Use of blockchain technology to track aircraft

 

Use of

blockchain technology to track aircraft

Europe continues its search for new blockchain use cases

with the latest foray coming into the aviation sector

as the region seeks to crack down on the use of unapproved parts.

The European Union's Aviation Safety Agency (EASA) is leading the new project to leverage blockchain technology to track aircraft parts and other components.

The European Aviation Safety Agency

• dubbed the VIRTUA project

• has included blockchain companies SkyThread

• and FPT Software to provide expertise for this solution.

Under this Declaration :

• The International Air Transport Association (IATA)

• and PwC France will provide regulatory support

• and compliance support for the new project.

The European Aviation Safety Agency is keen to :

improve safety standards in the aviation industry, noting that integrating

blockchain into its systems will provide the sector with myriad benefits.

Approved aircraft :

parts will be included in the distributed ledger

allowing potential buyers to confirm their validity before completing the transaction.

According to statistics :

unauthorized aviation parts played a key role in

more than 20 aircraft accidents in the United States

 a trend the European Aviation Safety Agency is keen to avoid.

We believe this project will provide a comprehensive view of

how blockchain solutions can contribute to addressing this problem

said Nick Karen :

Senior Vice President of Operations

Safety and Security at the International Air Transport Association.

Apart from :

counterfeit aircraft spare parts

the aviation industry is currently facing the challenge of expired components.

Aircraft parts have a limited shelf life

but the European Aviation Safety Agency has identified

a thriving secondary market for components approaching

the end of their airworthiness.

Nick Karen said:

• Applying blockchain techniques to manage

• approved aircraft parts and components

• can affect the entire certification life cycle

from their release by production organizations to

changes provided by design or maintenance organizations.

Many aircraft manufacturers in North America

have previously relied on blockchain to locate their components

including Honeywell and General Electric Aviation

and track the process from dismantling to the final maintenance phase.

Experimental blockchain system in the EU

Given the variety of blockchain use cases, the European Union

had announced a pilot blockchain system to explore its use in financial markets.

In March 2023 :

the pilot system gave the green light to

market infrastructure operators to

use the blockchain in issuing and settling symbolic financial instruments.

The European Central Bank (ECB)

is currently experimenting with blockchain technology to

launch the digital euro, due to its characteristics of stability and privacy.

Across the continent :

multiple uses of blockchain have emerged in many sectors

 including health care, education, logistics and manufacturing.