KUALA LUMPUR, Feb 5 -- Willis Lease Finance Corporation and key industry partners have launched the MRO Blockchain Alliance, the air transport sector’s first industry-wide investigation into the use of blockchain to trace, track and record aircraft parts.
The new alliance is made up of leading organisations covering every aspect of the commercial aviation maintenance, repair and overhaul (MRO) chain, from parts manufacturing and repairs to logistics and smart contracts.
The alliance members so far, include Bolloré Logistics, Cathay Pacific, FLYdocs, HAECO Group, Ramco Systems, SAFRAN, SITA and Willis Lease Finance Corporation, all supported by Clyde & Co.
In the coming months, the alliance will launch a proof of concept to explore how they can use blockchain to digitally track and record the movement and maintenance history of parts across a wide number of players, including airlines, lessors and original equipment manufacturers.
The MRO Blockchain Alliance believes that the use of blockchain will simplify and speed up the process of tracking parts and securely sharing information across the industry, according to a statement.
In addition, PwC estimates that the use of blockchain could increase aerospace industry revenues by as much as four per cent or US$40 billion, while cutting MRO costs globally by around five per cent or US$3.5 billion. (US$1 = RM4.12)
The alliance will spend the next six months in a continued planning phase, with the aim of going live with the first proof of concept in the third quarter this year.
In the coming months, the alliance will launch a proof of concept to explore how they can use blockchain to digitally track and record the movement and maintenance history of parts across a wide number of players, including airlines, lessors and original equipment manufacturers.
The MRO Blockchain Alliance believes that the use of blockchain will simplify and speed up the process of tracking parts and securely sharing information across the industry, according to a statement.
In addition, PwC estimates that the use of blockchain could increase aerospace industry revenues by as much as four per cent or US$40 billion, while cutting MRO costs globally by around five per cent or US$3.5 billion. (US$1 = RM4.12)
The alliance will spend the next six months in a continued planning phase, with the aim of going live with the first proof of concept in the third quarter this year.
-- BERNAMA
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