Blockchains is Tech Trend #4- In the Market for a Used Airplane Part?

Jun 20 2019

Scott Shadley

Blockchains is #4 on our list of tech trends that are at the forefront of corporate data management and digital transformation. A blockchain is a “time-stamped series of immutable record of data that is managed by cluster of computers not owned by a single entity.” Each block of data is secured using cryptographic principles. Originally designed as online currency, this technology has applications for prediction markets, file storage, and supply chain auditing.

Honeywell uses blockchain to sell used aircraft components via an online marketplace. Before using blockchain, a single transaction involved several phone calls and emails to arrange, plus two days to close and up to weeks of quotes and exchanging documentation for the sale of larger parts such as engines. Now the process is in real time, because blockchain can trace the history of the used part to expediate FAA certification.

After the recent fatal explosion, it became public knowledge that some airlines do not keep track of individual parts, for example in their airplane engines. The challenge of tracking literally thousands of different parts is one that blockchain is specifically designed to handle. Industry experts indicate that an increasing number of suppliers are considering that option to speed up safety checks after an accident plus provide potential operational and cost benefits.

Instead of enabling connections, other uses for blockchain include disabling connections- for spammers. In response to new regulations, India’s three biggest telecom companies are using blockchain programs to address the problem of spam phone calls for their billion subscribers. In a more traditional approach to use of blockchains, Facebook just announced its cryptocurrency, GlobalCoin, designed to bring blockchain adoption to the masses. This will allow 2.4 billion Facebook users can change any currency into digital coins to make payments or transfer money without needing a bank account. Facebook has sought regulatory and operational advice from US Treasury officials.

Whether airplane part sales, safety checks, blocking spam phone calls, or cryptocurrency, application of blockchain technology involves real-time data analytics for petabyte scale datasets. Our Catalina-2 computational storage devices and our Newport Platform are market-leading products that provide real time acceleration for petabyte scale dataset application. Want to learn more? Contact me.

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