Boeing Tracking Over $1 Bln In Aircraft Parts On Blockchain: Report

Boeing has teamed up with conglomerate Honeywell to use its blockchain-powered aviation marketplace GoDirect Trade to track and sell aircraft parts, according to a Forbes report.

Boeing has already uploaded more than $1 billion in excess and obsolete aircraft parts on to the marketplace over the weekend. This was revealed at the Hyperledger Global Forum 2020 in Arizona.

GoDirect Trade, launched in November 2018, is a digital marketplace that brings buyers and sellers in the Aerospace industry together to facilitate buying and selling of quality new, used and reconditioned aircraft parts and materials.

Boeing is using the platform to provide the buyer confidence about purchasing the part. The use of blockchain technology provides provenance to the customer and ensures every listing includes images and quality documents for the exact part being offered for sale.

Aircraft spare parts were never easy to buy online as it involves lots of documentation and certifications. Online purchases also raises concerns of forgery of the documents involved.

GoDirect Trade is using blockchain to streamline the process of buying and selling, improve transparency, reduce transaction costs and make the whole system more efficient. Every listing has an image, a price and a quality document, eliminating the need for time-consuming correspondence between buyers and sellers.

Tracking of an aircraft part using blockchain technology is most important as the part is typically re-sold four times before being decommissioned. Blockchain provides an immutable record where data cannot be destroyed or falsified.

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