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- Honeywell, the aerospace giant, is tracking excess Boeing aeroplane parts on a blockchain platform they’ve designed called GoDirect Trade.
- Honeywell’s blockchain solution alleviates this inefficient process by taking all the documents digital into Honeywell’s custom Hyperledger Fabric code.
- A large portion of aeroplane part sales occur offline, but GoDirect Trade’s presence hopes to change the landscape with its innovative solution.
Honeywell, the aerospace giant, is tracking excess Boeing aeroplane parts on a blockchain platform they’ve designed called GoDirect Trade. There is reportedly $1 billion worth in excess aeroplane parts that were deposited onto the platform by Boeing.
According to Honeywell, GoDirect Trade is built to track the parts, verify its origin point, and ensure all safety standard compliances and regulations throughout its through its trade route.
Lisa Butters, the Honeywell general manager, confirmed the transaction where Boeing deposited the parts onto the blockchain-based solution last week. These parts are the ones that Boeing was no longer using in their manufacturing line and was deposited directly onto GoDirect Trade.
The blockchain network connects the entire supply chain into a unified, transparent, distributed ledger that tracks the parts and identifies them. Aviation parts have traditionally been moved along with their manufacturing certificates, quality certification documents, safety compliance records, and details of the original manufacturer, from place to place, physically in the event of a trade.
Honeywell’s blockchain solution alleviates this inefficient process by taking all the documents digital into Honeywell’s custom Hyperledger Fabric code. Normal digitization is not an option in this scenario since normally digitized documents are still prone to forgery, but a blockchain-based solution works around this using a distributed ledger.
Every listing on the network is tied to its respective documents and images, thus making the trade route processes easy to manage and the sale of the parts more efficient. Currently, a large portion of aeroplane part sales occur offline, but GoDirect Trade’s presence hopes to change the landscape with its innovative solution.
In its first year alone, the business saw $7 million worth of sales on the platform, with the company expecting to hit $25 million in sales by the end of the year. Unlike traditional blockchain, not everyone can become a node; in this case, a seller on the platform.
Hyperledger Fabric requires companies to be given explicit access upon which they can set up a store, much like Amazon, and then conduct sales on the platform. Honeywell themselves also use the platform to track all of its manufactured parts, to monitor potential sales.
The Honeywell team in India is also reportedly coming up with a feature expansion plan to GoDirect Trade called “Alfred” to automate the digitization of part documents by automatically scanning the text and recording them using computer vision technology.
This can further make GoDirect Trade a strong player in revolutionizing the aerospace parts trade business and expanding the reaches of blockchain technology in this sector.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
