Blockchain technology has been praised as one of the greatest technological achievements over the past decade, with the ability to completely transform the way industries send and receive data. But can blockchain have a significant impact on aviation, an industry centered on aerospace technology?
Short answer: Yes. Blockchain can dramatically improve aviation, but not in the ways you may think. Read on to find out how.
Why Blockchain and the Aviation Industry Are a Perfect Fit
One of the biggest advantages blockchain brings to aviation is its improved record-keeping system. It can be used to track inspections and maintained records, locate airplane parts, and even ground planes that haven’t passed inspections.
Other special features blockchain can bring to aviation include:
- Improved rewards programs. Commercial Airlines make a lot of money from their rewards programs, and blockchain makes it even easier to automate rewards with the help of smart contracts.
- Tokenization. Blockchain offers a platform for microinvestors. They can purchase tokens as a means of investing in airlines, as well as buy shared ownership of private luxury aircraft.
But that’s only the start of it. When implemented, blockchain technology can enhance the aviation industry in a number of ways, such as:
- Digitizing ticket purchases using a blockchain-based ticketing system where ticket information is recorded on the distributed ledger.
- Using smart contracts to give airlines more control over how their tickets are issued.
- Tokenizing loyalty points so customers can access and spend their points in real-time.
- Storing and tracking maintenance information on the blockchain.
Putting It into Action
So, when will we see blockchain become an integral part of aviation? It’s unsure, but it’ll probably be a minimum of five years before blockchain makes its way into commercial airlines.
As the moment, there are only two platforms looking to integrate blockchain into aviation—EventChain and BlockParty. Both are exploring ways to combine blockchain technology with airline ticketing to make ticket purchases more convenient.
You can keep up with all blockchain-related information in the airline industry, as well as the hottest cryptocurrencies and ISOs, by bookmarking CrypTraderNews.