The blockchain is no longer just seen as a cryptographic technology to safe financial transactions as it had been the case when it started its journey powering Bitcoin. It is now widely adopted across industry niches for its unique capability in allowing unhindered accessibility while maintaining security with a robust write-only protocol.
The blockchain is very consistent, scalable and adaptable across diverse niches. This is precisely why Blockchain development companies in India are all geared to take the opportunity with their data-centric solutions. Recently aviation industry is adopting Blockchain as it suits their multifaceted and multilayered business process. Can Blockchain really turn out a revolution into aviation? Or, is it just another buzz? We will explain in the course of this post.
More than currency
Just as Blockchain did when it started its journey with Bitcoin, it is capable to put value within a block of data and transfer the value within a chain of the transaction without any scope of tampering or changing the data. This ecosystem of data transfer with a protocol that allows only addition and no deletion or changes brings industries a ledger system with completely full-proof data security.
Why is Blockchain a perfect fit with aviation industry?
The decentralised characteristics of the Blockchain perfectly match the multilayered, multifaceted and scattered characteristics of the entire travel industry including aviation and airline. The key capability of Blockchain in ensuring data sharing across multiple touch points without any vulnerabilities concerning tampering of data makes it ideal for travel industry and airlines.
Data sharing is the key aspect of the ecosystem travel industry works with. The entire value chain starting from the ticket booking to the arrival includes multiple services requiring sharing passenger data and travelling information continuously from one touch point to another. From online ticketing vendor to the immigration counter to the airline's cargo to the hotels and car rental at destinations, the sharing of data plays a crucial role in streamlining all the services for a quality end-to-end travel experience.
Behind all these activities a complex network of data-driven processes and data-centric reconciliation. This is where a Blockchain powered decentralised ledger system can play a great role in equipping airlines and associated travel services with easier data accessibility. At present most systems in the travel value chain remain isolated, and this hinders the process of sharing passenger data across touchpoints. Blockchain with its decentralised data system can make way for smooth data sharing to ensure operational integrity and unhindered revenue generation.
Advantages of Blockchain in Aviation
In aviation and airlines, Blockchain can render an array of advantages with far-reaching implications for the travel experience, passenger safety and revenue generation.
Here are the key benefits of Blockchain in the aviation industry.
- The entire aircraft along with its dimensions can easily be figured through a single and clear layout.
- Access to data remains unhindered for all parties in the network.
- The completely decentralised data ledger protects all validated and verified transactions with a write-only tampering-proof protocol.
- The participants of various business processes can access data and keep a copy of the ledger as per the regulated jurisdiction, and this prevents any conflict of interest or compliance issues.
- Thanks to an openly accessible, shared, distributed and decentralised database the participant businesses get the cost benefits from low expenses on data maintenance and infrastructure.
- All business contracts including the ones made with the third parties can be registered and put into action through Blockchain ledger. This will help businesses preventing frauds and tampering of data exchanged through emails or paper documents.
Use-cases of blockchain for the aviation industry
Blockchain which works a full-proof data ledger system can really render far-reaching implications for the aviation and airlines. To understand this, we are going to explain with some Blockchain use cases in the aviation industry.
With Blockchain based data ledger the authentic virtual copy of the whole aircraft’s functional parts can be stored and made available for the maintenance staffs. This availability of detailed data concerning the entire mechanism and every little part of the aircraft can tremendously add value to the process of service and maintenance which in turn will strengthen the aviation security tremendously.
Airline ticketing is the process that generates revenue for the airliners and the entire aviation industry. With a Blockchain powered ticketing system that systematically stores all ticketing information and made them accessible for future use, the airlines can spot opportunities and loopholes in the process and push for more sales. It also helps the airlines to keep track of their loyal customers without relying on any third party tool. This can further help the airliner to offer more value to the loyal passengers through a tokenized loyalty program.
The biggest and most advantage of Blockchain is obviously the security and authentication process. With the cryptographic techniques used to safeguard data and the way customer data is shared among authenticated peers in a system powered Blockchain, there us least scope of any data tampering and unauthorised access to passenger data. With the Blockchain, the security and safety of passenger data and the whole process will experience an unprecedented boost.
Unlocking the power of Blockchain
Aviation is one of the industries that can reap highest advantages through a Blockchain powered distributed data system. As the aviation industry is characterised by multiple control and points of validation with the business network, multiple actors requiring reconciliation and cross-validation, need of auditing and checking the authenticity of participants and quality and authenticity of data, a Blockchain perfectly addresses all these requirements powered data ledger system.
All the analysis and use cases mentioned above really indicate that the introduction of Blockchain technology as a power booster is invincible for the entire aviation and airlines industry.