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Blockchain Ventures into Its New Target- Aerospace & Defense
Technologies like Blockchain, Cloud Computing and Artificial Intelligence (AI) have now become the center of discussion at the global level. With disrupting almost all the economic sectors, these innovations have made their place in the Aerospace and Defense (A&D) industry as well. Aerospace and defense experts see potential in the blockchain technology to solve various challenges like supply chains with multiple (Shifting) participants across the globe create inefficiencies.
Aerospace and Defense sector is a paper-based industry. The worry is that these paper records are time-consuming, prone to error and also leads to duplication of documents. Here blockchain steps forward to provide a secure and transparent framework.
1. Cost-effective and Immutable: Blockchain provides a safe tracking structure and also audit transactions across numerous supply chains. The innovation is profitable as it eliminates the need of a third-party and the details remain among the concerned parties. Moreover, it is difficult to hack all the nodes of a blockchain structure.
2. Certification of parts, partners, and people: Security is a crucial aspect in the aviation industry. The traceability and visibility from manufacturing until the installation is significant for safety and compliance and other reasons as well. Blockchain offers an enhanced accuracy in process quality, service history, and regulatory compliance.
3. Management of design: Blockchain offers advanced features wherein a digital thread is created that captures asset configuration from the initial plan to the last step. It helps in improving the engineering-manufacturing integration, availability of assets and also enhances the accuracy of service history.
4. Entitlement and rights for software, service, and warranty: The confirmation by the employees, customers, and partners who have the right to use the software, services, and warranty of a product and service has always been a huge issue. Blockchain structure can assist in improving asset performance.
5. Management of multi-echelon supply chain: A multi-echelon system is the one that relies on layers of suppliers who are distributed across numerous distribution centers and the one that is based on outsourced manufacturing. Here, blockchain can manage all the supply chain visibility across all the tiers of the supply chain by improving the tracking mechanism and by facilitating coordination among the supply chain partners.