Home Strategy Aerospace, defence companies look to blockchain integration: report

Aerospace, defence companies look to blockchain integration: report

Many of the world’s aerospace and defence companies expect to integrate blockchain technology into their corporate systems within three years, according to a new research report.

The research report by Accenture found that six in seven aerospace/defence companies (86%) plan to integrate blockchain in their corporate systems by 2021, which was higher than the percentage for all but two of the 18 industries surveyed as part of Accenture’s broader Technology Vision research.

Accenture says blockchain is one of the world’s newest and most promising technologies, and a type of distributed ledger that maintains and records data in a way that allows multiple stakeholders to confidently and securely share access to the same information.

“Blockchain is well-suited to improve the performance of one of the world’s most complex, globally interconnected and security-dependent supply chains,” said Paul Mylon, Aerospace and Defence lead for Accenture Australia.

“This innovative and paradigm-shifting technology has the potential to deliver profound benefits for the hundreds of suppliers typically involved in complex manufacturing ecosystems.”

Accenture says the survey findings point to numerous data challenges that blockchain technology can help address.

“For instance, Accenture’s research found that more than two-thirds (70%) of the aerospace and defence executives surveyed believe that companies will be grappling with growing waves of corrupted insights as more falsified data infiltrates their data-driven information systems,” the report found.

And, in addition, Accenture says nearly three-quarters (73%) of aerospace and defence executives believe that organisations are basing their most critical systems and strategies on data, but yet many have not invested in the capabilities to verify the accuracy of that data.

And the same percentage also believe that automated systems create new risks, including fake data, data manipulation and inherent bias, Accenture says.

It says blockchain can help “ferret out falsified data and verify its veracity because it provides a secure and unchangeable data chain”.

“The technology can also help track and provide consistent aircraft configuration data throughout the supply chain, as aircraft manufacturers, maintenance providers and airlines currently keep track of configuration data in their own systems yet rarely if ever integrate that information with other companies’ data,” Accenture notes.  

“Knowing the actual configuration of an in-service aircraft or ship as examples at any point in time is important,” Mylon said.

“Blockchain enables aerospace and defence companies to securely share, capture and authenticate data from a single source.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

 

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