s general manager, at Hyperledger Global forum 2020. Lisa added that airplane parts were posted to the GoDirect platform last weekend.
The Need for a Blockchain Solution in Aviation
The aviation industry relies on traditional paperwork and needs to maintain a large number of paper-based certificates. These papers carry complete information of current safety standards or the original manufacturer. As information is saved on papers, authenticity verification requires the transfer of the documents to several places, which is time-consuming and can result in loss of data.
Hence, GoDirect plans to offer a digital solution to the aviation industry. According to Butters, it is estimated that only 3% of the $14 billion market takes place online. Airplane parts are re-sold several times before they get dismantled. With the GoDirect platform, the Aviation industry can easily verify the documents and their authenticity.
Honeywell’s GoDirect platform was introduced less than two years ago. The platform adopts a transformed version of Hyperledger Fabric’s open-source code.
Lisa Butters states that GoDirect Trade powered the sale of $7 million in its first year. Butters believes that at the end of this year, sales will grow by three times. GoDirect has almost 6,500 registrations that serve 2,400 companies.
Lisa Butters stated:
“GoDirect Trade runs on Hyperledger Fabric. If anyone argues about the fact that this is a permission-based network that is supposed to be decentralized then they are killing the dream of enterprise blockchain before it starts. There is no way you will get Fortune 500 companies participating in blockchain networks and sharing data if there are not permissioned around that. You need some constraints for enterprises to operate in.”