A plane is prepared for recycling by French company Tarmac Aerosave. Photo: regis duvignau/Reuters By Agam Shah Updated May 28, 2019 4:38 p.m. ET Honeywell International Inc. is using blockchain to shake up the market for used aircraft components, making it easier to check the certification and origin of a part and speeding up transactions.
The aircraft-parts industry is heavily regulated, with sales requiring certification from the U.S. Federal Aviation Administration and other agencies. Blockchain can quickly trace the history of a used part, including previous transactions, owners and repairs. Honeywell Aerospace charges companies $15,000 to establish a storefront on the marketplace. Buyers don’t need to pay a fee.
GoDirect Trade was designed along the lines of a retail website. It lists items such as bolts, nuts, avionics and engine parts in different categories, along with images and the company selling the part. Airlines can also use GoDirect Trade to buy noncritical parts to fix seats or in-flight entertainment systems.
Good example of the brilliance of blockchain technology, which should be contrasted with (not confused with) the silliness that is cryptocurrency. business technology finance law
I remember flying AA when the Flight Attendant announced we was flying in a brand new 777 looking out from my window seat there it was a brand new 777 with Song Aircraft engines & paint scheme attached to wing of 777 to say the least it was along flight once I pionted that out.
All this blockchain stuff is hooey designed to sell application development. There are no inherent advantages to blockchain over traditional solutions. Given weaknesses like the 51% problem they all involve having to trust an entity. But a lot of people making money on it.