Aircraft Industry Is Iooking At Blockchain Technology To Reduce Overheads By $3.5 Billion

  • MRO Blockchain Alliance will be looking at options that can use in the MRO chain, including the manufacturing of aircraft parts, repairs, and logistics.
  • The group would work on the proof-of-concept of the blockchain solution that would help with the tracking and maintenance of aircraft parts throughout the industry.
  • MRO will benefit from the use of Blockchain technology.

Today, we got to see an alliance of some key partners, in the maintenance, repair, and overhaul, of the Aircraft industry. They will be working to figure out if Blockchain could be used to track, trace, and keep a record of airplane components.

The group is called MRO Blockchain Alliance and will be looking at options that can use in the MRO chain, including the manufacturing of aircraft parts, repairs, and logistics. Another critical point of discussion would be the use of smart contracts within the industry.

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It is hard to overlook the fact that every kind of industry is showing interest in the Blockchain technology. Some industries are also trying to find ways to adopt this technology. MRO will benefit from the use of Blockchain technology.

A report given by PWC suggests that with the help of Blockchain, the industry would manage to cut down its cost of operation by $3.5 billion, i.e., 5% of the total costs. It will also be crucial in boosting the revenue by up to 4% or $40 billion.

The alliance was first considered in 2019 during an event host by HAECO group, which is one of the leading companies when it comes to maintenance and overhauling of aircraft components.

Apart from the HAECO group, Bolloré Logistics, Cathay Pacific, FLYdocs, Ramco Systems, SITA and Willis Lease Finance Corporation are also the members of MRO.

In the next few years, the group would work on the proof-of-concept of the blockchain solution that would help with the tracking and maintenance of aircraft parts throughout the industry.

The group will ensure that each component is given a digital passport, which will be used to verify its authenticity. The objective of this digital passport would be to provide full details regarding the origin of the parts, where they have been, and who owned them. MRO is planning to give this proof-of-concept a dry run in the second quarter of 2020.

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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