Today, blockchain-based distributed ledger technology is leading the race to become the emerging technology with the most potential to enthuse industry leaders. Furthermore, the uncertainty of blockchain not being ready for widespread applications yet has not stopped industries from organizing themselves to incorporate blockchain into their existing operations. One of the industries eagerly waiting for the refinement that blockchain will bring to their supply chain is aerospace and defense.
Complex products, extensive supply chains, and a decades-long aftermarket with frequently shifting participants are characteristic of aerospace and defense companies. However, when coupled with the increasing demand and need for sustained growth, the unique attributes of the aerospace and defense industry are transformed into challenges. With blockchain technology, aerospace and defense industry leaders hope to solve this challenge.
A new report by global consulting firm Accenture, states that aerospace and defense industry leaders are envisioning blockchain to be integrated with their systems by 2021. The report also states that blockchain’s potential in resolving data-related challenges has made close to 70 percent of companies in the industry perceive blockchain as the answer to their growing problems of corrupted or falsified data.
Company executives are envisaging blockchain as an innovative way to track and provide uniform aircraft configuration data throughout the intricate supply chain. “This elegant and paradigm-changing technology has the potential to deliver profound benefits for the hundreds of suppliers typically involved in the manufacturing of a single aircraft,” explains John Schmidt, Managing Director of Accenture’s global Aerospace and Defense practice.
Blockchain also unlocks the potential for aircraft manufacturers such as Boeing and Lockheed Martin to gain real-time data associated with the maintenance needs of their top secret and cutting-edge technologies. Blockchain technology will help aircraft manufacturers securely share sensitive data and consequently empower them to provide better insights and be highly responsive to the needs of the country, and the world at large.
In spite of not being the only emerging technology with the potential to disrupt aerospace and defense companies, blockchain is crucial in the evolution of the industry. In addition, with industry insiders slowly getting comfortable with blockchain’s immutability and security features, radical technological advancements are sure to ensue.