Buying used aircraft parts used to involve phone calls, emails, and a two-day lag time. Honeywell is using blockchain to speed things up.
A plane is prepared for recycling by French company Tarmac Aerosave. Photo: regis duvignau/Reuters By Agam Shah Updated May 28, 2019 4:38 p.m. ET Honeywell International Inc. is using blockchain to shake up the market for used aircraft components, making it easier to check the certification and origin of a part and speeding up transactions.
The aircraft-parts industry is heavily regulated, with sales requiring certification from the U.S. Federal Aviation Administration and other agencies. Blockchain can quickly trace the history of a used part, including previous transactions, owners and repairs. Honeywell Aerospace charges companies $15,000 to establish a storefront on the marketplace. Buyers don’t need to pay a fee.
GoDirect Trade was designed along the lines of a retail website. It lists items such as bolts, nuts, avionics and engine parts in different categories, along with images and the company selling the part. Airlines can also use GoDirect Trade to buy noncritical parts to fix seats or in-flight entertainment systems.
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