Business

Boeing Uses Blockchain Technology to Sell $1 Billion in Airplane Parts

Michael Wight Michael Wight March 12, 2020
1 minute read
Boeing-blockchain-sell-airplane-parts-BlockchainLand
Photo by Ethan McArthur on Unsplash

Boeing has joined hands with international aerospace giant Honeywell to utilize GoDirect Trade, Honeywell’s blockchain platform, to sell and track excess airplane parts worth $1 billion.

What is GoDirect Trade?

GoDirect Trade is an aviation marketplace that uses blockchain to track parts, give proof of origin and ensure they’re compliant with safety standards. 

The platform brings multiple supply chain layers into a single ledger for easy management and transparency. It uses an updated and customized version of its parent company’s code that was introduced about two years ago.

According to the company, it has more than 6,500 users from over 2,400 businesses. Together they’ve facilitated more than $7 million in sales. The company expects the figure to triple by 2021.

More About the Boeing & Honeywell Partnership

The two firms announced the partnership at the Hyperledger Global Forum 2020 event held in Arizona.

According to Honeywell’s general manager, Lisa Butters, the contract was finalized a few weeks ago, and Boeing uploaded the parts last week to the marketplace.

While it’s great news for the industry, some people have openly criticized the system. To this, the company’s GM said:

“GoDirect Trade runs on Hyperledger Fabric. If anyone argues about the fact that this is a permission-based network that is supposed to be decentralized, then they are killing the dream of enterprise blockchain before it starts. There is no way you will get Fortune 500 companies participating in blockchain networks and sharing data if there are not permissioned around that. You need some constraints for enterprises to operate in.”

What Does It Mean For the Industry?

This is the first time that the industry is using the internet to sell used parts at such a large scale. 

Aviation parts usually come with ‘birth certificates’ that are quality documents that are used to tell more about an item, including manufacturer details. 

Companies cannot buy or sell these goods without having access to original documents that are only available in paper form. 

While these documents are essential, they make it challenging to sell parts since they need to be physically moved from one place to another. Plus, there’s always the risk of forgery.

The aviation parts industry is worth $4 billion, but only about 3 percent of it takes place online. One aviation part is resold four times before it gets decommissioned. This shows how important it is to have authenticity documents.

By using blockchain, such information can be stored online without the risk of forgery. Documents can be linked to parts and get tracked easily.

READ: Blockchain in Aviation: Take Off

Michael Wight

Michael Wight

Michael is a freelance writer with special interest in finance and technology. He regularly trades cryptocurrencies and loves to share his knowledge with others.

Related Articles

blockchain-insurance-blockchainLand
January 11, 2019
29

Blockchain is Leaving No Stone Unturned in Transforming the Insurance Industry

May 18, 2022
258

The Bountysource model: the answer to the lack of developer?

Utility-securty-token-BlockchainLand
November 15, 2018
51

Utility VS Security Tokens

football-blockchainland
July 31, 2018
34

Gibraltar United Football Club Will Pay Their Players in Cryptocurrencies

79 Comments

  4. Great blog here! Also your site loads up very fast! What host are you using? Can I get your affiliate link to your host? I wish my web site loaded up as fast as yours lol

  5. Somebody essentially help to make seriously articles I would state. This is the first time I frequented your web page and thus far? I amazed with the research you made to make this particular publish amazing. Fantastic job!

  6. O anda, aslında içinde bir seks canavarının uyuduğunu hisseden seksi kadın, kocasını aldatmanın yollarını aramaya
    başlar. Kocasını Kapı Komşusuyla Aldatan İtaatsiz Kadın +18 Film tutkularinin esiri
    olan genc ve evli bir kadin, kocasini kapi komsusu ile aldatiyor.
    +18 aldatmali sex izle.

  8. I cling on to listening to the news speak about getting free online grant applications so I have been looking around for the best site to get one. Could you advise me please, where could i find some?

  10. I’m not sure why but this blog is loading extremely slow for me. Is anyone else having this issue or is it a issue on my end? I’ll check back later and see if the problem still exists.

  11. I might also like to state that most of those who find themselves without health insurance are usually students, self-employed and people who are jobless. More than half with the uninsured are under the age of Thirty five. They do not think they are looking for health insurance since they’re young along with healthy. Their own income is generally spent on real estate, food, as well as entertainment. A lot of people that do represent the working class either full or in their free time are not given insurance by means of their jobs so they head out without with the rising price of health insurance in the country. Thanks for the ideas you share through this website.

  15. Este site é realmente demais. Sempre que acesso eu encontro coisas incríveis Você também vai querer acessar o nosso site e descobrir mais detalhes! informaçõesexclusivas. Venha descobrir mais agora! 🙂

  20. I would like to thank you for the efforts you have put in writing this site. I am hoping the same high-grade site post from you in the upcoming also. Actually your creative writing skills has inspired me to get my own web site now. Actually the blogging is spreading its wings fast. Your write up is a good example of it.

  21. Thanks for revealing your ideas. Another thing is that scholars have a solution between federal student loan and also a private student loan where it truly is easier to decide on student loan debt consolidation reduction than over the federal education loan.

  22. When I initially commented I clicked the -Notify me when new comments are added- checkbox and now each time a comment is added I get 4 emails with the same comment. Is there any means you can take away me from that service? Thanks!

  24. Right here is the right website for anybody who really wants to find out about this topic. You know a whole lot its almost tough to argue with you (not that I really would want to…HaHa). You definitely put a brand new spin on a subject which has been written about for ages. Great stuff, just excellent.

  26. [url=https://over-the-counter-drug.com/#]cvs over the counter asthma inhaler[/url] best over the counter medicine for sore throat

  27. Hi, I do believe this is an excellent web site. I stumbledupon it 😉 I may return once again since I book marked it. Money and freedom is the greatest way to change, may you be rich and continue to guide others.

  28. I have figured out some new items from your web-site about personal computers. Another thing I’ve always considered is that computers have become an item that each household must have for many reasons. They supply you with convenient ways to organize households, pay bills, go shopping, study, pay attention to music and in many cases watch shows. An innovative strategy to complete every one of these tasks is by using a notebook computer. These desktops are mobile, small, effective and transportable.

  30. Thanks for your article. I also believe that laptop computers are becoming more and more popular these days, and now are sometimes the only form of computer found in a household. The reason is that at the same time potentially they are becoming more and more reasonably priced, their processing power keeps growing to the point where they can be as robust as desktop coming from just a few years ago.

  32. Next time I read a blog, I hope that it does not fail me just as much as this particular one. I mean, I know it was my choice to read, but I actually thought you would have something useful to talk about. All I hear is a bunch of whining about something you could possibly fix if you were not too busy searching for attention.

  35. The very next time I read a blog, Hopefully it doesn’t disappoint me as much as this particular one. I mean, I know it was my choice to read through, but I actually thought you’d have something interesting to say. All I hear is a bunch of crying about something you can fix if you were not too busy searching for attention.

  37. Thanks for the guidelines shared on the blog. Another thing I would like to state is that fat reduction is not supposed to be about going on a dietary fad and trying to get rid of as much weight as possible in a few days. The most effective way to burn fat is by getting it slowly and right after some basic guidelines which can provide help to make the most from the attempt to lose weight. You may recognize and be following many of these tips, however reinforcing information never damages.

  41. I was extremely pleased to discover this page. I wanted to thank you for ones time for this particularly fantastic read!! I definitely enjoyed every part of it and i also have you saved to fav to check out new things in your blog.

  48. The next time I read a blog, I hope that it does not disappoint me just as much as this one. I mean, Yes, it was my choice to read through, nonetheless I actually believed you would probably have something helpful to talk about. All I hear is a bunch of moaning about something you could possibly fix if you weren’t too busy looking for attention.

  54. fantastic post, very informative. I wonder why the other experts of this sector don’t notice this. You must continue your writing. I’m sure, you’ve a huge readers’ base already!

  62. Having read this I believed it was really enlightening. I appreciate you finding the time and effort to put this informative article together. I once again find myself personally spending a significant amount of time both reading and leaving comments. But so what, it was still worth it!

  65. Definitely believe that which you stated. Your favorite reason appeared to be on the net the simplest thing to be aware of. I say to you, I definitely get irked while people consider worries that they just don’t know about. You managed to hit the nail upon the top as well as defined out the whole thing without having side-effects , people can take a signal. Will likely be back to get more. Thanks

  66. Hi, Neat post. There is a problem along with your web site in web explorer, may test this?K IE nonetheless is the marketplace chief and a big component to folks will leave out your wonderful writing because of this problem.

  69. Thanks for making me to obtain new tips about computers. I also have belief that certain of the best ways to maintain your notebook computer in excellent condition has been a hard plastic material case, as well as shell, that will fit over the top of the computer. Most of these protective gear are usually model specific since they are manufactured to fit perfectly within the natural outer shell. You can buy these directly from the owner, or from third party places if they are readily available for your notebook, however not all laptop could have a cover on the market. Once again, thanks for your suggestions.

  70. Hello! I could have sworn I’ve been to your blog before but after looking at a few of the posts I realized it’s new to me. Nonetheless, I’m certainly pleased I found it and I’ll be bookmarking it and checking back regularly!

  73. I truly love your website.. Very nice colors & theme. Did you make this amazing site yourself? Please reply back as I’m hoping to create my own personal website and want to find out where you got this from or exactly what the theme is called. Kudos!

  74. Great blog here! Also your web site loads up very fast! What web host are you using? Can I get your affiliate link to your host? I wish my site loaded up as quickly as yours lol

  78. п»їMedicament prescribing information. Some are medicines that help people when doctors prescribe.
    https://mobic.store/# get mobic without dr prescription
    Learn about the side effects, dosages, and interactions. Best and news about drug.

Leave a Reply

Your email address will not be published.

Close