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Blockchain's Next Target: Aerospace and Defense
Blockchain, a digitized, decentralized distributed ledger that maintains and records data in a way that allows multiple stakeholders to share access securely, has been one of the hottest topics over the past few years. According to a recent report from Netscribes, the global blockchain technology market is expected to be worth 13.96 billion by 2022.
Blockchain technology solutions are being increasingly used in various industries including the aerospace and defense sector. A recent report by Accenture titled “Launchpad to Relevance: Aerospace and Defense (A&D) Technology Vision 2018” reveals that about 86 percent of the A&D sector plans to integrate blockchain into their corporate systems within the next three years because of the various potential benefits it provides like transparency, immutability, and more. Blockchain has the ability to improve the performance of one of the world’s most complex, globally interconnected and security-dependent supply chains,” says John Schmidt, Managing director, Accenture’s A&D practice.
The A&D sector considers blockchain’s secure, fault-tolerant and decentralized features as the silver bullet to reducing maintenance costs, increasing aircraft availability, and minimizing errors in tracking aircraft parts.
The survey carried out by Accenture also points to numerous data challenges that blockchain technology can address. The research found that more than 70 percent of the A&D executives believe that companies will be struggling with growing waves of corrupted insights as more falsified data penetrate their data-driven information systems. Besides, nearly 73 percent of executives also believe that organizations are setting up their most critical systems and strategies on data. And these executives also deem that automated systems create new risks, which also include data manipulation and inherent bias.
However, this paradigm-shifting technology also delivers numerous benefits to the hundreds of suppliers typically involved in the manufacturing of a single aircraft. “Knowing the actual configuration of an in-service aircraft at any point time is important,” says Schmidt. Blockchain helps identify falsified data and verify its veracity— the degree to which the data is accurate, precise and trusted—while providing a secure and unchangeable data chain. It also tracks aircraft configuration data consistently throughout the supply chain, enabling aerospace and defense companies to share, capture and authenticate data from a single source.
Hence, A&D companies that want to compete effectively in today’s competitive industry must embrace blockchain quickly.