It seems like defense and aerospace companies around the globe have geared up to adopt blockchain technology into their corporate systems, and that's within the next three years as per a new report.
Role of Blockchain In Defense and Aerospace:
Profession services company Accenture released a report in which it was found that approx. 86 percent of defense and aerospace businesses wanted to integrate revolutionary technology into their corporate system by the end of 2021.
Blockchain is one of the innovative technologies and is a sort of DLT (distributed ledger-based). It can store and maintain data in a way that enables multiple stakeholders securely share and access the same information.
As per the reports by Launchpad to Relevance: Aerospace and Defense Technology Vision 2018 report, blockchain technology's immutable, secure, and decentralized features can help defense and aerospace entities lower maintenance costs, increase vessel and aircraft availability, and eradicate errors in tracking parts.
Defense and aerospace lead for Accenture Australia Paul Mylon says that Blockchain can prove to be a suitable alternative to increase the performance of one of the globe's most complex, security-dependent, and globally connected supply chains.
This innovative technology is causing a paradigm shift in various sectors and has shown the potential to deliver various benefits for numerous suppliers typically stuck in tedious and complex manufacturing ecosystems.
The report suggests that blockchain technology can help address numerous data challenges related to Defense and Aerospace. Accenture's report highlights that more than 70 percent of the defense and aerospace executive surveyed think that entities can be found grappling with increasing waves of corruption as more falsified data infiltrates their data-driven information software and systems.
In addition, 73 percent of them think that entities have installed their most critical systems and strategies on data. Yet, many haven't put their budget on increasing their capabilities to validate the accuracy of that data. Likewise, 73 percent, also believe that automating data-driven systems can impose huge risks, including data manipulation, fake data, and inherent bias.
How It Improves Their Supply Chains?
Blockchain can help eliminate the chance of falsified data and verify its authenticity as it can provide a secure and immutable chain of data. The technology can also help in maintaining a continuous flow of aircraft configuration data through the entire supply chain, as aircraft manufacturers, airlines, and maintenance providers currently store configuration data in their own systems and rarely look to integrate that information with other organizations' data.
Indeed, blockchain enables defense and aerospace companies to securely store, share and authenticate data from a single source.