The aircraft maintenance, repair, and overhaul (MRO) industry handling 25 billion parts a year is turning to blockchain to tackle its difficulties.
An alliance of key partners in the aircraft maintenance, repair and overhaul (MRO) industry has been launched today to determine whether #blockchain can be used to track, trace and record aircraft parts.https://t.co/PvYWQFiDIq — Verdict (@VerdictUK) February 5, 2020
The report points to research by PwC that suggests blockchain tech could save MRO businesses roughly 5% of their overall costs equating to $3.5 billion globally boosting revenue in the aerospace industry by up to $40 billion (4%).
Verdict reports that the alliance will look into issuing aircraft parts with digital passports: these serve to prove a part’s authenticity and provide a “digital thread” for its transport and custody history.
Matthys Serfontein, president of air travel solutions for SITA said:
“In an industry as interconnected as ours, the ability to share and record common data in a secure way without giving up control of that data is fundamental to driving new efficiencies in air travel. This is particularly true for the MRO sector.”
A representative for SITA said that the firm had identified MRO as being just one of five potential areas in aviation where blockchain could play a key role. The others included identity management, chain of custody (for luggage, cargo, and aircraft), and flight operations.