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Blockchain technology, which is disrupting almost all the economic sectors, is now expected to take their place in the Aerospace and Defense (A&D) industry as well.
Blockchain technology can be used primarily to improve data sharing in the A&D industry and it can further enhance product design, manufacturing, and maintenance of life-cycle in the A&D industry.
The A&D industry has one of the world’s most vast and complex supply chains. Blockchain technology offers a new, transparent, and secure way for the industry to track and trace multiple components. At the same time, it deters duplication and improves the maintenance capabilities of the supply chain. Blockchain, if used in combination with technologies like digital twins and digital threads, could ultimately be a game-changing innovation for this sector.
According to recent reports by Accenture, Aerospace and Defence enterprises are all set to adopt blockchain technology in the next three coming years.
“86% of Aerospace and Defense (A&D) companies will integrate their corporate system with blockchain technology by 2021.”
Further, the report suggests that Blockchain Technology features- secure, decentralized, and immutable- can help aerospace and defense entities lower maintenance costs, increase vessel and aircraft availability, and eliminate errors in tracking parts.
Blockchain technology can help address numerous data challenges related to the supply chain of the A&D industry. More than 70% of the A&D executives surveyed think that companies can be found struggling with increasing waves of corruption. The reason is more falsified data penetrates their data-driven information software and systems.
In addition, 73 per ent of them believe that automating data-driven systems can enforce huge risks, including fake data, data manipulation, and inherent bias.
Indeed, Blockchain for Aerospace & Defense companies enables the creation of a single source of truth where information can be stored, shared, and data is authentic always.
Several features of supply chains in the A&D industry seem to benefit from the blockchain. Specifically, the supply chains have many stakeholders that must share highly technical data about parts and materials. Blockchain can help to eliminate the chance of duplicated or falsified data and verify its accuracy as it can provide a secure and immutable chain of data.
Currently parties across the A&D supply chain – aircraft manufacturers, airlines, and maintenance providers store configuration data in their own systems and hardly look to integrate that information with other companies data. The technology can also help in maintaining a continuous flow of aircraft configuration data through the maintenance of the entire supply chain of Blockchain for Aerospace & Defence.
The blockchain is designed to provide highly secure, immutable, and traceable data records across a distributed platform. The A&D industry is a geographically distributed supply chain that serves an equally distributed set of operators, all of whom value data traceability, immutability, and security.
While A&D characteristics may appear to be a natural match to the blockchain strengths, companies should understand that Blockchain is still maturing so now is the time to learn and prepare as they begin their journeys in Blockchain for Aerospace & Defence.