ADVANCE is tasked with providing the communication resources to advance aerospace, space, security and defenses solutions around the world. Information is distributed through daily news briefs, a weekly newsletter and a quarterly magazine. It is the official magazine of the ADS Group. ADS is a trade organization for UK companies in the aerospace, defense, security and space sectors.
One of the most recent ADVANCE press releases was about a revolutionary approach for supply chains specific to aviation operations. Millions of pounds of manufacturing parts are lost each year that can be directly attributed to outdated data management practices.
Pattonair, Advanced Manufacturing Ltd (AML), and Parts Pedigree Ltd will all help usher in a new age for the logistics involved in aviation supply chains. These three companies are working together to bring about much needed change. Their need has been deemed worthy enough of the EU’s Internet of Things (IoT) Commission 120,000 Euro grant. Here is a list of each company’s area of specialty:
- Pattonair – supply chains
- AML – complex part machining
- Parts Pedigree – new tech startup
Together, they will develop a cloud-based solution dedicated to solving issues in the aerospace industry. The exact process will undoubtedly be complex, but has been described as a multi-layer solution that involves blockchain technology.
The expectations of the project run high. It has been called “the supply chain of the future”. Analysts predict a 10x efficiency savings. To understand how this is possible even with the world having already embraced the Internet, one must know a bit about the technology.
More so than most industries, aircraft parts leave a long paper trail. Key to this is the ability to track a component along the supply chain. These factors alone, record keeping and trackability, are two areas that have already demonstrated profound improvements in efficiency through blockchain.
Known by some as distributed ledger technology (DLT), the software innovation was specifically designed for immutability and transparency. This means that data is secured and accessible for tracking at the same time. Distributed ledgers are different from current technologies in the way that their permissions are systematically developed.
DLT is designed for all participants to have equal access to writing and manipulating data. This removes redundancy in access, permissions and record keeping. Furthermore, all participants are equally concerned with the success of the system.
