The global airline industry has continued to grow rapidly in sync with emerging markets. In 2017, commercial airlines will generate combined revenue of around 743 billion U.S. dollars globally.
While Airlines keep focus on revenue growth, they often fail to minimize operating costs and layover times due to the complex involvement of OEMs, MROs & National Aviation Authorities (NAA) in maintenance procedures. This results in thin profit margins of less than 4% and thereby a struggle to achieve breakeven.
Right from ticketing to aircraft maintenance, the entire industry has multiple data collection points that more often than not, leads to multiple isolated databases. The data redundancy and inefficiency aside, this also poses certain data security risks.
Blockchain Technology, by virtue of its distributed nature, enables stakeholders to come on a common platform and access or input the required data.
Our work in the space of Aviation Maintenance on Blockchain was a keynote at the 2017 Amsterdam Aviation Forum. (link to pictures)
While Aircraft Maintenance is one of the key use cases of blockchain in aviation industry, we believe that the industry as a whole would benefit if the technology is used to co-create efficient solutions that will not only have a positiveimpact on industry players but also the end consumers.
At Somish, we established a Blockchain Centre of Excellence in 2016. Our team has continuously focused on using Blockchain to tackle key challenges of industries like BFSI, Agriculture, Aviation and Governments. Some of our other key Blockchain projects have been highlighted below.
P2P Insurance Mutual
Bringing back insurance in a very cost efficient way by allowing individuals to form groups that can share risk at affordable costs.
Single Version of Truth for OEM, MRO, Aircraft, Airline & Aviation Authorities efficiently reducing operating costs & layover times.
Public Distribution System with assured and accurate end utilization enabling transparency, Traceability & Standardization.
Crisis Fund Distribution
A global common ledger for raising, allocating & distributing aid, donations and grants during times of crisis.
P2P Energy Trading
Blockchain platform for P2P energy trading with turing complete solar panel meters and bidding system.
A DLT solution for Banks, Manufacturers and their Vendors to majorly reduce processing timeframes.
Immutable Audit Trail
A DLT solution for moving ahead of RDMBS implementations to store Audit Trail data on an immutable, trusted ledger.
Tokenized Fund Transfer
Domestic Fund Transfer on Blockchain for emerging markets to tackle Financial Inclusion without last-mile bank branches.
A DLT solution for bank reconciliation eliminating an age-long problem of different statement formats of different banks.