Integrating Blockchain Into The Aviation Industry – Is It Worth It?

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Preface

In the past, people thought that traveling via airways was impossible. Thanks to the Wright Brothers, who broke those assumptions by inventing the world’s first airplane in 1903. Since then, the growth of aviation has become obviously incredible.

Unfortunately, in 2020, the whole aviation industry was affected by the worldwide spread of the Covid-19. People had to stay indoors and were restricted from traveling domestically and internationally. 

When the virus spread was under control, airlines started to pick up and got on the track again. As of now, blockchain technology is gaining interest in various industries such as finance, healthcare, insurance, games, etc. 

But, can blockchain developmet services provide any benefit to the aviation sector? – Let us find out the answer!

Why is Integrating blockchain essential in the flight industry?

There are more than 5000 aviation enterprises around the world. Blockchain implementation is possible in the airline sector across various places. It includes aircraft manufacturing,  flight booking, luggage tracking, ticket tokenization & reservation, and blockchain. Let us look at how blockchain technology eliminates the inefficiencies across these areas. 

  • Data Administration

Even now, some of the airplane processes are being recorded in a pen-and-paper method. It not takes so much time but also increases the occurrence of human error. Blockchain uses the help of smart contracts to get rid of such tedious processes and stores all data in an easily accessible way. So, we can easily access specific data from a stack of other information.  

  • Digital Identity

One of the best applications of blockchain is that it removes the necessity of paper documents like visas and passports. Instead of them, we can simply use an e-passport and an e-visa. With verification and authentication processes, the digital identity of every person is thoroughly verified and stored safely in the blockchain. 

  • Secure Payments

Every payment process will take place in a peer-to-peer manner. So, no third party can oversee the transaction. Additionally, each transaction data will be encrypted and added to the blockchain immutably. This ensures the additional security of the transaction as well as the participants’ information. 

  • Ticket Tokenization

Flight tickets can be tokenized and sold on a marketplace. The smart contracts will initiate the booking process immediately when a user buys a token. With tokenization, we can facilitate seamless ticket booking and cancellation operations. Moreover, this helps to keep track of available tickets on the flight in real-time. 

  • Traceability 

Using blockchain technology, we can trace the origin of aircraft products. So, if any parts seem to have a fault, the manufacturer can be traced out easily. Additionally, we can keep track of other goods like passengers’ luggage, aircraft location, etc. Thus, blockchain enables streamlined supply chain management in the aviation industry.

End Thoughts for Integrating Blockchain 

Undoubtedly, blockchain technology again proves to be the best innovation of this digital era. It nearly revolutionized multiple industries with its high ability to improve efficiency. The aviation industry is no exception to this. Ultimately, there are a few spaces left unexplored that could be very beneficial for the aircraft sector. 

If you want to enhance your industrial performance with blockchain, quickly grab the help of a professional blockchain development services company. Blockchain Firm is an all-in-one destination for all blockchain-related services and solutions.

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