Blockchain in Aerospace
Overview
The aerospace industry is constantly evolving and adapting to new technologies. Over the past few decades, there have been great strides in technological innovation. But Cybersecurity and customer experience remain the two most pressing issues in the aerospace industry.
Blockchain technology in aerospace can help protect and improve operations. It provides new ways to collect and encrypt information that makes hacking extremely difficult. However, managing flight services online creates an additional security risk.
The additional level of encryption and security provided by blockchain implementations is extremely beneficial for protecting sensitive information. It solves most if not all of the security problems in the cyberspace world.
Functions of Using Blockchain in Aerospace
- Identity Administration
Identity administration poses serious risks in the aerospace industry, including the potential for terrorist activity at airports or on flights. Biometrics can be used to authenticate identities on the blockchain. In addition to reducing human error during verification of identity documents, blockchain could eventually lead to biometric identification replacing paper passports.
- Ticketing using tokenization
Legacy ticketing systems are prone to errors in ticket issuance as well as system failures. Blockchain-based smart notes are still a speculative concept. Additionally, it can incorporate biometric identification to eliminate the need for customers to carry digital or physical tickets and IDs.
- Security of Flight Record Systems
Blockchain can help collect and store all data related to an aircraft, such as manifest, flight path, boarding baggage and other parameters. The data can be used for a variety of activities, such as locating lost luggage or collecting information such as the names and seat numbers of people on a flight.
Benefits of Using Blockchain in Aerospace Industry
Global Market Trends of Blockchain in Aerospace Industry
According to Markets and Markets Company, the aerospace blockchain market is expected to grow from $421 million in 2019 to $1,394 million in 2025, at a CAGR of 22.1% during the forecast period. Increased transparency and traceability as well as improved passenger experience are some of the key drivers for the growth of the aerospace blockchain market.
Conclusion-
Blockchain is an emerging and promising technology that could have tremendous potential to provide decentralized trust, security and data integrity, traceability, transparency, visibility and auditing capabilities in various sectors of the aerospace and defense industries.
The aerospace sector continues to strive to improve the quality of services provided and enhance the customer experience. The approach taken to meet business needs is based on increased system integration, careful incorporation of automation and increased data utilization. Adopting various technology solutions to provide the best user experience for their customers, the aerospace industry must show the same sensitivity in detecting and responding to cyber threats. Blockchain therefore provides proactive protection to address the unique challenges facing aerospace, defense, and business aviation operators.
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