At least 86% of Aerospace and Defence companies will implement blockchain into their systems by 2021 according to the press release by Accenture.
Accenture’s Aerospace & Defense lead John Schmidt said:
“Blockchain is well-suited to improve the performance of one of the world’s most complex, globally interconnected and security-dependent supply chains...has the potential to deliver profound benefits for the hundreds of suppliers typically involved in the manufacturing of a single aircraft.”
Companies are interested in blockchain as its thought to deliver increased safety and inalterability of facts. Also the decentralized technology can help in cost reducing efforts and in tracking of aircraft parts with maximum efficiency.
Leading aerospace manufacturers Airbus and Rolls-Royce are already working with startups to implement blockchain to their tracking systems. Efforts appear to be running parallel to Moog, an American flight control system manufacturer that is currently developing VeriPart - a blockchain-based solution to track 3D printed components. Lufhansa and Air New Zealand have also previously expressed interest in experimenting with blockchain.
By Nadya Astam