SAE International recently announced entering into a partnership mode with a Delaware-backed blockchain start-up SkyThread, thereby leveraging the blockchain empowered technology to trace the voyage of aviation assets from entry into service to sale, modification, conversion, transfer, redelivery and final decommissioning.
Thereby, as reported from the two firms, it will aid in serving the mobility sector, chiefly in the aerospace, automotive, and commercial vehicle industries, fostering safety and innovation via the industrial collaboration.
The firms were also prompt to report that this alliance will aid them in building up latest initiatives and services focussed at enlightening safety and reliability, while at the same time unlocking billions of dollars per year in presently unrealized global industry standards, beyond pre-pandemic levels of performance.
Statement from Raman Venkatesh, chief operating officer of SAE International and chairman of SAE Global LLC
As per the statement from Chief operating officer of SAE International, chairman of SAE Global LLC, Raman Venkatesh, “We are excited to partner with SkyThread to collaboratively support the aerospace industry’s digital transformation and help uncover new opportunities for Safety and efficiencies. In pursuit of its mission, SAE is uniquely positioned to merge more than a century of consensus building with aviation’s accelerating shift towards a global digital ecosystem, where fair distribution of value is central.”
Statement from Mark Roboff, SkyThread CEO
Mark Roboff, SkyThread CEO, stated out that, “SkyThread’s blockchain-enabled data network, combined with industry-leading validation makes records and documentation data permanent and unchangeable. Confidence that parts are genuine, and that maintenance and operating records are authentic cannot be overemphasized. Trust in aircraft safety is everything in this industry.”
As per the SkyThread as well as SAE International, the aerospace business presently utilizes manual developments and vastly fragmented legacy information systems, which can affect the quality and timeliness of data flow, even for data that pertains to the same aircraft part or airplane.
This generates inefficiencies across many aircraft events, MRO and aftermarket dealings. It is also impacted by the perceived risks in data sharing as well as a lack of fair monetization and distribution of worth created in and across the ecosystem.