3 May 2018
Reuters reports that aerospace suppliers are beginning to explore the use of blockchain technology as a way to “keep tabs on their supply chain, potentially tracking parts such as those identified as the cause of a Southwest Airlines accident last month.” Blockchain technology is best-known as the “digital transactions technology that underpins cryptocurrency,” but can also be used to “track, record and transfer assets across all manner of industries, potentially smoothing operations, cutting costs and improving cash management.” The aerospace industry’s need to potentially keep track of “tens of thousands of different parts came to light when it emerged after last month’s fatal explosion that some airlines do not keep track of the history of each individual fan blade within an engine.” More efficient parts management could also potentially “speed up safety checks after an accident.” Airbus is hiring a “blockchain solution architect,” and has formed a working group to “identify business challenges worth addressing with blockchain,” potentially within its supply chain. According to an Airbus spokeswoman, blockchain could “improve the tracking of goods and become a complement to, not a wholesale replacement of, suppliers’ procurement software.” (Image Credit: Associated Press-©)
More Info (Reuters)