Boeing and multinational aerospace conglomerate Honeywell are working together to use the GoDirect platform to track and sell $1 billion USD worth of excess airplane parts through blockchain technology.
This partnership was unveiled at the Hyperledger Global Forum 2020 in Arizona. Lisa Butters, the general manager of Honeywell, claimed that they uploaded the parts to the GoDirect Trade marketplace recently.
Traditionally, the aviation industry has relied on a complicated web of paper certificates which pertains to each individual part, their original manufacturer, and current safety standards. To prevent the market for aviation parts from forgery, the documents must also be physically moved between numerous locations.
Boeing Sees Blockchain as the Solution
GoDirect Trade looks to open the aviation parts industry up to digital commerce. By Butters’ estimation, only 3% of the $14 billion USD aviation parts market takes place online.
Before being decommissioned, the Aviation parts are often re-sold four times, which highlights the benefits offered by blockchain technology. With a blockchain-based record of every part, it will be easier to certify the authenticity of the relevant document.
Hyperledger Strikes Again
Honeywell’s GoDirect platform was launched less than two years ago, and is built on a customized version of Hyperledger Fabric’s open-source code.
According to Butters’ statement, GoDirect Trade facilitated $7 million USD worth of sales in its first year, which is expected will more than triple by the end of this year. GoDirect now has approximately 6,500 registered users whichrepresent 2,400 companies.
A Great Platform
Butters dismissed criticisms of HyperLedger Fabric in an interview with Cointelegraph in earlier this week, she said:
“GoDirect Trade runs on Hyperledger Fabric. If anyone argues about the fact that this is a permission-based network that is supposed to be decentralized then they are killing the dream of enterprise blockchain before it starts. There is no way you will get Fortune 500 companies participating in blockchain networks and sharing data if there are not permissioned around that. You need some constraints for enterprises to operate in.”
On March 4, Ernst & Young, Microsoft, and ConsenSys announced to launch their open-source Baseline protocol, which includes a smart contract and tokenization platform on the Ethereum blockchain designed for enterprises.
The platform’s code has been offered available to select developers by invitation throughout a public launch scheduled to take place later this month. There are numerous areas where blockchain can be deployed, and all these systems demonstrate that blockchain is here to stay.