Boeing, the largest aerospace company in the world, unveils its newly-sealed partnership with Honeywell, a manufacturing giant that provides energy-efficient products and services to the aerospace industry. The development was announced at this year’s recently held Hyperledger Global Forum in Arizona. Notably, Boeing would use Honeywell’s Blockchain-based platform GoDirect Trade to track the origin and compliance status of aviation parts.
Honeywell’s general manager, Lisa Butters, revealed that the excess airplane parts owned by Boeing had been uploaded to GoDirect Trade last week. These parts which the company does not need any more reportedly amounts to $1 billion. She also touted that Boeing had successfully set up a digital storefront in the platform’s marketplace in just two minutes.
In the aerospace industry, aviation parts come with quality documents known as “birth certificates”. These papers include the manufacturing company as well as the safety compliance of the elements. However, as these documents are being moved from one place to another due to a variety of reasons, it becomes almost impossible for the owner to sell them online as they need to complete and present the original papers to interested buyers. But thanks to Blockchain technology, these essential papers can now be listed on Honeywell’s customized version of Hyperledger Fabric. The listing comes with images of the particular part as well as the corresponding documents. Furthermore, the technology also ensures that the birth certificates of the aviation parts are not forged.
With the new partnership, Boeing expects to find out the origin of the excess aviation parts in their possession and make sales in a fast and efficient manner. All they have to do is to rely on the shared ledger of transactions that track the movements of the parts within the supply chain. According to Honeywell, aviation parts are reused four times on average before being decommissioned, a trend that further emphasizes the role that Blockchain plays in terms of authenticating relevant documents.
According to Butters, the aerospace industry has excess aviation parts that amount to over $4 billion, and only 3% of this figure is being sold online annually. With the introduction of GoDirect Trade, Honeywell expects to make a big difference. Currently, they have already facilitated online sales amounting to over $7 million. However, Butters shared that the aim is to close this year with $25 million in sales. In 2021, Honeywell plans to hit $100 million, and by 2022, the level is set at a whopping $1 billion.