Aviation giant Honeywell will use blockchain platform GoDirect Trade to track aviation parts, and Boeing has provided $ 1 billion in parts support

According to aviation giant Honeywell, Boeing has added more than $ 1 billion in aircraft parts to the GoDirect Trade platform. GoDirect Trade is a blockchain platform designed by Honeywell to prove the origin of parts and ensure they meet safety standards. Aerospace giant Honeywell general manager Lisa Butters said last weekend's deal allowed Boeing to add excess or no longer needed parts directly to the platform, which will be used throughout the supply chain. The tiers are connected to a shared transaction ledger to track their transactions transparently.

Aviation giant Honeywell will use blockchain platform GoDirect Trade to track aviation parts, and Boeing has provided $ 1 billion in parts support

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Traditionally, every aviation part will have a paper "birth certificate", a quality document that proves its original manufacturer and current safety compliance, and each document needs to be physically moved from one place to another Places, and then re-entered them into the account of the new owner, which made them almost impossible to sell online because paper documents were easily forged. However, by transferring every layer of the supply chain to a customized version of Hyperledger Fabric (open source code that anyone can build) from Blockchain 50 member Honeywell, each list will be related to the image of the part and the corresponding file Link to point to the exact part you want to sell, helping you not only make sure the part is there, but you ca n’t forge documents related to it.

Butters believes that currently, less than 3% of the $ 4 billion used aviation parts sold each year are completed online, and she believes this will change. She said GoDirect Trade had sales of $ 7 million in its first year. Butters predicts that the platform's sales will reach $ 25 million by the end of 2020, $ 100 million by 2021, and $ 1 billion by 2022. "We just celebrated our first birthday. We are struggling to survive and achieve really good exponential growth."

Unlike the Bitcoin blockchain that anyone can build, Hyperledger Fabric requires companies that use it to have access to the platform. In this case, Boeing must set up a digital storefront on GoDirect Trade, Butters said the process takes about two minutes. After creating a storefront, trusted companies can load their excess and outdated materials directly to the platform (similar to Amazon) via API or by transferring text files directly to Honeywell.

During the first year of operation, more traditional customers include airlines, and these companies need to get the parts back in. Butters said that, on average, aerospace parts have been reused four times before decommissioning, which makes the validity of quality documents even more important. However, the more traditional users who can benefit from an increasing number of digital processes are aviation arbitrage traders who previously had to rely on slower paper processes. "These companies and people buy aviation parts at a lower cost, and then they try to find buyers for them. They make money by driving a deal," she said.

In addition to establishing a used aviation parts supply chain network, Honeywell also uses GoDirect Trade, which now digitally tracks all parts it manufactures for potential sales on the platform.

Earlier this week, Butters held a symposium with senior director of Walmart blockchain, Archana Sristy, and American Express vice president Michael Concannon to discuss its real-time blockchain implementation And the next development of enterprise blockchain. At the same time, the Butters team in Bangalore, India sent her a shopping list with ten items that they thought would help add power to the laptop, leading GoDirect Trade ’s Preparing for an expansion project.

Called "Alfred," the project will automate the process of digitizing aviation part files by reading and recording them using artificial intelligence (AI). "All of these things are there," Butters said. Her team refers to the computer components her team requires, including external hard drives specifically designed to help laptops power AI. Butters said, "They can assemble everything, configure everything for what we want to assemble, and that's how closely we work together at the grassroots level."