Aviation Record-Keeping Blockchain Market Outlook – 2027
The global aviation record-keeping blockchain market is experiencing a significant growth due to demand for decentralized digital ledger. Blockchains are decentralized & distributed database that are not bound to a specific hardware but scattered through a number of different computers. The information in a blockchain such as digital records of aircraft tail number & configuration, location of the part in the plane, manufacturer details, identity of each technician who has touched the part, and the location where the service was performed cannot be changed since every block is verified, sealed, and all record-keeping is stored in a manner that is accessible to everyone on the network.
COVID-19 scenario analysis:
COVID-19 pandemic has forced the aviation industry to shift toward more digitalized approach in its day-to-day operations to comply with the government restrictions.
The airlines, maintenance, repair, and overhaul (MRO) companies, and aircraft manufacturers are facing operational due halt in production and supply chain restrictions imposed by governments globally to contain the spread of COVID-19.
Blockchain has enabled information access and transaction book-keeping without worrying about server down-time due to lack of server maintenance. Since obligatory lockdown due to COVID-19 has caused site of access restrictions for the workforce on aviation companies.
Aviation industry is facing economic crisis due to travel bans issued by authorities to control the COVID-19 spread. Meanwhile, blockchain is reducing their cost of operations for inventory, maintenance, and transaction data management.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Surge in transparency & traceability of operations, increase in demand for reduction in cost and transactional complexity, and rise in adoption of blockchain by defense & commercial aviation are the factors that drive the global aviation record-keeping blockchain market. However, different standards of data storage and high processing load on each system on a small network hinder the market growth. On the contrary, biometric identity verification, potential integration of blockchain with variety of aviation technologies, and R&D in cyber threat resistant blockchain system present new pathways in the industry.
The global aviation record-keeping blockchain market trends are as follows:
Rise in adoption of blockchain by defense & commercial aviation
The defense and aviation industry is using blockchain more frequently to fend off against cyber threats, opening secure government portals, and tracing defense contracts. Recently, in 2020, Value Technology Foundation (a non-profit think tank focused on blockchain based in Virginia, US) published a report titled “Potential Uses of Blockchain By the U.S. Department of Defense” that has been co-authored by the US Department of Defense (DOD) contractors such as Accenture, Amazon, Deloitte, CGI Federal, and IBM, along with blockchain firms such as ConsenSys, SIMBA Chain, and Colvin Run Networks. The report discusses about leveraging blockchain as part of multi-factor authentication for better security of military systems, since usage of blockchain for logging leaves a trail for detection of the source in case cyberattacks are not prevented. Value Technology published the report citing cybersecurity threats, which could reduce U.S. dominance in the global economic and military spheres. Such adoption of blockchain by defense & commercial aviation is expected to boost the global aviation record-keeping blockchain market.
Key benefits of the report:
- This study presents the analytical depiction of the global aviation record-keeping blockchain industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global aviation record-keeping blockchain market share.
- The current market is quantitatively analyzed to highlight the global aviation record-keeping blockchain market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global aviation record-keeping blockchain market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the aviation record-keeping blockchain market research report:
- Which are the leading market players active in the aviation record-keeping blockchain market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Aviation Record-Keeping Blockchain Market Report Highlights
By End Market
Key Market Players
Aeron Labs, Winding Tree., Insolar Technologies, Sweetbridge Inc., IBM, Microsoft Corporation, Infosys, Filament, Moog Inc., Zamna Technologies