Blockchain used by Boeing to Sell and Track $1 Billion in Aviation Parts

Christopher ZeniosChristopher Zenios11/03/20203min
Boeing is now collaborating with Multinational Aerospace Conglomerate Honeywell in order to access its GoDirect platform to track and sell airplane parts worth over $1 billion using blockchain technology.

The partnership between the two was revealed in Arizona at the Hyperledger Global Forum 2020. The general manager of Honeywell, Lisa Butters stated that the part has now been uploaded onto the GoDirect Trade marketplace.

Before the partnership, the aviation industry has traditionally relied on paper certificates for each individual part recording information such as their original manufacturer and current safety standards.

The documents would have to be physically moved from location to location which has prevented the market for aviation parts progressing to an online system. Currently, GoDirect Trade has the goal of opening up the aviation part market to digital commerce with Butters estimating that only 3% of the $14 billion market takes place online.

The market for aviation parts is a big industry as part s are usually re-sold four times before being decommissioned. Due to the nature of reselling using a distributed ledger could be able to certify the authenticity of relevant documentation.

Honeywell’s GoDirect platform is based on a customised version of Hyperledger Fabric’s open-source code, the technology was launched two years ago. Butters stated that in the first year $7 million in sales was facilitated by GoDirect with experts predicting that this could triple by the end of the year. Currently, there are roughly 6,500 registered GoDirect users for 2,400 companies.

Lisa Butters addressed criticism of permission ledgers such as HyperLedger Fabric stating:

GoDirect Trade runs on Hyperledger Fabric. If anyone argues about the fact that this is a permission-based network that is supposed to be decentralized then they are killing the dream of enterprise blockchain before it starts. There is no way you will get Fortune 500 companies participating in blockchain networks and sharing data if there are not permissioned around that. You need some constraints for enterprises to operate in.

 

Disclaimer: HighWorthCitizen.com is not intended to provide legal, tax or investment advice, and nothing on HighWorthCitizen.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by HighWorthCitizen.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

Christopher Zenios

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at czenios@highworthcitizen.com for editorial related questions.



About us

High Worth Citizen is all about delivering the latest business news on finance, investment, real estate and wealth. Our readers are the rich and powerful, their associates and business partners, the global High Net Worth Individuals.


CONTACT US