The Aerospace and Defense Industry Enthused About Blockchain Technology
According to new research by Accenture, close to 86 percent of aerospace and defense companies expect to integrate blockchain into their corporate systems within three years. This overwhelming interest in the benefits of blockchain’s secure, immutable, and decentralized features was higher than in all but two of the 18 industrial groups surveyed.
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A Secure and Unchangeable Chain
When it comes to emerging technologies that have industry leaders genuinely excited, blockchain-based distributed ledger technology is second-to-none. And although we may be at the earlier stages of hype and promise and not quite prepared for widespread applied production solutions, the fact is that industries are rapidly readying for blockchain technology. One of those industries eagerly awaiting the disruption is the Aerospace and Defense industry.
Based on global consulting firm Accenture’s new report entitled Launchpad to Relevance: Aerospace & Defense Technology Vision 2018, industry leaders are expecting blockchain to be integrated with their systems within the next three years.
Specifically, when companies in the Aerospace and Defense industry were prompted about the data challenges that blockchain can help address, Accenture cited that close to 70 percent believe that blockchain is the answer to the growing problems of corrupted or falsified data.
Removing Falsified Data
There are natural synergies between the potential of blockchain-based IT infrastructure and the needs of aerospace and defense companies for whom security and data validity are of utmost importance.
John Schmidt, the leader of Accenture’s Global Aerospace & Defense practice, believes blockchain is a natural fit for the industry:
“This elegant and paradigm-shifting technology has the potential to deliver profound benefits for the hundreds of suppliers typically involved in the manufacturing of a single aircraft.”
Executives are envisioning blockchain technology as a novel way to help track and provide consistent aircraft configuration data throughout the convoluted supply chain, and as a way for aircraft manufacturers such as Lockheed Martin and Boeing to gain real-time views of the maintenance needs of their top secret and cutting-edge technologies.
By securely sharing this data, the hope is for brand new insights and an ability to be that much more responsive to national and global needs. Coincidentally, a Seattle-based aerospace engineer was the first person to buy a house using Bitcoin Cash.
Integrating Aircraft and Maintenance Information
While it is not the only emerging technology with the potential to disrupt the Aerospace and Defense industry, blockchain technologies are clearly something that executives believe may be key for the next step of their evolution, and are working hard to produce applications that will be in production within the next few years.
Until that time, we expect more exciting developments as industry insiders get comfortable developing on the blockchain and using its immutability and security features as the backbone of groundbreaking technological advancements.
Between AI and Blockchain, which emerging technologies do you believe will have a larger impact on the Aerospace and Defense Industry? Share your thoughts below.
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