Can we use the blockchain technology in the industry?
Disruption. The answer is yes and the benefits obvious. 100 pct. verifiable, 100 pct. traceable and 100 per cent. insight into components life cycle.
The short answer to the question's question is yes. Blockchain is not only reserved for the financial sector. The technology also has a great potential to reinvent the industry's work with Asset Management.
Blockchain is one of the most hyped and exciting technologies at the moment. The first time you heard about it was in 1991, but it was truly implemented and known in 2009 as the technology behind bitcoins.
Blockchain has a huge potential to disrupt business. The technology is extremely complex, but the idea is simple. It can be briefly described as a huge, globally distributed database that runs on millions of different devices that are open to everyone in the blockchain. All types of information and things of value can be stored in a blockchain and can be tracked and verified at 100% at any time. secure universe.
How can we take advantage of these opportunities in the industry? Let me illustrate it with an example from the airline industry.
The aerospace industry is one of the most regulated industries. A modern aircraft consists of two to three million components, and it is absolutely essential to know the exact origin of each component: Who is the original manufacturer, what model or version are these etc. This information is important to ensure that that the component has the right specifications and is not a copy product. Many of the components are also so-called tracked items, in which not only the origin, but the entire maintenance history must be transparent and traceable.
Today, the various players in one component's life cycle each have their Asset Management systems. When manufacturers, distributors, service companies and airline operators act in their own silosystems, it is quite a challenge to maintain a consistent picture of the component's life cycle. Often the log files are incomplete and do not exist digitally, and it is not uncommon for the communication between the actors to occur on paper or orally. The lack of standards means that traceability is limited and there are high costs associated with compliance.
Imagine that the actors instead of uploading a copy of their transactions in a blockchain created specifically for the purpose that only authorized operators can access. In this scenario, the producer creates the blockchain for that component, inviting the relevant actors, which can then add blocks as new ones occur. The distributor adds a block when the component is moved from A to B, the airline operator detects in its block the number of hours the component has been in the air, etc. All the time in real time and with full transparency for the other players.
With the blockchain technology one achieves 100%. verifiable, 100 pct. traceable and 100 per cent. accurate picture of the component's life cycle. It is worth noting that the players can still reap the benefits of their own business applications, because the blockchain does not replace these but is an automatically generated copy of relevant content in the applications.
What does it take to realize these benefits in reality? It requires a very high degree of cooperation from many actors: technology companies like Microsoft must be ready to cooperate with regulatory authorities such as FEW.
And this applies to airlines and their partners as well as software vendors. Everyone must be willing to cooperate and share information that can be integrated into the blockchain. In addition, there are still a number of technical challenges to be solved, such as how to ensure enough computing power and avoid delays in the transactions, which can just be a stopwatch for the desire to collaborate in a blockchain. Ownership of data, privacy and security are also areas to be addressed. But when it is said - and solved - there is a huge potential in the technology for us in the industry.
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