WLFC, FLYdocs breakthrough digitalisation takes flight in aviation industry

KUALA LUMPUR, Feb 21 (Bernama) -- Willis Lease Finance Corporation (WLFC) and the world’s most advanced aircraft data and records management platform, FLYdocs have jointly developed a pilot programme in the digital transformation of the aviation industry.

The programme demonstrates the use of blockchain technology on an open source data sharing platform for aircraft, engine and component records.

The cutting-edge development attempts to be the first real use of a blockchain and artificial intelligence (AI) solution for managing commercial aircraft, engines and component transitions.

The sharing economy created would present an opportunity to decentralise data exchange, eliminate silos and create a transparent environment for collaboration, with added-value distribution for airlines, industry partners, vendors, manufacturers and regulators.

Users of the platform can expect reduced friction in the transfer of assets, purchases, leases and aircraft sale.

WLFC chairman and chief executive officer (CEO), Charles F Willis said the fundamental goal of the project was to provide increased data integrity, record immutability and security to the aviation industry.

“Although Willis Lease and FLYdocs are acting as architects for the development of this communal platform, users will be able to access the wealth of data and resources autonomously,” he added.

Meanwhile, FLYdocs CEO, Andre Fischer said the immediate value proposition for airlines would be the reduction in working hours that were typically required to comply with lease and ownership transitions.

He expected airlines and data analysts to use the disruptive technology to drive significant efficiency gains in the maintenance, safety and aircraft security within the industry over the next decade.

WLFC leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repairs and overhauls providers in 120 countries.

-- BERNAMA