Aeronautical blockchain firm Block Aero has been awarded a $37,000 grant to develop a supply chain focused blockchain network for Rolls Royce’s aeronautics division. Ledger Insights reported that the blockchain will help stakeholders in the ecosystem seamlessly connect with each other and receive information with regards to maintenance and component replacement, November 27, 2019.
Improving Engine Maintenance Mechanisms
At the beginning of November, Rolls Royce held a hackathon where participants were asked to develop a blockchain that connected the stakeholders involved with the production and maintenance of Rolls Royce’s aircraft engines.
Many blockchain development companies participated, but Block Aero managed to pull off an easy win as they held the distinct advantage of specializing in aeronautics.
Rolls Royce engines are used in a variety of different aircraft including the Boeing 787 and Airbus A380. Components of the engine are serviced by different manufacturers, and the current process of filing a maintenance claim involves a lot of paperwork and is time-intensive.
By connecting the entire manufacturer network and airlines onto a blockchain, information can be seamlessly propagated across the chain to identify what part needs to be fixed/replaced and which manufacturer is responsible.
This is by no means Block Aero’s first tango with a major aeronautics company. Earlier this year, the firm launched a blockchain pilot with Etihad to reduce engine overhaul time.
Vast Use Cases Emerging
Companies are finding utility for internal blockchains faster than projects are launching token offerings. Given the state of the market in 2017, this speaks volumes with regard to enterprise blockchain adoption.
Across the spectrum of the global industry, leaders from Intel to Nestle have been able to find value in distributed ledger technology, and this doesn’t seem to be a “fad” as suggested in 2018. In fact, reports estimate that the Aerospace sector alone will see over 86 percent of companies working with a blockchain by 2021.
Blockchains are meaningless as a standalone product; creating an interconnected network of stakeholders with simple and verifiable information propagation is the real killer use case. Leveraging this will enable specific industries to become more interconnected and allow vertically integrated companies to be on the same wavelength as one another.