How Can Blockchain Revolutionize the Airline Industry?
Blockchain, a digital ledger of transactions taking place in a peer-to-peer network, can record each time a part is installed or removed from an airplane. It can also capture how long the part being replaced was in service and the identity, location, and credentials of the technician performing the repair.
Some might argue that the current technology in the aviation industry is sufficient to run its operations, and an upgrade might be more beneficial. However, the advent of Blockchain technology is not just a fad but a serious disruptor. It has the potential to revolutionize industries including the aviation sector.
Why Blockchain is Not a Fad for Aviation
Blockchain technology received a lot of attention in 2016 and will continue to be a significant player in 2017. To dismiss it as a fad would be unfair. It is a powerful tool that can disrupt traditional business models and streamline operations in the aviation industry.
Take, for example, the Bali Social Integrated (BSI) platform. This blockchain-powered platform offers services such as booking airline tickets, shopping in affiliated stores, paying for leisure and travel activities, and even renting electric vehicles and paying for recharging stations. The possibilities are endless, and the impact on the aviation industry can be profound.
Benefits of Blockchain in the Airlines Sector
Real-Time Tracking and Transparency
Blockchain is a decentralized distributed ledger technology that can transfer and tokenize value without the need for third parties. It is renowned for its features like transparency and traceability. These features are particularly useful in the airline industry, where real-time tracking of assets and ensuring transparency and visibility across network participants is crucial.
Data Management and Verification
Blockchain helps in storing data from manufacturing to the airline to the Maintenance, Repair, and Overhaul (MRO) service provider. This enables the examination and verification of each component, ensuring the safety and reliability of aircraft. The system also maintains the identity of both crew members and passengers, helping to eliminate data insecurities and fraudulent activities.
Decentralized Transactions and Direct Communication
Due to its decentralized nature, blockchain technology allows a direct transaction across network participants without the involvement of a middleman. This not only streamlines the process but also makes travel agents more efficient, enabling them to seamlessly deliver products globally. Real-time configurations and maintenance data are accessible to manufacturers, providing a clearer picture of the product's condition.
Conclusion
In conclusion, while the current technology in the aviation industry is sufficient to operate the sector, the implementation of Blockchain technology can provide a more secure, efficient, and transparent system. The specific benefits, including real-time tracking, enhanced data management, and decentralized transactions, make it a valuable tool for the aviation industry.
For more information on how Blockchain can revolutionize the aviation industry, visit our attached links and explore the endless possibilities.