In the fast-paced business environment of today, data serves as…
HURDLES IN THE USE OF BLOCKCHAINS FOR THE AEROSPACE AND DEFENSE INDUSTRY
The Blockchains for the Aerospace and Defense Industry have gained immense limelight when the world has been experiencing decision transformation for the initial impact. Unfortunately, even though the enormous buzz created by blockchains, there is still a significant lack of information. It is acting as a setback for the tech business industry.
According to a survey conducted in 2018, a shocking only 20% of employees were clear in perspective about what the company was precisely doing with blockchains. People admitted that they had a very feeble idea of how their company was looking to incorporate Blockchain in the business process. There were a substantial fraction of 20% of respondents said that their companies are yet to get their first hand on the Blockchain. However, there can be numerous reasons which withhold the business from incorporating blockchains, but there is a need to look at that change for making you a sustainable business in the digital transformation age.
PRESENT SCENARIO – AEROSPACE AND DEFENSE INDUSTRY
In-depth, complex supply chain management requirements
Supply chain management is an integral process of A&D companies. Generally, there are numerous systems and subsystems which are efficiently integrated for the exchange of information. And finally, building a supply chain management system which barely meets the basic requirements and comes with the possibility of failure due to heavy load. The commercial aviation business has an intricate design of operations which collectively decide their modus operandi for delivering quality service in the domain. This requires massive coordination from the on-ground staff, logistics, and the pure aviation wing. A significant problem is waiting to be solved.
Highly dynamic database
The Aerospace Industry involves rigorous use of some of the most active use cases of a database. They require immense precision due to the critical nature of operations. The operations are dependent on the information available through records alongside concurrently occurring transactions. It is a multi-stakeholder operation which at times causes deadlocks and wrong allocation of resources; if handled through a conventional database management system.
Aircraft maintenance and changing partners
It might look like a problem indirectly related to a database, but the acuteness forces businesses to solve this problem separately. In the aerospace and defence industry, aircraft are once purchased and then precise, quality standard matching maintenance is performed on a very regular basis. This is a never-ending process which gradually gains importance as aircraft tend to dip in performance. The curve of maintenance duration is so long that it generally witnesses numerous vendors and participants. It is a long, complicated process which is experiencing different approaches of digitalization but none of them has completely solved the problem.
Data security and authenticity
The aerospace and defence industry generally operates in a very critical spectrum of data information and the secrecy of operations. It is the primary reason behind the dire need for a Highly Secure Data Storage and Management System. Apart from the room, there is a requirement for authenticity as well. Authenticity is the primary concern in B2B, B2C, and defence-based businesses. There are many sets of information like company records, contracts and MoUs that have highly critical information which requires a version management system and complete security.
HOW CAN BLOCKCHAINS FOR THE AEROSPACE AND DEFENSE INDUSTRY CONTRIBUTE?
The Blockchains for the aerospace and defence industry are capable of single-handedly hosting the most complex supply chain management systems for all use cases of the aerospace and defence industry. Blockchains can be used to create digital authentication and quality-checking-based supply chain management systems. There is a provision to use private blockchain infrastructure which doesn’t allow any other parties to communicate with the actual nodes of the respective blockchain. It requires authenticating handshaking.
Blockchains for the aerospace and defence industry also enable a safe and reliable peer-to-peer communication network which is an essential part of an efficient supply chain management system. Here, the information and operations can be tracked in the pipeline process by all the world stakeholders with utmost convenience. Blockchains have decentralization-related features like immutability, high transparency, and reliable, trustworthy operations.
Immutability of Records
Immutability of record means that no intervening party of the blockchain infrastructure can anyhow make changes to the data or perform any missions with malicious intentions like forgery, misrepresentation, and involvement. This is one of the highly utilized features of blockchain technology that the database consists of a hundred percent immutable records. It adds immense credibility to the database and reduces the chances of errors, elevating the level of precision. The aerospace and defence industry is benefits because they maintain a large, dynamic pool of shared information which can compromise the situation if there is a tweaking of records.
Multi-stakeholder operations and multiple participant facilities
The aerospace and defence industry requires a long gradually important bargaining process for moving aircraft maintenance. Blockchains for the Aerospace and Defense Industry keep a track of maintenance operations and ensure the highest quality standards. This can be done through Blockchain has all the information that can be set up on the Blockchain infrastructure replicating across nodes for various stakeholders.
As the maintenance vendors and quality check participants keep on changing with time, documentation of information and tracking of records is a tedious task. Blockchains for the Aerospace and Defense Industry allow unknown third parties to authenticate themselves and communicate through the note based on technology. This is one of the oldest and the most first use cases of blockchains. Unknown third parties like maintenance vendors and quality check participants keep on changing with time, and documentation of information and tracking of records is a tedious task.
Blockchains allow unknown third parties to authenticate themselves and communicate through node-based technology. It is one of the oldest use cases of blockchains. Unknown entities can be enabled to leverage decentralized consensus without prior information and knowledge of the background.
Use of highly efficient smart contracts
Smart contracts are the basic units of highly protected information which can either be compromised or destroyed by any party. It is one of the safest ways for the aerospace and defence industries to store their data and maintain a continuous decentralized consensus on terms, conditions and operations.
THE FINAL WORD
It is evident that the primary use cases and top-notch efficient features of blockchains convincingly coincide with the most critical problems of the Aerospace and defence industry. As the technology world is gradually outlining primary use cases with similar issues in different sectors, we are reaching the fourth mini-revolution in Blockchain Technology called Blockchain 4.0. In this, it is speculated that blockchain will come out with a new face of Blockchain as a Service or BaaS. It will be retail-based services where various businesses can use the blockchain infrastructure through pre-built customizable blockchain-based business products. The exploration and realization related to blockchain or creating outrage. It will be interesting to see how they mature for a sustainable business of Blockchains for the Aerospace and Defense Industry.