Aviation Transaction Blockchain Market Outlook – 2027
The global aviation transaction 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 transaction history can be accessed by the entire network as blockchain cryptographic algorithms validate the way transactions are compressed into blocks and the blocks are added to the network with the consensus of the network ensuring integrity & immutability of the network. Moreover, mathematical algorithm replaces the middle man needed for transaction information verification in the network and hence adding transparency, making it challenging to manipulate or corrupt information.
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 transaction 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 transaction blockchain market trends are as follows:
Surge in transparency & traceability of operations
Blockchain is a smart and safe way for the aviation industry to track and trace numerous components while preventing counterfeiting and refining maintenance capabilities. For instance, in 2020, General Electric (a multi-national conglomerate headquartered in Massachusetts, US) launched a “Health Application ID” app for air travel, designed to facilitate employee and traveler screening, as well as plane sanitization. This solution uses blockchain technology to ensure information, such as passenger screening data, is private and protected. In the absence of an effective vaccine against COVID-19, the entire aviation value chain is working on solutions designed to help travelers feel safe again on planes. Such surge in transparency & traceability of operations is expected to drive the growth of the global aviation transaction blockchain market.
Key benefits of the report:
- This study presents the analytical depiction of the global aviation transaction 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 transaction blockchain market share.
- The current market is quantitatively analyzed to highlight the global aviation transaction 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 transaction blockchain market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the aviation transaction blockchain market research report:
- Which are the leading market players active in the aviation transaction 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 Transaction Blockchain Market Report Highlights
By End Market
Key Market Players
Moog Inc., IBM, Zamna Technologies, Insolar Technologies, Winding Tree., Aeron Labs, Filament, Infosys, Microsoft Corporation, Sweetbridge Inc.