Topic: As a reminder, my focus has been on blockchain technology within the airline industry
The history of blockchain technology is not very clear. However, in general, Blockchain technology has the potential to develop and become the bedrock of the global record-keeping systems. It was launched about 10 years ago, and its development is linked to unknown persons behind the online cash currency Bitcoin, under the pen name of Satoshi Nakamoto.
My research intended to identify the way the airline industry is capitalizing on the digital revolution with a focus on blockchain technology. I noted that with rising demand, strong cost controls, increasing fee revenues, and solid earnings, collecting storm clouds necessitates a need for change. As a result, most leading airlines are already experimenting with new digital technologies blockchain being one of them which has poised to provide fertile ground for innovation in the industry. It can manage and share data and facilitate digital transactions; thus, it promises to resolve current issues of trust, security, control, and transparency in a complex ecosystem of industry players. Although the technology is still fairly young, airlines are already exploring applications that improve overall performance in the areas of customer-related activities; maintenance, repair, and overhaul, ground operations; and revenue accounting.
The viability of the blockchain technology in the airline industry is based on the concept of reducing costs and losses, boost asset availability and increase the value of planes in the secondary market and at the end of leases, and improve worker productivity. And blockchain has some unique attributes that will enable it to serve as a powerful tool for the industry. Such as digitizing the credentials of its workforce, develop value within the secondary markets, enhancing routine efficiency, among others.
As stated, the airline industry will benefit from the blockchain technology. Some of the notable advantages include Distribution, that is the blockchain data is in most cases stored in many devices of devices on a distributed network of nodes, and this makes the system and data highly resistant to technical failures and malicious attacks.
Stability is another advantage which means that once data has been registered into the blockchain, it’s hard to remove or change it an aspect that makes the technology crucial for storing financial records.
An evident disadvantage is on attacks. That is the Proof of Work consensus algorithm which offers protection to blockchain has shown to be efficient over the years. However, there are a few potential attacks that can be performed against blockchain networks, and 51% attacks stand to be ones most discussed.
Finally, these projects still seek to highlight key examples of airline companies that have or are currently using blockchain technology and understand how this technology has improved their operations. This approach stands at the center of this projects strategy which is to compare the two sides of blockchain technology. That is when the technology was not being used, and the situation after the technology is adopted mainly on enhancing customer satisfaction.