Blockchain in Aerospace and Aviation Industry - Fundamentals and use cases

Abstract

For many years, businesses and in some cases many industries have been built on simple principle of trust between multiple parties. However, this business of trust is about to be disrupted and transformed with the advent of blockchain technology. Blockchain can be defined as distributed ledger technology that can record transactions between parties in a permanent and secure way. Blockchain has been identified as one of the technology that may have a major impact on the future of aerospace and aviation industry among other drivers of change such as supply chain management. The future will likely to be a place where every part has a trusted digital identity and historical records that are immediately accessible to those with the right authorization. This paper to some extent explains the blockchain capability that facilitate the use of blockchain technology in Aerospace and Aviation Industry with various use case. Through its methodology, a detailed analysis of the blockchain fit in the industry is made in this paper. Blockchain technology offers a simple and easy way in which the information is immutable and temper proof.