Did you know that blockchain technology in the aviation industry is a critical element in creating a seamless travel experience? Here, we will reveal How Airlines see Blockchain save money?
Let’s see !!
The past few weeks have been inundated with news of COVID-19, with the consequences of this epidemic far beyond health concerns. Businesses in various sectors globally are suffering, but few have been as severely affected as the airline industry, where the predicted financial impact is enormous.
Blockchain Use Cases in The Aviation Industry
Aviation Identity Management
The identities of individuals can be faked and used to carry out fraudulent and terrorist activities. Blockchain solves this problem by validating identity with the help of biometrics. Once the identity is validated and stored on the Blockchain, it is almost impossible to change it because the network is so protected and decentralized. It will also eliminate the use of paper passports and human error in the screening process.
Information privacy is significant for the industry as many people place their trust in sharing their personal details for better system functioning. Passenger records, as well as airline crew information, need to be secured as any accident can lead to dangerous outcomes and misuse of identity. According to the Blockchain app development services, this technology, together with the security wrapper, generates a secure medium to share this data reliably through the authorities.
Maintenance logs frequently organize between manufacturers, merchants, service providers, and airlines. It is time consuming and prone to errors if the entry is wrong at any point. Blockchain technology can eliminate the requirement for complex databases and paper binders and permit airlines to manage a single record of origin that will be immediately available to all authorized persons. With this, maintenance events are predefine, and this information will be made available in the aircraft maintenance log, which saves time, improves maintenance and ensures safety.
Points and loyalty schemes, when tokenized via Blockchain, can provide immediate value to users as they use instantly in real-time. Besides, these loyalty points can use as more widely through the partner community. Points that replace the role of currency will allow travellers to save time and make payments more easily.
How Will Blockchain Proves Beneficial For The Aviation Industry
The Blockchain for the aviation industry has many capabilities for applications. Due to its decentralized capabilities, the Blockchain’s feature of storing information on digital ledgers has made it popular with airlines. This shared ledger used by the MRO and OEM teams to keep flight records, maintenance status and other data.
Apart from that, blockchain technology will use for component registration. For example, data entry such as serial code, date of manufacture and the number of parts available for a specific component, that is store on the Blockchain. In the case of any part requirements, technical staff can easily search the information stored on the Blockchain quickly and take the necessary steps for repair and replacement. Apart from that, other data including but not limited to bookings, immigration, payments, airports, hotels, etc. can store on the Blockchain.
That is, the Blockchain can store all the information relating to any modification, repair or change on an aeroplane. This allows everyone on the network to easily access information. Moreover, it is one of the most distinguishing factors that make executing Blockchain unavoidable in the Airlines industry.
Provocation For Airlines in Adopting Blockchain
When considering blockchain adoption, airlines face three central calls. It is as follows:
Regulatory uncertainty. Aviation industry regulators have primarily adopted a wait-and-see approach to Blockchain, resulting in a significant delay. Engaging regulators at every stage of the blockchain journey can help ease the transition for all.
Consortium participation. Broad participation is required to create value with the Blockchain. However, building a blockchain consortium, or a group of companies collaborating to advance common goals for technology, is a complex undertaking. The consortium can define infrastructure development, use cases, set standards, and applications, and operate the blockchain network.
Technology is developing. Although airlines can produce on Blockchain, it remains a young technology that is increasing and poses unique challenges and risks. That means focusing on and adapting the airline’s architecture and project plans based on these changes.
In summing up Zazz‘s thinking, finally, the industry should consider how combining Blockchain with technologies such as predictive analytics, IoT, and robotics can create more significant synergies. Aviation is the second, the most regulated sector; and at the same time, which requires radical optimization! You have to introduce one of the best solutions that can save airlines millions of dollars and at the same time increase customer satisfaction levels.
For example, in industries where health and safety are of primary concern – such as aviation, pharmaceuticals, and food. However, some app development company in USA explain, the combination of Blockchain and IoT can increase quality assurance and proof of provenance throughout the supply chain.
As with any new technology, the potential for disruption is not always immediately apparent. Forward-looking aerospace using Blockchain and other digital technologies to rethink how they do business fundamentally will benefit the most. So, after reading the blog in full, are you still in a dilemma? Contact us; we will help you our best.