Blockchains are an ideal enabler for this cause, as it makes it possible to mathematically prove the origin and authenticity of a document. It’s virtually impossible to change or hack a document stored on the blockchain, be it from the inside or outside.

Just the beginning

Going forward, Tristan Whitehead points to a number of applications and potential 3rd-party integrations that could be added on top of the platform, since it’s an open API.

»We’ve decided to make the platform open API. This means you can develop applications on top of the existing solution. If you have the part data and part information about where that part is moving, you can, for instance, build an import-export compliance solution on top of it that can adjudicate compliance every time a part leaves. Or you can do some type of inventory forecasting because you know the true lead times of all the suppliers,« Whitehead explains.

This could create a marketplace for cloud-based subscription fee applications that the entire industry can tap into, ultimately allowing a large number of small players in the supply chain to gain access to the benefits that this kind of technology offers.

In regards to the future of blockchain, Whitehead believes there are a number of areas where the technology could prove useful in the longer term.

»Currently, the average airline CFO would be wary about using some kind of cryptocurrency to do financial settlements, but in the longer term - perhaps in 10 years or so - this could very well be possible. Big companies receive thousands of invoices each month, each in different formats, and each requiring manual handling. It’s a slow and burdensome process at the moment. A cryptocurrency or token of some kind could potentially resolve these inefficiencies and automate the process,« Whitehead predicts.

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Case study: Parts Pedigree’s quest for digitising aircraft part records using blockchain