Did you know that in the aviation industry, blockchain technology is a vital component in creating a seamless travel experience? Read on to explore more.
There isn't a single sector where blockchain app development hasn't made an appearance, but the question is if the aviation industry is making the most of it. Did you know that in the airline industry, blockchain technology is a vital component of creating a seamless travel experience?
‘What can blockchain do?' I imagine a question arising in your mind. When most people think of blockchain, they automatically think of cryptocurrencies including bitcoin. However, we know very little about blockchain and its ability to revolutionize the airline industry. Let's take a closer look at how the blockchain definition (which is based on protected record-keeping) can help change the aviation industry.
Its most basic and significant aspect is that it is safe and almost impossible to tamper with. As a result, any industry that relies heavily on data integrity, such as aviation, may benefit greatly from the current blockchain technology trends.
Since blockchain is decentralized, there is no controlling body or a single individual in charge of the system. To put it another way, you can store everything from cryptocurrencies to essential documents to valuable digital assets without the need for a middleman or even a governing authority.
Something that cannot be changed or adjusted is said to be permanent. Since it is inherently unbreakable, no one can make any changes to the system without notifying the rest of the blockchain network.
Using encryption in blockchain gives the device a very good security blanket. To provide an extra layer of security for users, blockchain employs cryptography, a mathematical algorithm that serves as a firewall against attacks. Any piece of information on the blockchain is cryptographically secret. As a result, it is fair to conclude that the network information conceals the true nature of the data.
Enough with the words! Now that we know what blockchain can do, we can look forward to seeing what blockchain can do in aerospace! Without a question, blockchain technology is the next big thing in aviation.
Also, Read | Blockchain Development for the Aviation Industry Solutions
Did you know that Malaysia Airlines Flight 370, which vanished in March 2014, is the biggest mystery in the airline industry? There was a lack of information on why the flight pattern had changed and where the flight was going. Millions of dollars were spent trying to figure out what happened to Malaysia Airlines Flight 370, but nothing was found.
This mishap is a clear example of why a stronger oversight mechanism for such sensitive data is needed. Since we already know that blockchain is known for its monitoring and transparency capabilities, here's what blockchain can do for aviation security:
Blockchain can be used to track the locations of valuable assets in real-time and with high accuracy. Information such as flight routes, luggage onboarding, tracking down a missing entity, passenger data, and so on can be useful in the event of an emergency.
Holding all flight-related data on a blockchain backup record might add an extra layer of protection to today's breach-prone centralized systems. It will also ensure that the process is transparent and effective.
Also, Read | Transforming the Processes of the Aviation Sector with Blockchain
We've all endured airport delays as a result of maintenance problems. These delays not only give the company a bad name but also cost them a lot of money. The global Maintenance, Repair, and Overhaul (MRO) market were valued at $69 billion in 2016, but it is expected to grow by 4.1 percent per year to $103 billion in 2028.
Here's how blockchain will save millions of dollars in aviation maintenance
The logs for each part of an airplane's condition can be changed in real-time using blockchain technology. This would help to cut down on the time spent on regular plane inspections and repairs.
The science behind ledger technology has progressed to the point where continuous ledger updation can result in increased productivity and utilization. Predictive maintenance and the elimination of problems before they impact required airline operations can also be aided by blockchain. MRO service providers may use blockchain to provide verifiable metadata for the components they service or add.
Also, Read | A Compact Smart Contract Development Guide for Non-Experts
With the aid of blockchain technology, the theoretical idea of smart tickets can be brought to life. This would not only remove the need for paper tickets, but it can also be used to gain access to the airport lounge, lodging, and other services. Furthermore, storing smart tickets on a blockchain may help minimize or fully eliminate the confusion that happens when a centralized ticketing database for an airline or an entire airport goes down. The booking method will also evolve as a result of asset tokenization, as it will eliminate the need for additional forms of identification. To summarise, a blockchain infrastructure for the aviation industry would be a game-changer!
Fragmentation almost always leads to a negative consumer experience. The burden of inefficiency is borne by the entire travel industry. As a result of customers' desire to save a few pennies here and there, travel booking firms could be responsible for as much as $269,000 in fragmentation costs.
In the aviation sector, blockchain technology has the potential to unify processes for a variety of industries, including airlines and other travel industries such as ticketing and loyalty schemes, as well as non-airline logistical industries such as logistics and hotels. Both travel-related industries may benefit from some streamlining in order to provide a more streamlined experience and improve customer loyalty. Let's talk about some of the advantages of blockchain now that we've covered everything it can do for air travel.
Also, Read | Transforming the Travel and Tourism Sector with Blockchain's Potential
Many manual procedures, such as buying travel insurance, loyalty settlements, and paying authority taxes and fees, can be automated with the aid of blockchain. Even the payment process would be safer and faster than ever before!
There is no doubt that blockchain technology for airports would increase customer loyalty. Processes will be streamlined, and the chance of human error will be reduced.
Did you know that 99 percent of the market for indirect ticket sales is controlled by travel agents or other intermediaries? Isn't it incredible?
Well, blockchain for the aviation industry will be able to help bring about much-needed change. Blockchain technology can benefit by lowering third-party costs and increasing revenue among network members.
In operations, transactions, expense, and revenue, blockchain improve monitoring, tracing, and transparency. The complexity is reduced, and all processes are made easier and more efficient.
So, what do you have to lose? Now is the time to employ a blockchain software agency.
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