Boeing has partnered with the multinational aerospace conglomerate Honeywell to use its GoDirect platform to track and sell excess billion aircraft parts using blockchain technology for $ 1 billion.
The partnership was revealed at the Hyperledger Global Forum 2020 in Arizona. Lisa Butters, CEO of Honeywell, said the parts were uploaded to the GoDirect Trade market last weekend.
Blockchain opens the aeronautical spare parts industry to online commerce
The aeronautical industry has traditionally relied on a network of paper certificates inducing headaches concerning each part, its original manufacturer and current safety standards.
The documents also need to be physically moved between many locations, which has prevented the aviation parts market from growing online due to counterfeiting issues.
As such, GoDirect Trade seeks to open up the aviation parts industry to digital commerce – Butters estimating that only 3% of the $ 14 billion market takes place online.
Aviation parts are generally sold four times before being decommissioned, which highlights the benefits of distributed technology for certifying the authenticity of relevant documentation.
Blockchains allowed or opened for companies
Honeywell’s GoDirect platform includes a customized version of the open source code for Hyperledger Fabric launched less than two years ago.
Butters says in its first year, GoDirect Trade has facilitated $ 7 million in sales – which it expects to more than triple by the end of this year. There are approximately 6,500 registered GoDirect users representing 2,400 companies.
Speaking to Cointelegraph earlier this week, Lisa Butters rejected criticism of permission registers like HyperLedger Fabric, stating:
“GoDirect Trade runs on Hyperledger Fabric. If someone discusses the fact that this is an authorization-based network that is supposed to be decentralized, they are killing the dream of the corporate blockchain before it starts. There is no way to involve Fortune 500 companies in blockchain networks and to share data if they are not authorized to do so. You need certain constraints for companies to operate. “
On March 4, Ernst & Young, Microsoft and ConsenSys announced the launch of their open source Baseline protocol – including a smart contract and a tokenization platform on the Ethereum blockchain designed for businesses. The platform code has been made available to some developers by invitation, and a public launch is expected later this month.