Aerospace is of major concern in today's world and has gained attention in the defense sectors of countries over the globe, presidential use as well as commercial use. And because of this, the aerospace market has had a significant increase in its need in recent times.
The aerospace market center can gain more transparency and meet its growing need through digitalization which promises great transparency as manufacturing by Blockchain is to put in place as an additive to the aerospace industry.
This is going to be made possible due to the ongoing collaboration of VeriTX and Algorand.
VeriTX is confided in the digital market for purchasing and selling of both digital and physical assets, and keeping up stable support and lease records.
VeriTX has proven to be best in tackling problems at the intersection of Business and Technology; As it has an outstanding commitment to giving it's clients and partners the best, put valuable resources into its representatives/employees, manage its suppliers, clients, and partners ethically.
VeriTX ideally provides two industrial solutions which are medical and aerospace.
In 2019 VeriTX won an award for Small Business Technology Transfer (STTR) contract and was awarded Small Business Innovation Research (SBIR), just recently in the year 2020.
VeriTX was also granted a Small Business Technology Transfer (STTR) contract in 2019 and a Small Business Innovation Research (SBIR) contract in 2020
How VeriTX Plans To Aide The Aerospace Industry
Airlines and the airforce have a huge focus on meeting satisfaction and missions.
There can be a need in an airline mechanical part which may require an urgent placement to avoid loss of life, time, and subsequent revenue in commercial airlines.
It's been recorded that less than 2% of aerospace parts are being bought online and if you match it with the increasing need for mechanical parts of aerospace around the globe there is by far a wide gap. Before the commencement of the year 2020, it was estimated that a total number of 1900 commercial is to be produced in the US to show you the great demand for the aerospace sector in our today's world.
Transporting needed aerospace parts can substantial and time-consuming which is a great downtime of physical purchase.
VeriTX provides a way through the blockchain that commercial and defense sectors in a country can place orders of mechanical parts or send digital parts around the globe to be manufactured in a distributed network within a good limit of time.
VeriTX can be compared to as a digital amazon for aerospace parts leveraging Blockchain technology. Digitalizing part history and paperwork to create a transparent utility record while increasing speed with smart contracts an added value, aerospace parts are being tokenized to create a digital value.
The enabling technologies are 3D Printing and Blockchain Provenance. By fusing technologies, VeriTX will enable production to move beyond the traditional four walls of a factory to a distribution network.
VeriTX will push the conversion of bits to atoms to the point of consumption and drive the nonvalue-added costs out of supply chains…packaging, shipping, warehousing, inventory management, customs fees.
Additionally, VeriTX will enable rapid forensics in the event of a part malfunction or failure. VeriTX will also leverage blockchain smart contracts and hashing for data and process integrity. In markets where the risk of counterfeit parts negatively impacting supply chains is high, VeriTX will provide an attestation of part integrity. VeriTX will unlock the 4th Modality of Logistics…Land, Air, Sea, and now Digital!
Algorand was the ideal answer to onboard ecosystem partners of VeriTX to the network, because of its flexible architecture, organization, low transaction fees, and transactional throughput scalability.
On a traditional level of exchange, the use of a third party is usually employed for a smooth and fair transaction but these can be time taking, cost-ineffective, and tasking unlike when transactions are taken in Blockchain.
Though developers using a smart contract that's developed on the first-generation blockchains are facing challenges that are preventing their applications from gaining mainstream adoption as the smart contract have defects of being slow, not scalable, and expensive to run
But with the Algorand blockchain, it's different, which the major reason like earlier stated VeriTX choose Algorand's Blockchain for the development of its digital supply chain.
Algorand's smart constructs (ASC1) eliminate these obstructions encountered with first-generation blockchains as a trusted, consistent arrangement with proven performance that isn't just quicker, versatile, and financially savvy, yet also, practically progressed to empower advanced and complex application. Algorand's Smart Contracts (ASC1s) are trusted programs that execute on the chain, where users can be certain that the program was run without mistake and the outcomes were not altered. They are coordinated into Algorand's Layer-1, acquiring a similar amazing pace, scale, finality, and security as the Algorand platform itself, and are practical and blunder free. ASC1s can naturally uphold custom standards and rationale, from basically characterizing how resources can be moved to complex application rationale and stream.
How VeriTX Plans To Digitize And Decentralized Aerospace Manufacturing Parts
1. Sellers configuration parts carefully; This incorporates the thought, model, and plan of parts going from generally produced metal engine parts to polymer-shaped inside parts utilized in airplane cabins.
2. Sellers transfer parts on the VeriTX platform. All the essential data, for example, evaluating, details, and provenance is incorporated.
3. Purchasers digital parts. The platform empowers the trading of digital assets, which will, in the long run, become substantial in the last step
4. Push to the purpose of-utilization, then 3D print. For the individuals who don't have 3D printing machines, VertiTX has machine partners who can print the parts and have them prepared for getting or conveyance.
Maintenance and Lease Records on Blockchain (in the improvement pipeline)
• Keep all the records in an accessible digital format
• Empower out-station support to enter date straightforwardly into the forms
• Catch the entirety of the fix data not simply the error and remedial activity. Utilize that metadata to start to make efficiencies in your upkeep tasks.
• Have a total arrangement of records for lease audits and exits… wipe out fines for absent or off base information.
The effect of the VeriTX digital supply chain was demonstrated with true use cases
• F15-Eagle fighter
• Polymer aircraft parts
• Commercial airlines
VeriTX is focused on eliminating obstacles encountered during transactions which is also an essential goal for the Algorand blockchain.
VeriTX is applying the technology in a great manner that features the intensity of blockchain to rehash set up established industries like manufacture in a decentralized manner. Taking out the middleman, VeriTX is associating purchasers and dealers straightforwardly to expand proficiency and effectively reshape the fate of manufacturing."
Aerospace is the first industry to deploy the VeriTX platform, and with hopes that the medical sector as well as other industries will follow clinical and mechanical business sectors to follow suit.
Algorand is still ever focused to bring the best to its clients and to the general public by embarking on more great and promising partnerships and in order to show the world the good use of Blockchain as a transparent ecosystem.