Is Blockchain Technology Off To The Next Great Frontier?

Land, sea, and digital space — these are the realms that blockchain technology has revolutionized so far. There’s only one missing: the one up above and beyond. But not for long.

Runway-blockchain

On Monday, July 16, consultancy giant Accenture demonstrated, in partnership with Thales Group, a newly-minted system which could once more redefine the standards in global supply chains supporting the aerospace and defense (A&D) industry.

And you guessed it correctly: the system will be employing blockchain technology.

Debut At Farnborough

The announcement was made during the first day of the week-long Farnborough International Airshow, which began on July 16 and will conclude on the 22.

According to the announcement, the system is based on a Hyperledger Fabric, which is a Hyperledger project hosted by The Linux Foundation. The said system integrates blockchain technology with internet-of-things and other innovative technologies, including Thales Group’s physically unclonable function (PUF) solution for silicon chips. Also, it will be employing Chronicled’s tamper-proof crypto seals, which are purposed “to track, trace, and authenticate aircraft parts and materials.”

Building A Trusted History

Farnborough International Airshow BlockchainBoth parties are very excited to share the prototype at the said airshow. John Schmidt, Accenture’s Managing Director for its Global Aerospace and Defense Practice division, cited that the aerospace and defense industry possesses “one of the world’s most vast and complex supply chains.” Gareth Williams, Thales UK’s Vice President for Secure Communications and Information Systems, admitted the challenges that they are encountering in the said sector.

Williams added:

“Using blockchain in combination with cryptoseals and physically unclonable functions allows you to build a trusted history behind parts. This demonstration builds on the strong relationship Accenture and Thales have created developing innovative digital solutions for a variety of industries.”

Indeed, the consolidation is only one of the many examples of blockchain technology redefining standards and challenging systems to conquer the next frontier. More will come, that is to be sure.

Found the article interesting? Here are other other developments brought about by blockchain technology on our cryptocurrency news site.

Related Cryptocurrency News