Willis Lease Finance Corporation (WLFC) and FLYdocs have joined forces to develop a pilot programme demonstrating the use of blockchain technology on an open source data sharing platform for aircraft, engine and component records.
The two powerhouses are engaging in what they anticipate will be widely regarded as a pioneering move in the digital transformation of the aviation industry.
Blockchain has already established a reputation in the financial sector as the core technology underpinning virtual currencies such as Bitcoin, and this initiative between WLFC and FLYdocs seeks to explore similar benefits within aviation.
The cutting-edge development attempts to be the first real use of a blockchain and artificial intelligence (AI) solution for managing commercial aircraft, engines and component transitions.
