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What happens to an aircraft when it reaches the point where it can no longer fly? Operators salvage useful items, such as engines and landing gear. These parts can then be sold, recertified as secure, and reused in other planes. In reality, used aircraft parts have a booming market worth $4 billion per year and growing. Until recently, however, looking for used aerospace parts was like going back in time to the 1990s. There was nothing wrong with the parts: before being sold, each one must be carefully recorded and certified. The issue was the vendor-created websites. They resembled Craigslist but without the prices or photographs. And if a buyer found a part they wanted, they still had to negotiate with the seller over the phone, fax, or e-mail. This took days, if not weeks, to complete.
Entering Blockchain
In this blog, we resort to services offered by a Hyperledger development company to create a new-looking and stable B2B marketplace for used aircraft parts to help bring the industry into the modern era. Buyers can now look at comprehensive listings and add products to their shopping carts online. Furthermore, each transaction can be registered on an immutable blockchain network like Hyperledger or Ethereum.
Then, on a modern e-commerce platform, people can search for airplane pieces. Setting up an online shop for those pieces can be as easy as setting up an Etsy store, which even Mom and Pop sellers can do. Parts shopping can be as easy as shopping on Amazon, which has an industry-leading customer experience. After all, online transactions account for less than 2.5 percent of all transactions in this $4 billion industry. Blockchain application creation may be a game-changer. Let's look at how this could happen.
Also, Read | Blockchain in Supply Chain | Use Cases, Advantages, and Features
Using Blockchain to Break Down the Confidence Barrier in the Aviation Industry
To get started, you'll need to research many of today's most successful e-commerce sites and create a list of basic customer expectations. They also had to answer a crucial question: why were there too few online transactions for used aircraft parts? The response is simple: trust. Or, to be more accurate, its absence. Since aviation is such a highly regulated industry, sales must be certified by the Federal Aviation Administration and other agencies in the United States. Each component must have a full history of ownership, usage, and repairs recorded. With five or six owners, a commercial aircraft may be in operation for up to 30 years. And flying isn't getting any easier. The world's biggest passenger aircraft, the Airbus A380, has around 4 million rivets if you count them all. Keeping track of all the information needed on all of those parts is a difficult and error-prone task. Any uncertified or counterfeit part that makes its way through the supply chain could be disastrous.
Sellers of parts have previously experimented with websites such as Amazon. However, due to the complexities and safety regulations involved in the aerospace industry, their efforts were unsuccessful. For one thing, Amazon was unable to manage the extensive technical documentation needed for each component. Furthermore, many shoppers prefer to pay by buying orders rather than a credit card.
Also, Read | Blockchain in Aviation | Emerging Applications and Use Cases
Developing a Robust Solution with Blockchain.
"A system for building confidence," as The Economist famously put it. People with no specific faith in one another can buy and sell with confidence thanks to a decentralized network of computers that maintains an immutable ledger. The encrypted digital trail eliminates the need for paperwork and makes verifying a part's certification and origin fast and simple. The transaction is made more secure by using a blockchain-based marketplace. Buyers can now access critical data on several sections thanks to blockchain records, including:
- A part's entire lifecycle.
- The amount of time it was in use.
- Any fixes, as well as who did them, when they were done, and where they were done
- The previous owners of the portion are listed below.
Also, Read | Blockchain Development for the Aviation Industry Solutions
Selection of a Blockchain Framework for Marketplace Development
Choosing Hyperledger Fabric over Ethereum for building an aviation parts marketplace use case may be advantageous. Hyperledger Fabric has grown over time to accommodate such scenarios. The speed at which it innovates and the high quality of its code, much of which was contributed by IBM, is commendable. Low latency, high throughput, and quickly send speeds were among the essential requirements for the use case.
All of this is provided by Hyperledger Fabric, as well as privacy controls such as channels, which allow for more granular data management. It is platform-independent. An aviation marketplace does not need to be locked into Hyperledger Fabric if another blockchain system emerges in the future that can do the job better.
An aviation marketplace can be built using Hyperledger Fabric as the blockchain base and a middleware layer on top of it. Furthermore, the marketplace is compatible with big blockchains such as Ethereum and R3's Corda. You can't compel anyone to follow your specific solution.
Also, Read | Why Choose Hyperledger for Your Business | Use Cases Inside
Understanding Hyperledger
Hyperledger Fabric is a distributed ledger technology-based framework for building a variety of scalable business use cases and solutions at the enterprise level. Anyone can make transactions and access data with a permission-less solution. Hyperledger Fabric, on the other hand, offers a permissioned, stable, and scalable framework that includes smart contracts and data privacy. Its feature-rich modular architecture allows for the development of solutions that can be tailored to different industries. It makes it easier for them to build business trust, openness, and accountability.
Scalable and modular
Hyperledger Fabric is a framework for developing blockchain solutions for business use cases, with a flexible and scalable architecture, pluggable frameworks, and container technologies. It also provides business environments with transaction confidentiality, protection, and finality. It meets four critical blockchain aspects for industry, in addition to employing advantageous open-source practices.
Also, Read | Smart Contract Development with Hyperledger Fabric Blockchain
Permissioned/Private Network:
Permissioned membership gains access and uses privileges in the business network as a community.
Private Transactions:
Provides companies with the flexibility to make transactions accessible to identified, permissioned parties using encryption keys.
No Cryptocurrencies:
This does not entail the extraction of expensive and time-consuming calculations to ensure cryptocurrency mining and transfers.
Modular Approach:
Makes use of smart contract logic that is specifically embedded to streamline company operations across the board.
Hyperledger Fabric Creation | Use Cases
Here are a few examples of hyperledger fabric implementations in different industries to give you an idea of how blockchain technology is being used.
- Financial Services
- Capital Markets
- Supply Chain
- Logistics
- Health-Care
- Government
Also, Read | Hyperledger Fabric for Enterprise Solutions and Its Use Cases
Our Hyperledger Fabric blockchain developers at Oodles provide consultation services for the aviation parts marketplace development from both a technological and company standpoint.
