Top 5 Ways The Blockchain Can Revolutionize The Aviation Industry

In a little over a decade, blockchain has evolved to become a disruptive game-changing technology that permeates every aspect of our lives. Blockchain is also the underlying technology behind most of the popular cryptocurrencies including bitcoin and Ethereum.

From cocoa farmers in Ecuador to crypto investors in the United States, blockchain technology has undeniably transformed several industries including financial services, fitness, gaming, healthcare, and medicine. But what about the aviation industry?

When we think about blockchain, our minds are often pulled to things like smart contracts, Bitcoin, or Ethereum. However, the incredibly fascinating effect that blockchain is having on the aviation industry is often overlooked. After this article, it certainly won’t be!

At a base level, the blockchain is incredibly secure and equally difficult for ill-intentioned people to interfere with. The aviation industry, which places high importance on security and data integrity, can naturally use the blockchain to great advantage.

Today, we’ll delve deep into the significant role that blockchain can play in the aviation industry and how it can transform it for the better.

But first, before we begin, let’s cover the main features of blockchain and how they work to drive home how it can revolutionise the aviation industry.

If by the end of this article, you wish to invest in blockchain technology and digital currencies in anticipation of its impending surge in the aviation industry, ensure you do it through a platform that is well-regulated, trusted, and tested by the global crypto and blockchain community such as Bitcoin Up, eToro, or Binance.

The main features of the blockchain and how it works

The range of features that blockchain technology boasts is immense. However, there are three main features which you need to know about. Similarly, these features are also some of the most beneficial to the aviation industry.

• Decentralized: The decentralised nature of blockchain technology means that it isn’t managed or controlled by any single person, authority, or government. Put simply; you can store a wide range of digital things, from crypto to vital documents, without needing a middleman or governing authority.
• It cannot be altered: In many senses, the blockchain is immutable. This means that it cannot be changed, altered, or modified due to its decentralised characteristics.
• High levels of security: Its encrypted and decentralised nature means that blockchain technology is an incredibly secure technology. By utilising the mathematical algorithm of cryptography, users are granted a secure barrier against digital attacks that often plague centralised alternatives to the blockchain.

And there we have it, the three main features of blockchain summed up. Now you know how it all works, let’s move forward with showing you the fascinating things that blockchain can do in the aerospace industry.

According to many experts, blockchain technology is almost guaranteed to be an upcoming revolution (a positive one) in the aviation industry. By the looks of recent statistics, they’re not wrong.

How Is Blockchain Being Used In The Aviation Industry Today?

Now that we’ve covered future statistics let’s delve into how blockchain technology is currently being used in the aviation industry.

1.  Aviation records security

Do you know how many flights have gone missing or been downed with little information as to why? The results may surprise you. Take, for example, Malaysian Airlines flight 370, which disappeared in 2014. Millions were paid in an attempt to track aviation records and solve this tragic mystery, but without success.

The case of flight 370 is a case study of how aviation records, such as flight paths and passenger details, need to be better managed and more secure. This is where blockchain technology can come in to help.

Time and time again, blockchain has proven its ability to record digital assets in real-time and in a trustworthy and reliable way manner. Securely storing all flight-related records on a blockchain system could add an incredible level of transparent and easy-to-manage security to current aviation records.

2.   Maintenance of Airplanes

If you’ve travelled regularly, you’ve no doubt experienced the stressful, costly, and tedious event of a flight delay or cancellation. You’re not alone. The main reason for delays is often the unexpected maintenance of aeroplanes. As well as damaging an airline’s reputation, they often lead to enormous losses in profits.

The global Maintenance, Repair and Overhaul (MRO) market is valued at around $69 billion. By the year 2028, it is predicted that it will reach $103 billion with an annual increase of more than 4% increase per annum.

With blockchain technology, the aviation maintenance industry can save millions. For example, the blockchain can provide companies with the ability to create unique records for each part of an aeroplane and its condition and need for repair. In turn, this will reduce the need to carry out regular, time-consuming inspections that can cause delays.

Blockchain can continuously update the logs for each part’s condition of an aeroplane. This will help reduce the time consumed on routine inspection and maintenance of the plane.

In addition, the blockchain can create predictions for maintenance needed in an unbiased way and thus predict dates for maintenance schedules in advance, hopefully allowing airlines to plan more effectively without any negative effects on their scheduled flights.

3.  Smart tickets

Smart tickets for international flights have long been discussed, but blockchain technology can make them a reality. By doing so, outdated paper tickets will be a thing of the past and all that passengers need can be combined into one handy digital pass whether it’s lounge access, airport hotel booking, etc.

Plus, the advent of blockchain-based smart tickets can make the nightmare of an airline’s centralized system crash a thing of the past.

The Benefits Of Blockchain Use In The Aviation Market

So, you have a basic overview of what blockchain can do to transform the aviation industry. Now, let’s delve into the incredible benefits it can bring.

Streamlined payments: Through the use of blockchain technology, tedious payment processes involved in international travel, such as booking flight tickets, buying travel insurance, or paying airline/airport fees, can be both automated and made more secure and seamless.

Enhanced customer satisfaction: There’s a lot that can go wrong with the current centralised systems of airline operations and many chances for dissatisfied customers. Through improved and seamless blockchain operations, the risks of error and angry clients are lowered massively, leading to enhanced customer satisfaction.

Reducing the need for middlemen: the travel industry is massively controlled by intermediaries and middlemen who often charge extortionate fees for their services. This needs to change, and blockchain technology can achieve this by giving power back to the airlines directly and, in turn, their customers.

Ground operations made more streamlined: Through its ability to provide overhauled methods of tracking, tracing, and transparency in airline operations, transactions, cost, and revenue, blockchain reduces complications through ground operations in the aviation industry, making it more streamlined, straightforward and efficient overall.

In Conclusion, Blockchain Technology Is Ready For Takeoff!

In summary, it’s not hard to see that the aviation industry is one that needs to undergo an innovative change despite being one of the world’s most highly regulated sectors. Blockchain can provide a cutting-edge solution that can save airlines millions, streamline operations, and lead to happier clients.

The benefits of blockchain are still new to much of the world, but an increasing number of airlines are beginning to reap the rewards and more are expected to do so. If this adoption of blockchain continues across the aviation industry, the value of blockchain technology assets such as Ethereum will probably grow in sync.

If you’re a forward-thinking person passionate about the positive future of the aviation industry, you’re probably keen on investing in blockchain technology whilst it’s still affordable to do so. But if you’re one of them, ensure you do it in the right way.

And, of course, whilst the future looks bright, always be aware that the realm of blockchain technology is still finding its feet. If you decide to invest in it, always be prepared that the price can rise and fall. Never invest more than you can afford to lose, and always seek out the advice of a financial advisor if investing for the first time. This article is not investment advice; it is merely an insight into what blockchain can bring to the aviation industry soon.