TOP > News > Boeing Uses Blockchain for Selling Aviation Parts
March 9, 2020 Updated

Only 3% of the $4 billion second-hand aerospace parts industry is done online. Honeywell hopes that will change soon. Honeywell uses Blockchain 50, a customized version of Hyperledger Fabric for its platform.

March 12, 2020 – A lot of multinational companies are incorporating blockchain in their supply chain. It is clear that the technology can aid companies particularly well in tracking and verification. One such company is Boeing, an aerospace company which is now partnering with another company within its industry – Honeywell in using its GoDirect platform to track and sell excess airplane parts.

Boeing produced hundreds to thousands of airplanes and airplane parts every year. Transactions are mostly recorded in hundreds of paperwork, which must be transported to locations for security and forgery concerns. The GoDirect Trade Platform is a place where companies can sell and trade airplane parts. Normally, aviation parts can be resold up to 4 parts before they are decommissioned. Because of that, it is important that certificates are authentic because sometimes a company might sell a part that has already been sold multiple times but was only labeled “sold twice” in their documents.

Only 3% of the $4 billion second-hand aerospace parts industry is done online. Honeywell hopes that will change soon. Honeywell uses Blockchain 50, a customized version of Hyperledger Fabric for its platform.

Blockchain for enterprise is an increasingly in-demand industry. ConsenSys, for example, announced Baseline protocol, which is going to use the public Ethereum mainnet for enterprise usage.

Sources: Cointelegraph, Forbes

Article contributed for BitPinas: Boeing Uses Blockchain for Selling Aviation Parts


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