Europe Leverages Blockchain to Track Aircraft Parts in Aviation Sector
Introduction
Europe continues its search for new blockchain use cases, with the latest foray coming in its aviation sector as the region seeks to crack down on using unapproved parts.
The VIRTUA Project
The European Union Aviation Safety Agency (EASA) leads the charge with a new project to leverage blockchain to track aircraft parts and other components. Dubbed the VIRTUA project, EASA has onboarded blockchain firms SkyThread and FPT Software to provide technical expertise for the solution. The International Air Transport Association (IATA) and PwC France will provide regulatory and compliance support for the project.
Improving Safety Standards
The EASA is keen to improve safety standards in the aviation industry. Integrating blockchain into its systems will offer the sector myriad benefits. Approved aircraft parts will be listed on a distributed ledger, allowing prospective purchasers to confirm their authenticity before finalizing a deal. Unauthorized aviation parts have played a primary role in over 20 aircraft accidents in the U.S., a trend that the EASA is keen to avoid.
Industry Challenges
Aside from fake aircraft parts, the aviation industry currently grapples with the challenge of expired components. Aircraft parts have a limited shelf life, but the EASA has identified a thriving secondary market for components nearing the end of their airworthiness.
Blockchain Adoption in North America
Several aircraft manufacturers in North America have previously relied on blockchain for provenance of their components, including Honeywell and GE Aviation, tracking the process from dismantling to the last maintenance stage.
The EU’s Blockchain Pilot Regime
Given the diversity of use cases for blockchain, the European Union announced a blockchain pilot regime to explore its usage in financial markets. The pilot regime allows market infrastructure operators to use blockchain in the issuance and settlement of tokenized financial instruments.
Blockchain Adoption Across Europe
Across the continent, multiple uses for blockchain have sprung up in several sectors, including healthcare, education, logistics, and manufacturing.
Conclusion
Europe’s aviation sector is leveraging blockchain technology to track aircraft parts and improve safety standards. With the support of industry experts and regulatory bodies, this project aims to address the issue of unapproved parts and expired components. As blockchain adoption continues to grow, Europe is exploring its potential in various sectors.
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