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Characterized as a shared ledger that offers users complete and timely registration of transactions and processes within it, the blockchain has been suggested by many in the industry to have a tangible impact in the near future. The professional service company Accenture cited blockchain as one of its emerging technologies to keep an eye out for two consecutive years. A research report published by the company at the beginning of this year, examining 18 different industry sub-sectors, showed that 86% of aerospace and defense companies plan to integrate blockchain technology into their systems companies by 2021.
It has also attracted the attention of the leasing sector, which imposes a heavy burden on the traceability of the parties.
Liam Creaven, SVP greater than China and Asia to the giant GECAS industry, says that the company is open to the implementation of blockchain technologies. Up to now, for record transfer, GECAS has used systems such as the AerData STREAM offer. "If everyone used the blockchain, then it would be very durable and everyone could trust it," he said speaking to the panel for landlords at MRO Asia in Singapore on November 7th. Despite the enthusiasm of GECAS for the blockchain, Creaven says that current systems in place for digital records perform their functions effectively.
Creaven states that GECAS is willing to participate in the development of blockchain strategies through the coalition of producers, leasing companies and financial institutions of the Aviation working group to ensure a combined approach by the lessors. However, on the broader topic of digital records, he believes that North America and Europe are somehow above regions like China and India accepting them. "If there is a big market that is reluctant to accept digital records, the landlords will hesitate because we need certainty that we can move our assets," he says.
Chris Gruener, EVP chief technician at the BOC Aviation landlord in Singapore, believes that the blockchain is a good concept in theory. "It's great for the members to have a story in this general ledger that allows someone to see things at birth," he says. "However, I do not think it makes sense for a player to start blockchain while other players do not participate in. If there's a blockchain transaction, and one outside, then the authorities do not they will accept. "
Gruener believes that greater transparency is needed to allow the visibility of the functions performed by each participant in the chain for the individual parts. To do this, "the privacy element of the blockchain should be removed to some extent," he says.
