Boeing has ventured into a <a href="https://financialnews.com/business/boeing-1billion-airplane-parts-added-to-blockchain-platform/" target="_blank" rel="nofollow noopener">partnership</a> with the American multinational, conglomerate, Honeywell to sell and track its aeroplane parts worth $1 Billion, through blockchain by using its GoDirect Platform. This Platform will monitor all the aircraft's operations, check if they adhere to the safety and regulations standards and even confirm the origin of the aeroplane's parts.

This partnership was announced in Phoenix, Arizona at the Hyperledger Global Forum 2020. Lisa Butters, Honeywell's general manager says that the products from last week's transaction were uploaded directly to the GoDirect Trade Platform which connects the single supply's into a merged ledger that will definitely track the movements of the parts. However, Boeing was unreachable to confirm this.
<h2>The relationship between the aviation industry  and blockchain</h2>
Traditionally, the aviation industry would issue papers(birth certificates as they call them) to each part of a plane it purchases. These papers indicate their origin, their manufacturer.

and its recent safety procedures. The papers would then be physically moved from one location to another and then given the new owner's account making them impossible to resell online, but easy to forget.

<a href="https://www.cryptoknowmics.com/crypto/blockchainua-is-coming/">Blockchain</a> in the aviation industry ensures that open source codes can be built on by anyone and each aeroplane part listed for sale is in correspondence with the image and document given. Honeywell uses a customized version of Hyperledger Fabric to do this so as to prevent forgery.

As a matter of fact, GoDirect plans to propose digital commerce to the aviation industry. According to Butters' analysis, the online market takes only 3 percent of the 14-billion dollar market. She says that the industry will do better if an aviation part is re-sold four times before decommissioning. In addition to this, she states that GoDirect Trade, in its first year; sold seven million dollars and hopefully this will increase by three folds by the end of this year. This platform has 6,500 users registered and they represent over 2,300 companies.
<h2>What's next for enterprise blockchain?</h2>
Earlier this week,  Butters dismissed criticisms on permission-ledgers when speaking to American Express Vice-President Mr Michael Concann and Walmart senior director of blockchain, Archana Sristy  saying:
<blockquote>“GoDirect Trade runs on Hyperledger Fabric. If anyone argues about the fact that this is a permission-based network that is supposed to be decentralized then they are killing the dream of enterprise blockchain before it starts. There is no way you will get Fortune 500 companies participating in blockchain networks and sharing data if there are not permissioned around that. You need some constraints for enterprises to operate in.”</blockquote>
Hyperledger Fabric requires companies to be given access to platforms unlike the bitcoin <a href="https://www.cryptoknowmics.com/crypto/wipro-report-ignore-blockchain-at-your-own-peril/">blockchain</a>, where anyone can gain access. In this case, a digital storefront on GoDirect Trade will be set up on Boeing and trusted companies; will load their materials directly to the Honeywell or via an API just like in Amazon.

You May Also Read.
<ul>
 	<li><a href="https://www.cryptoknowmics.com/news/data-gumbo-joins-blockchain-in-transport-alliance-bita">Data Gumbo Joins Blockchain in Transport Alliance (BiTA)</a></li>
 	<li><a href="https://www.cryptoknowmics.com/news/meaning-of-hodl">What Does HODL Mean And Is It A Good Strategy?</a></li>
 	<li><a href="https://www.cryptoknowmics.com/news/hashcash-plans-to-pour-usd-10million-in-indian-crypto-economy">HashCash Plans To Pour USD 10Million In Indian Crypto Economy</a></li>
</ul>

Boeing Adopts Blockchain to Track and Sell $1B Aerospace Parts

Boeing has ventured into a partnership with the American multinational, conglomerate, Honeywell to sell and track its airplane parts worth $1 Billion... %

I'm a believer in decentralization. An enthusiastic author, web geek &amp; writer with experience writing for tech, digital, and cryptocurrency blogs.

Boeing Adopts Blockchain to Track and Sell $1B Aerospace Parts

Top Picks