Willis Lease Finance Corporation launch a global MRO Blockchain Alliance with several key industry partners to trace, track and record aircraft parts.
The new alliance launched by Willis Lease Finance Corporation aims to digitally track and record the movement and maintenance history of parts across a wide number of players. The MRO Blockchain Alliance believes that the use of blockchain will simplify and speed up the process of tracking parts and securely sharing information across the industry. Indeed, PwC estimates that the use of blockchain could increase aerospace industry revenues by as much as 4% or $40 billion, while cutting MRO costs globally by around 5% or $3.5 billion. “The savings will be derived from secure document storage, ensuring confidentiality and data privacy, improved insights for repair time and inventory, automated workflows and more efficient record reconciliation”, specifies Willis Lease.
The alliance members so far include Bolloré Logistics, Cathay Pacific, FLYdocs, HAECO Group, Ramco Systems, SAFRAN, SITA and Willis Lease Finance Corporation, all supported by Clyde & Co. SITA’s role, as a principal air transport community IT provider, will provide governance for the global alliance, support its working groups, deliver all required blockchain technology components compliant with international standards and ensure proper alignment and validation with applicable regulators.
The alliance will spend the next six months in a continued planning phase, with the aim of going live with the first proof of concept in the third quarter of 2020. “We will need the industry leaders, represented in this alliance, to lend their respective expertise and to build upon the work already completed by Willis Lease Finance Corporation and FLYdocs in this field”, stresses Austin Willis, Senior Vice President, Business Development, Willis Lease Finance Corporation.