Project by Boeing and Honeywell
- Boeing is using the blockchain-powered GoDirect Trade platform by the international conglomerate Honeywell to track and sell $1 billion worth of airplane parts.
- GoDirect Trade is a digital marketplace for buyers and sellers in the Aerospace industry (described as a combination of Etsy.com and CarFax).
- According to Forbes, less of 3% of $4 billion in second-hand airplane parts are sold online. GoDirect Trade is aiming at this market, had $7 million in sales in the first year of business, and wants to grow exponentially. Blockchain could make their trading platform more scalable and secure.
Blockchain (Honeywell’s Hyperledger Fabric)
Aerospace,Track and trace, E-Commerce
What is blockchain?
Blockchain is an IT technology which can be best compared to a database. You can write informations into the blockchain, much like you write information in a database or your Excel spreadsheet.
Other than your regular database a blockchain is stored (a) on multiple computers which are owned by independent parties, (b) the information inside the blockchain can only be added, never deleted (note: this is also true for write-only databases) and (c) the conflicts in different states of the blockchain are solved by computers (with the so-called consensus algorithms) and not by human intermediaries.
Why using blockchain here?
When buying or selling aviation parts, the information about their original manufacturer and safety compliance is crucial but may be easily faked online. Thanks to blockchain, all parties involved can rely on the document information being tamper-proof, transparent, and decentralized.
GoDirect Trade runs on Hyperledger Fabric. If anyone argues about the fact that this is a permission-based network that is supposed to be decentralized then they are killing the dream of enterprise blockchain before it starts. There is no way you will get Fortune 500 companies participating in blockchain networks and sharing data if there are not permissioned around that. You need some constraints for enterprises to operate in.