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Aerospace Sector Primed To Integrate Blockchain

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Aerospace Sector Primed To Integrate Blockchain

Blockchain adoption is accelerating by the day as companies continue to take note of its capabilities and benefits. The aerospace and defense sectors are slowly emerging as some of the sectors that could benefit from the ledger technology. Eight in ten aerospace and defense companies are reportedly planning to integrate the technology into their system.

Accenture Blockchain Report

According to Accenture, blockchain’s secure immutable and decentralized features will benefit aerospace companies a great deal. Most noteworthy, the technology will go a long way in reducing maintenance costs.

The technology should also increase aircraft availability through better data management. Accenture, in its report, also affirms its confidence in the technology’s ability to minimize errors. Consequently, the technology should make it easy to track aircraft parts.

Likewise, Accenture points out that 86% of aerospace and defense companies plan to integrate the technology by 2021. The percentage is much higher for all but two of the 18 industries that the firm surveyed.

Blockchain Capabilities in the Aerospace Sector

Blockchain’s growing prominence has to do with its ability to maintain and record data in a way that multiple stakeholders can access securely. Therefore, the technology has the potential to improve efficiency in two of the world’s most secure supply chains – aerospace and defense.

Likewise, the technology should address numerous long-running data challenges in the two industries. The need for reliable data storage systems continues to grow as more falsified data continues to infiltrate data-driven systems.

Blockchain is well-suited to improve the performance of one of the world’s most complex, globally interconnected and security-dependent supply chains. This elegant and paradigm-shifting technology has the potential to deliver profound benefits for the hundreds of suppliers typically involved in the manufacturing of a single aircraft,” Accenture’s John Schmidt said in a statement.

Blockchain’s ability to offer secure and unchangeable data makes it an ideal technology for combating inaccurate data. In the aerospace sector, the technology should help in the tracking and provision of accurate aircraft configuration data.

Accenture Partners with Thales

Accenture has already inked a strategic partnership with Thales. Under the terms of the deal, the two are to work on the development of a blockchain solution for supply chain assuredness. With the new system, Thales should be able to streamline and secure its technical supply chain.

The system is essential for tracking, tracing, and authenticating critical aircraft parts as well as materials. The use of digital ledger technology should help the company improve its maintenance capabilities.

Risk Disclosure

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