Boeing Starts Using Blockchain To Track And Sell $1B Aerospace Parts

The most popular airplane manufacturer in the world, Boeing, has recently partnered with the multinational aerospace conglomerate Honeywell in order to use its GoDirect platform and track and sell $1 billion worth of excess airplane parts using blockchain technology. Boeing starts using the technology and the partnership was revealed at the Hyperledger Global Forum 2020 in Arizona.

According to the general manager of Honeywell, parts were uploaded to the GoDirect Trade marketplace last weekend and the partnership will help both companies utilize technologies. As you probably know if you are following our latest blockchain news, the aviation industry has not been featured that much. Until now, the industry relied on a full web of paper certificates pertaining to each individual part, their original manufacturer and the current safety standards.

Now, the documents do not need to be physically moved between numerous locations. Boeing starts another initiative with which it will level up the market for aviation parts and taking them online.

GoDirect Trade now seeks to open the aviation parts industry up to digital commerce, with Butters estimating that only 3% of the $14 billion market takes place online. Also, aviation parts are typically resold four times before being decommissioned, highlighting the benefits offered by distributed technology in being able to certify the authenticity of the relevant documentation.

Lisa Butters also spoke to the cryptonews media and said the following about the partnership:

“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.”

Before this, we could see that big firms such as Ernst & Young, Microsoft and ConsenSys announced the launch of their open-source Baseline protocol which comprises of a smart contract and tokenization platform on the Ethereum blockchain – designed for enterprises. The code of the platform has been made available only to select developers by invitation with a public launch expected soon as well.