Boeing is using blockchain to sell spare parts: will the idea take off?

The use cases for blockchain technology continue to grow as Boeing looks to use this innovative technology to further develop the secondary market for spare aviation parts. 

We have seen a number of multinational banks trialling the technology in order to understand its benefits, which include increasing speed and efficiency of traditional methods of issuing and redeeming bonds. The football industry has also started to explore the technology for the purposes of distributing tickets to fans and issuing digital collectable trading cards.

Boeing's partnership with multinational aerospace conglomerate Honeywell, to use its GoDirect platform to track and sell $1 billion worth of excess airplane parts using blockchain technology, could take this $14 billion industry to the next level. The intention is that certificates pertaining to each individual part, their original manufacturer, and current safety standards will be uploaded onto the GoDirect marketplace. This will allow potential buyers of spare parts to verify their authenticity in a more accessible manner.