Honeywell, which initially implemented blockchain technology through its GoDirect Trade aircraft parts marketplace in 2018, has seen the use of that technology take root with more than 2,700 companies and 7,000 users on the platform and more than $8 million transactions processed. GoDirect Trade is an online platform for buying and selling parts, now hosting more than 80 storefronts. Honeywell’s “digital blockchain ledger” has served as a key enabler of the platform, providing customers an easy way to access scattered data with speed and efficiency not previously available.
Noting that customers have struggled with cumbersome parts documentation processes for decades, Honeywell’s blockchain technology pulls together information through the use of a secured, decentralized database that is crowd-sourced by authorized users.
The database provides real-time information and can reconstruct records, enabling customers to better track parts history. The ledger is not intended to replace documentation requirements but supplement them and make them more efficient, Honeywell added.
“Honeywell's offering is like a search engine, but it works for anything and everything related to aircraft parts and service,” said Lisa Butters, general manager for Honeywell's GoDirect Trade and applications owner for blockchain technologies. “Honeywell manufactures and repairs thousands of aerospace parts each day, and now all of those events, including the generated airworthiness certificates, go on-chain. In aerospace, this is a game-changing technology that will simplify and transform recordkeeping for aircraft owners and airlines around the world.”
Honeywell notes that the technology creates trust between all parties by providing digital transparency. The company is hoping to expand its use through collaboration with other aerospace technologies.
“Blockchain is unique because it's a team sport,” said Butters. “This isn't just about Honeywell data. In fact, this is not just about aerospace data. Whether you are in aerospace, automotive, electronics, or consumer products, I envision all manufacturing OEMs and repair shops pushing quality documentation and part provenance data to the blockchain, so customers have easy access.”