Blockchain Technology In Aviation. Blockchain technology is catching on in an area that is a far cry from FinTech. The aviation industry is always evolving and changing to include modern technologies.
The Blockchain technology is fascinating innovative and impactful. Blockchain can be described as a distributed ledger that allows information to be exchanged and registered by a group. Blockchain technology with a security wrapper creates a very different and less risky way of managing and sharing this information through the use of authorized access requirements.
Blockchain The new wing in Aviation.
In July 2018 Accenture and Thales a global technology leader for aerospace transport defence and security markets too presented a new blockchain-based system that could help secure and streamline the complex global supply chain supporting the aviation industry. Blockchain in aviation has the potential to not only secure flight data and payment transactions but also simplify flight functioning by introducing the additional elements of security transparency and reliability. Promoting blockchain technology in aviation In order to compile potential applications of blockchain in the field of aviation and to create joint standards for its use Lufthansa Industry Solutions has launched the initiative Blockchain for Aviation BC4A. There have been great innovative strides in the past few decades.