“A storm is coming and if you don’t deal with it, you might perish!!”
Today, most of the industries around the world are process driven and think traditionally. However, technological disruptions are expected to shake up the very foundation that they function on. The upcoming technological changes are like a hurricane with no distinct patterns and completely unaware of kind of chaos that they can create in future. The most recent industry to be affected is the airline industry! Will Blockchain technology be a game changer for this much-in demand industry? Let’s check out how!
The growth of any established business or any start-up largely depends on constant change and adoption of modern technology. Blockchain technology has managed to capture imagination of industries across the world. With the advent of this technology, Airline industry is planning for an overhaul.
The aviation industry has already seen disruptions positively. Several international companies like Accenture are backing this technology while businesses like Lufthansa have launched a new initiative to compile potential participants in the field of aviation. The day is not far, when Blockchain will completely dominate this industry and transform the way we fly.
How Can Blockchain Help the Aviation Industry?
- Data Security
Blockchain technology could be a great help to address cybersecurity and privacy concerns of aviation industry. This technology can also help to regularize and govern apt use of drones by storing information about the drone and its operator and securely distributing it to all appropriate parties. Passenger records as well as crew information of airlines can easily be kept secure to avoid any mishap and misuse of identities.
- Cut Down in Cost
Blockchain has the potential to revolutionize the maintenance process of airlines. From maintenance repair and overhaul suppliers to flight operations performance monitoring, Blockchain could benefit each of these sectors. It can also drive down the huge cost of plane maintenance. Further, airlines can avoid running wasteful work.
- Codifying Agreements
When you try to understand the life cycle of the engine, from where do the replacement parts and the original parts come and its configuration, you might get confused. Though they are all tracked but it is done by several different companies. When Blockchain is in effect, which is a single federated ledger, it could be used as a single entity of truth of what has happened to the engine.
- Ticketing Through Tokenization
Presently, airplane tickets are either electronic or paper-based. With the execution of Blockchain, the need for paper tickets can be completely abolished and tokenization of e-tickets would be possible through smart contracts. These tickets will have their own established business logic and terms for the process of ticket selling and use them efficiently and securely.
When it comes to Blockchain technology, airline industry is mainly concerned about the segment of a digital ledger with MRO teams and OEMs for operations conditions, to record flight events and scheduled aircraft maintenance checks. Further, this technology allows components registration in Blockchain after they are manufactured with all related data like serial codes.
Recently, Lufthansa Industry Solutions unveiled an initiative called Blockchain for Aviation (BC4A). This system is primarily responsible for compiling potential Blockchain application in the aviation field and eventually develop joint standards for its use. The potential participants for this initiative includes aircraft manufacturers, software developers, logistics providers, MRO service providers and regulators.
Evidently, Blockchain technology has begun to invade airline industry too. Though, there is much to explore for now and identify the possibilities but Blockchain has the potential to revolutionize the way airlines work. This is all about airlines and Blockchain technology. If you have any opinion, feel free to comment in the section below.