In what is a significant development, Algorand will be partnering with VeriTX to build a digital marketplace for Aerospace Manufacturing.
In a recent announcement, VeriTX Corp, a marketplace for digital assets enabling decentralized manufacturing, said it will develop a digital supply chain for aircraft parts using Algorand‘s blockchain technology.
The VeriTX digital marketplace allows customers such as the Department of Defense and commercial airlines to save significant time and money in the manufacturing of aircraft parts, while also gaining valuable economic and logistical data that can be used to maximize efficiency.
A notable real-world example of the same is how VeriTX has reduced the time for F15-Eagle fighter aircraft parts delivery by 100x – from 265 days to just 6 hours.
Building on Algorand’s public, pure proof-of-stake blockchain enables the tracking of parts from order to delivery on an immutable distributed ledger, while also verifying the authenticity of parts. This mitigates the $3-billion problem of counterfeit parts. Col James Allen Regenor, USAF (ret), VeriTX CEO said,
“We chose Algorand as the blockchain infrastructure to power our platform, after looking at several technology providers and rigorous due diligence” and added “Algorand was the ideal solution to onboard our ecosystem partners to the network, because of its flexible architecture, low transaction fees and transactional throughput scalability.”
Sean Ford, COO of Algorand, also commented on the partnership stating,
“What VeriTX is doing—removing friction from transactions—is Algorand’s primary mission. VeriTX is applying the technology in a very tangible way that showcases the power of blockchain to reinvent established industries like manufacturing in a decentralized manner,” said Ford,
Algorand which aims to remove the technical barriers associated with mainstream blockchain adoption has two existing supply chain partnerships with DUST Identity and Meld Gold.
In a system with end-to-end transparency, every member of every step along the supply chain network will have access to all the data. Digitizing processes enable improved visibility and provide real-time insights into the supply chain, giving people along the chain full control.
As the US Army, Navy, and Air Force all move toward a digital supply chain, the combined market size for digital aircraft parts is expected to reach $3.1B by 2025.
