How will the Blockchain influence the aeronautical industry?

Although the financial sector was the first to benefit from new technologies such as blockchain, today it is the aeronautical industry that takes the most advantage of it, but the question is, how?

Currently, most of the crucial information needed to keep aircraft operational is processed manually and when it comes to aircraft that carry hundreds, thousands, and even millions of parts, it becomes a nightmare to track each maintenance of each aircraft. Many times it brings with it human errors that can trigger air accidents and human and material losses.

What technologies such as blockchain can bring to the aeronautical sector is facilitate the traceability of each spare part. From its manufacture, through its configuration, maintenance, or replacement.

Blockchain technology can generate a birth certificate for each part of an aircraft and thus provide access and update of its current condition each time the aircraft is inspected. This will allow everyone involved to be aware of the real state of the airplane.

It is estimated that the use of blockchain could increase the industry’s revenue by up to 4% which translates to about 40,000 million dollars, while it could cut maintenance costs by 5%.

The aerospace industry will be in constant search to integrate new technologies that strengthen its capabilities, impacting on the improvement of services and their operation, so in the coming years, we will be able to see the full integration of this technology as well as the influence of artificial intelligence or 3D printing.