PwC: blockchain technology has great potential in the aerospace industry

In April, the international consulting firm PriceWaterhouseCoopers (PwC) published a report on the benefits of blockchain technology for the aerospace sector.

Thus, the report points out that, despite the use of sophisticated technologies in this sector, much of the fundamental data for aircraft flight is collected manually. In this sense, Antonio Requena, responsible partner of Blockchain, points out that “Depending on its size, a device can consist of hundreds, thousands or millions of pieces, which manufacturers must register in their files, often manually.

Each of these pieces has its own history, which includes repairs, revisions, maintenance, etc., as well as the moments when it is being used or not. The problem is that this information is scattered and only little is found in digital. As a result, companies in this sector do not have the same information of the history and conditions of the parts and, hence, the entire aircraft.

Blockchain technology could cope with this disorganization of essential information for the aerospace industry. Thus, this technology can create a "birth certificate" for each of the parts and components of an aircraft and grant access, as well as update every time an aircraft is checked or inspected. In this way, the parties involved can know the information they need to operate in real time.

In conclusion, the use of blockchain technology in the aerospace industry would mean an increase in efficiency in this sector, since "With more adequate information on the configuration and history of the devices, the costs related to their maintenance could be reduced, the value of the aircraft in the secondary market and at the end of their leasing or rental contracts may increase."

According to the report, the use of this technology would increase the sector's revenues by 4% (40,000 million US dollars) and reduce maintenance costs by 5% (3,500 million US dollars).

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