The few of the challenges that current aerospace and defence companies are addressing with the help of complex products, deep supply chains and years-long aftermarket with numerous participants are - multi-echelon supply chain visibility, configuration management, quality control, supply authentication, people and machine certification, and lifecycle management of software. With the help of huge investment, effort and technology the industry has seen great progress in these areas. But, it won’t be wise if aerospace and defence companies do not adapt the emerging technology – BLOCKCHAIN to support the continued industry growth and efficiency demands.
Blockchain fundamentally is an undisputable transactional record that maintains and records data and allows to share access to those data amongst multiple stakeholders confidently and securely. The technology is versatile – the ledger is not preserved by singular body, nor is it stored at singular location. The nature of the technology translates well to the aerospace and defence industry. With multiple participants (investors) involved, this industry needs reliable and auditable records, and extremely values security. Aerospace and defence companies can adapt the Blockchain technology to prove its business value and mark its place along with other technologies in the industry’s’ digital strategies.
Transformative solutions in healthcare can be achieved through a synergetic collaboration between healthcare researchers and providers to obtain a 360-degree view of patients’ data. Presently there is hardly any system in place that can enable patients to share their health data with researchers securely for research purposes. Blockchain technology, can create opportunities for massive advancements in healthcare by enabling patients to share their health data securely which will promote organizations to work together them with increased trust.
So how can Blockchain technology be translated and applied to Aerospace and Defence industry? Procurement Support and Supply Chain Traceability: Several Aerospace and Defence companies are reconnoitring how Blockchain may be able to improve tracking in supply chains and procurement. Companies may be better able to track transactions and movements of products throughout the supply chain, with the use of shared database with their suppliers and partners. This will make the whole system more effectual by eradicating the time and hassle.
Security: A major benefit of Blockchain technology is its security features. Cyber security is of major importance for A&D industry, particularly for those dealing with the government and military organizations. Hacking and data manipulation threats are very common in this industry and that meant investing in costly data protective systems and skilled personnel. Blockchain by its nature provides a secure platform for communicating and transacting across the global value chain and thus plummeting the requirement for extra security systems.
Plane Management: Blockchain can also with used within A&D companies as an unbiased information documentation system. Information on Blockchain platform is secure and universally visible, which means they are confirmed and sealed from any modification. This feature could be very beneficial for the manufacturing process. Throughout the diverse stages of the production and installation process the components could be recorded in and the users can see the details of those components and monitor their maintenance and/or life cycle stages.