Rolls Royce blockchain network development grant has been granted to Block Aero. This aeronautical blockchain company will be given thirty-seven thousand dollars ($37K) to create a dedicated highly secure blockchain network for the aeronautics division of Rolls Royce. The network will focus on creating a central point for all the RR stakeholders for connectivity and information sharing with regards to component replacement and maintenance issues.
A primary aim of the program is to support improvements in the engine maintenance mechanisms. Earlier this month, the company conducted a ‘Hackathon’. The participants in the event were asked to create a blockchain that helped bring together all the stakeholders involved in the company’s aircraft engines division.
Despite the huge competition, Block Aero emerged as the winner of the competition as they already had aeronautics expertise behind them. Naturally, they were given the grant to develop the Rolls Royce blockchain network.
Rolls Royce blockchain network dedicated to aircraft engines
The famous British brand is well known to manufacture the world’s best aircraft engines. These engines are installed in leading plane models including Airbus A380 and Boeing 787. Currently, the company sources components from various manufacturers across the globe. The procurement involves many firms, extensive paperwork and is highly time-consuming.
When all the parties involved are communicating on a secure rolls Royce blockchain network, the speed and efficiency of the operations will increase significantly. Seamless information flow can also be achieved. Parts identification and procurement will improve further. Block Aero is emerging as a leading name in the rarefied aeronautics blockchain realm. Earlier this year, Block Aero partnered with Etihad to decrease engine overhaul period.
Blockchain is going beyond crypto
More and more companies are discovering the use of blockchain networks in internal operations. Besides the quintessential token offerings, the firms are employing blockchain for creating efficient internal processes. Rolls Royce blockchain network is the latest such example.
Enterprise blockchain adoption is reaching new heights. From Nestle to Intel, blockchain and distributed ledger technology have found many takers. Aerospace will see further increase in such blockchain development. Establishing a well-connected network consisting of various stakeholders sharing verifiable information is the key to success.
Article – Gurpreet Thind – Source : Cryptopolitain – Image: Rolls Royce