Even mechanical parts are trustworthy! Aviation giant Honeywell uses blockchain trade proof for Boeing delivery.

The blockchain sales platform GoDirect Trade, owned by the leading American aerospace manufacturer Honeywell, continues to gain popularity among mainstream airlines. In addition to simplifying the procurement of aircraft parts, the platform significantly reduces transaction times and friction costs in trade among various parties. The platform has facilitated transactions for Boeing factory parts worth $1 billion.

• GoDirect Trade has been launched for just over a year and is gradually achieving a profitable model
• Tracking the production supply chain, putting production records on the chain, and creating a trade model without trust

Honeywell Aerospace, established in 1914, focuses on the production of aviation equipment, engines, and aircraft components. Its trading platform GoDirect Trade went online on December 18, 2018. The platform has introduced distributed ledger technology, enhancing the trading experience for both buyers and sellers through its traceability and tamper-proof natural characteristics.

Lisa Butters, General Manager of GoDirect Trade, said:

This platform aims to verify the origin of parts and ensure compliance with safety standards, consolidating each level of the platform's supply chain into the transaction ledger, thus enabling a transparent and efficient tracking of the transaction process.

According to a report, in the previous process, each aviation component came with a paper-based "history record" document to prove its manufacturer origin and safety compliance. Aviation components undergo an average of 4 refurbishments before being scrapped, making the history record crucial. However, because the "history record" only existed in physical form, online transactions were challenging to promote.

Being listed as one of the Blockchain 50 members by Forbes, Honeywell, under the framework of enterprise blockchain Hyperledger Fabric, built GoDirect Trade, putting the production history, corresponding parts, and related document records of aviation components on the chain to prevent forgery. This increases buyer trust and accelerates the transaction process. Butters pointed out:

Currently, less than 3% of the yearly $4 billion sales of refurbished parts are completed online, but this situation will change. GoDirect Trade achieved sales of 7 million pounds in its first year and is expected to reach 25 million pounds by the end of 2020 and 1 billion dollars by 2022.

Butters concluded by saying that our platform has just celebrated its first birthday, initially just exploring this area, but ultimately achieving good sales growth.

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