About four out of every five companies in the aerospace and defence sector have admitted that they are making plans to integrate blockchain technology into their corporate system. According to a research that was carried out by Accenture, blockchain is most likely going to become a part of the corporate systems of about 86% of Defence and aerospace companies. Blockchain is perhaps the most innovative technology in the world and one of the ways that aerospace and defence companies can take advantage of it is to integrate blockchain into their systems. There could be lots of reasons why blockchain technology is one that should be taken advantage of by aerospace and defence companies. Notably, blockchain has characteristics such as decentralization which assist aerospace companies in the reduction of maintenance cost and reduce errors in monitoring aircraft parts is a major reason.
How Blockchain Technology can Help Aerospace and Defence Companies
Aerospace and defence companies are known to create strategies based on the data that they have available. In spite of this, these companies have always had issues with the manipulation of data. Based on the research that was carried out by Accenture, one of the major challenges that are faced by aerospace companies is the challenge of false data. Well, the good news is blockchain technology can be of great assistance to issues of corrupt data. It can also help in the verification of information and documents. This is possible because of the fact that blockchain technology is known to link both past and subsequent data to form a data-chain.
Why have Aerospace and Defence Companies decided to Integrate Blockchain into their systems?
In as much as there might be quite a number of reasons why aerospace and defence companies have chosen to integrate blockchain into their systems, one reason is generally agreed on by virtually all companies in the aerospace and defence sector. That being they think blockchain is the perfect technology that the aerospace and defence industry has always needed for the sake of reliable and accountable data. Although blockchain technology alone can go a long way in bringing stability to the aerospace sector, it can be combined with another technology to further improve the aerospace sector. This technology is known as digital twins (a digital representation of physical process, systems, and assets). When combined with digital twins, blockchain can bring about a major innovation in the aerospace and defence industry.