What’s the first thing that hits your mind when you think of the service industry? Well, if you’re in tune with today’s happenings, you’ll relate when we say there’s an ever-growing demand from the customer. And yes, this is especially true for the incredibly huge and highly lucrative aviation industry. For those who might not be aware, the global aviation industry was worth $8.3 billion in 2011 and it’s believed to reach $33.8 billion in profits in 2018. With this in mind, you can tell that the industry’s services are high in demand and of course, airlines have no choice but to keep up with the rush.
Speaking of which, it’s worth noting that the world of today’s aviation industry is not as simple as it seems. Yes, airlines actually go above and beyond to ensure that passengers find it easy to book a ticket, wait for their flight and of course, fly in comfort. But unfortunately, the industry still has quite a number of challenges that need to be duly addressed. Of course, at this point, we’re talking about everything from safety to data security to ticketing to maintenance and more.
But hey, there’s good news! Most if not all of these problems can be solved by modern technology or better still, blockchain technology! Yes, this revolutionary technology doesn’t just revolve around financial transactions. It also boasts the power to transform a long list of industries including healthcare, real estate, hospitality, ride sharing and of course, aviation.
In this post, we’re going to take a look at how blockchain technology is revolutionizing today’s aviation industry. And as you probably guessed, it’s going to be focused on the few selected companies that are already leaving their mark on the market.
Let’s get started!
Taking the first spot on our list is Aeron — a company that’s looking to improve aviation safety and takes it to the next level. Essentially, Aeron leverages the power of blockchain technology to cut down aviation safety issues and reduce related accidents. With Aeron, users (aircraft operators, pilots, consumers and more) will get access to relevant information that can improve safety deliver much better outcomes. Speaking of safety, a good number of aircraft accidents are caused by lack of proper education and sheer ignorance. Yes, today, one can hardly tell how experienced a pilot really is. And unfortunately, everything from forged flight logs to corrupt flight schools adds to the problem.
But of course, after the bad news comes the good — Aeron can provide a solution to these challenges and more. Yes, as a global, fully decentralized aviation registrar, Aeron pools relevant log data and of course, ensure that it cannot be altered. It’s also good to point out that the platforms give aviation authorities the power to detect inexperienced pilots as well as those operating with an expired license. That said, you can tell that the company is leaving no stone unturned when it comes to aviation safety. We also find it important to mention that Aeron uses multi-sig authentication system for data security. And as expected, information on the platform is fully accessible to all users and onsite transactions are as transparent as can be. Be sure to check out their site to learn more!
Next in line is a company that already has quite a number of burgeoning blockchain projects in several different burgeoning blockchain projects. And of course, aviation holds a prominent spot on the list. Somish, for the most part, looks to offer blockchain solutions that are centered on aviation maintenance. In today’s world of aviation, it’s no longer news that most airlines struggle to achieve a break-even despite their focus on revenue growth. Why does this happen? Well, it’s basically caused by the complex involvement of MROs, OEMs, and NAAs in conventional maintenance procedures.
It’s also worth noting that today’s aviation industry has multiple data collection points most of which can lead to outright redundancy and inefficiency. Moreover, the whole idea of storing information on multiple databases can pose great data security risks. But of course, the good news is, blockchain technology can improve the current state of things in the industry and interestingly, allow for greater efficiency and better data accessibility. This is exactly what Somish is looking to achieve! The best part? Their site is already live and fully open to consultations.
Print, stamp, sign, and scan? Yes, we get it — That’s how it has always been in the aviation industry. But of course, the good news is, it doesn’t have to stay that way! eWINGZ is yet another blockchain-based platform that’s set to revolutionize the industry and make life easier for all. Essentially, the company’s solution is geared towards airlines that are ready to allow for more flexibility in their operations. With eWINGZ, airlines can quickly and easily manage their aircraft fleets, parts, and other related maintenance. And of course, every information will be stored in a highly secure and tamperproof crypto chip. To sum it up, eWINGZ is one platform that has the capacity to transform the industry in ways you never thought possible. You certainly won’t be wrong to check it out and see exactly how it can work for your airline business.
Avinoc is yet another blockchain-powered platform that truly deserves a spot on our list. The company basically offers solutions that allow for greater efficiency in today’s aviation industry. With this in mind, one can easily tell that the platform is meant for airlines, passengers, business aviation operators and other participants in the industry. Essentially, Avinoc looks to get rid of intermediaries and allow interested parties to connect and of course, facilitate transactions in real-time. So yes, with this P2P platform, passengers will get to enjoy lower costs when booking flights and worry less about the inefficiencies. And of course, since Avinoc is powered by blockchain technology, all transactions will be frictionless, permissionless and transparent. Want to learn more? Just hit the link above and you’re good to join the revolution.
Taking the final spot is Further Network — an innovative tech company that’s looking to disrupt the travel ecosystem with blockchain. Essentially, the Further Network platform offers everything from Smart Travel Record to Customizable Airline Ticket to P2P Real-Time Settlement & Payment and more. It’s basically a disruptive company that’s set to change the way we travel — right from booking flights to arriving at your desired destination. It’s also worth noting that you can use the platform to book accommodation in the country of your choice. And yes, transactions are based on smart contracts and entirely free of intermediaries. It’s also good to know that the platform operates on a fixed fee per transaction model; just perfect for all participants. Finally, the platform has its own currency (Aton) which can be used for payments and other onsite transactions.
So, there you have it! These are five blockchain-based companies that are already making impressive moves in the aviation industry. And yes, we can confidently say that their projects/solutions are sure to catch on. On a final note, blockchain clearly holds the potential to become a revolutionary and disruptive force that can change the aviation industry. At this point, we only have to keep our eyes peeled and of course, watch how the technology continues to transform the industry. Here’s to the future of aviation!