We can never overemphasize the importance of Blockchain technology in our today’s world. Several industries ranging from Agriculture, Gaming, Health, and so on, have all integrated blockchain technologies into their systems for the rendering of better services to mankind.
Prior to this time, the lengthy period needed to replace any part of an aircraft in the event of a breakdown and the efficiency in the production of these parts is some of the challenges faced by the aerospace industry, a significant problem faced by the various airlines that make up the industry.
Basically, due to the distance of the seller and the manufacturing process, the airline system must wait for a long period before receiving a part they ordered.
This problem pushes the aircraft out of service until the order arrives. This means loss of revenue for the airline company, which in turn, affects the global economy.
In addition, the cost of buying and shipping these aircraft components is outrageously high, making the needy company spend more on replacements while being compelled to wait long.
Aerospace, through VeriTX, is just one of those industries that adopted blockchain technology and are reaping the benefits of it.
VeriTX Corporation is a trusted marketplace for physical and digital assets with decentralized operations. VeriTX leverages sophisticated modern technologies as it moves to develop astounding strategies for the supply of digital and physical assets.
VeriTX’s current transaction platform enables services or offices of customers such as commercial airlines to save time and resources when producing aircraft parts. Generally, VeriTX saves time for everyone involved and offers useful economic and strategic information, which can be used to optimize productivity across industrial supply chains.
Recently, VeriTX announced they will be integrating blockchain technology into their system, to enable them to offer transparent and better services to their customers.
Algorand and VeriTX Partnership
The potentials of the Algorand blockchain continue to be unraveled by innovative companies, decentralized institutions, and even government bodies. The Algorand blockchain offers a unique platform for everyone to experience decentralization, scalability, and security at its peak. It was created with the aim of facilitating frictionless transactions and conveniently enabling borderless payments anywhere in the world.
On October 22nd 2020, Algorand announced they will be partnering with VeriTX, with the aim of taking the supply of physical and digital assets to a greater level, specifically in the aerospace industry.
Currently, the VeriTX platform connects directly, buyers and sellers of airplane parts which can be 3D-printed immediately on-demand. Their partnership with Algorand is centered on building a modern version of their system on Algorand’s open, pure proof-of-stake blockchain. It is predicted that VeriTX’s partnership with Algorand would help save cost, reduce waste, and increase aircraft efficiency.
“We chose Algorand as the blockchain infrastructure to power our platform, after looking at several technology providers and rigorous due diligence,” said Col James Allen Regenor, USAF (ret), VeriTX CEO. “Algorand was the ideal solution to onboard our ecosystem partners to the network, because of its flexible architecture, low transaction fees, and transactional throughput scalability.”
With this supply chain solution powered by Algorand, VeriTX promises unbelievable efficiency. The time for the supply of metal parts for the F15-Eagle fighter, which normally takes about 265 days from request to delivery, will be shortened to approximately 6 hours, according to the company.
The company released further details on how the parts production process will be digitized, splitting it into four phases:
First, VeriTX will enable sellers to digitally design the parts, including the concept, model, and final layout, varying from commonly forged metal engine components to polymer-molded internal parts used in aircraft cabins.
Secondly, sellers can upload these parts to the VeriTX network, with every essential detail for customers, like prices, requirements, and validity.
Thirdly, by sharing these digital products on the platform, customers will be able to purchase a specific digital part to drive.
Finally, to the point-of-use, and the 3D printing process will begin after that. VeriTX can also assist users in 3D printing if they find that as a problem.
Certain actual happenings have proven the importance of VeriTX’s innovation. They include:
- From order to delivery of F15-Eagle’s metal fighter aircraft parts normally take 265 days. VeriTX has significantly reduced the span to just 6 hours.
- From order to the delivery span of Polymer aircraft parts has been reduced from 133 days to 1 hour. Because the process has been digitalized, it is sent immediately to the 3D printer once ordered, which is already lying-in wait. The printing takes about 40 minutes. It will be made at the maintenance facility of the airline, so delivery can be carried out as soon as it is completed.
- A cabin part failure during a flight from Auckland to Los Angeles was reported. This failure would have put the business class seat out of service, but with the help of VeriTX, an order of procurement for a digital replacement was placed and to be manufactured within an hour. The part was replaced when the plane arrived in Los Angeles, and the cabin was back in service. With this, loss of revenue was saved and the efficiency of the flight service was retained.
How the Algorand Blockchain will Benefit VeriTX
The adoption of Algorand by VeriTX help connect buyers and sellers of aircraft parts, enable smooth distribution, and removes suppliers that have made the whole process costly.
VeriTX would be able to perform multiple transactions with the high transaction capacity of the Algorand blockchain and its enhanced speed of operation, thereby satisfying the needs of users without stress. It also guarantees that any transaction operation, like payment for an aircraft part and its validity is ascertained. It also allows smooth tracking of the order on the network, which will be displayed on the system whenever appropriate, as the operational records are stored on the blockchain immutably.
The Algorand blockchain handles transactions at a very minimal cost. What this means is that the cost of repairing, producing, replacing, or supplying broken parts will be drastically reduced, thereby increasing the revenue generated from the aerospace space industry and improving the global economy.
Gradually, blockchain technology is being adopted and utilized by large industries worldwide, as they are all beginning to realize the numerous potentials filled in it.
The Algorand’s partnership with VeriTX is just one of those innovative moves that will positively affect the global economy greatly. Aircraft and other transportation industries stand to gain much with the adoption of blockchain technology as Algorand and VeriTX’s partnership has proved.
Guest post contributed by Helen IMAH – Algorand Ambassador
This is a guest featured post by a third party. BlockNewsAfrica urges users to do their own research before investing in projects or using products or services.