It was a month ago that I did a Blockchain and IoT workshop with over 65 Aviation executives at the IAFS Planning Summit in Denver. In that workshop, I discussed Blockchain and IoT applications in the Aviation Industry. I did an informal pole and found that the average understanding of Blockchain and IoT amongst executives is 2-3 on a scale of 1-10. Blockchain and IoT are in their nascent states and more so as a combined technology. Every executive we spoke with acknowledged that there was some level of discussion in their company and most companies are trying to decide if Blockchain and IoT technologies apply to their business. Most believe they do, but due to a lack of understanding of this technology powerhouse, they are struggling with how the company would go about identifying use cases, planning for them and implementing Blockchain as the next disruptive technology. They admit they need a Blockchain and IoT strategy!
In preparing for the workshop, we identified over a dozen use cases as shown below:
- The life cycle of flight safety parts: Serial Numbers, Ownership, Remanufacturing specifications, tolerances, Quality standards, maintenance records, etc.
- The full chain of custody and provenance of food – Farm to Passenger
- Location of equipment such as tow bars, tow trucks, baggage trailers, service vehicles, etc.
- Parts tracking
- Customer loyalty programs
- Engine and parts leasing through smart contracts
- Interlining and revenue recognition
- Airport slot management
- Security and Identity
- Exchanging real-time flight information to avoid conflicts among airports and partner airlines
- Baggage tracking for connecting flights and airports
- Immutable pilot logs
- Pilot recruiting
- Part validation (non-counterfeit)
- Maintenance logs
Most of the above use cases have someone working on them now. We have prepared use case summaries for the Aviation, Food, Automotive, Aerospace, Healthcare and Regulatory industries. Across all industries, we find the same result: Lot’s of investigation, some pilot projects and little strategic understanding.
When making decisions about Blockchain, it is important to understand the maturity of the technology, how it will grow in importance, how it applies to your company and your industry and gain a full understanding of the potential Blockchain and IoT technologies have to your business and supply chain. Here at Group50, we have developed a 7 step Blockchain implementation process:
As part of our process, we have created workshops for the first four steps.
- Blockchain and IoT Immersion Workshop: Bring your leadership team up to the same level of understanding about Blockchain and IoT business applications
- Blockchain and IoT Strategy Workshop: Identify applications for Blockchain and IoT and understand how it would integrate it into your business strategy
- Building the Business Case for Blockchain and IoT: Developing the understanding the implications in your business, to your customers, throughout your supply chain and to the bottom line
- Blockchain and IoT Implementation Roadmap Workshop: Creating the multi-year plan for how your are going to implement and integrate
Just like the Internet in 1995, Blockchain and IoT solutions, such as Scioebc™ which is built on top of Thinaër’s IoT platform, have transformative capabilities, but their implementation needs to be well thought through and the significant cost reductions they bring to a company will occur over several years. It will take time to rebuild the lost trust in centralized third parties and allow a distributed ledger to displace the 20-30% of overhead cost that is spent on verification and validation. to find out how we can help you develop a Blockchain and IoT strategy in your business, call Group50 at (909) 949-9083, drop us a line at Blockchain@group50.com or request more information here.
Group50 Consulting, founded in 2004, works with middle market companies to leverage their investments in people, process and technology to significantly improve the efficiency and cost performance of their supply chains. Already subject matter experts in global supply chain consulting, Group50 has added Scioebc™, a supply chain focused Blockchain solution powered by Thinaër, an IoT platform to its portfolio of goods and services. Group50 works with their clients in developing and implementing transformational strategies across their business. More information about the company can be found at www.Group50.com/blockchain.
Thinaër was founded in 2016 to provide the world with an easy and affordable way to track people, places and things. The Thinaër IoT platform leverages Bluetooth technology to generate new and unique actionable data at a fraction of the price of traditional solutions. Led by industry experts in healthcare, manufacturing and technology, Thinaër builds solutions that empower hospitals, manufacturers and enterprises to answer the most challenging questions never answered before. Thinaër is the first ever end-to-end solution to provide immediate ROI without disrupting existing workflows or overhauling existing systems. To learn more about Thinaër and The Internet of People, Places and Things, visit www.thinaer.io.
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