Global Aviation Blockchain Market Overview:
Blockchain is a special type of distributed ledger in which the data is collated into “blocks” before being added to the shared database, and the blocks combine to form a single sequential chain. In the aviation sector, Blockchain is used to provide reliability, convenience, transparency, and validation benefits. Blockchain in aviation helps to maintain and records data so that multiple stakeholders can confidently share mutual access. It operates by recording and storing every transaction across the peer-to-peer network in a cryptographically-linked block structure that is replicated across network participants. Blockchain enables multiple stakeholders to operate from a single, shared, mutualized data ledger, eliminating the need for separate record-keeping and reconciliation. The Blockchain contains a record of all transactions and data recorded in the chain from its inception. According to Air Transport IT Insights published by SITA Groups in 2018, 34% of airports are planning Blockchain research and development programs by 2021. One area in which airports see Blockchain potential is the ability to help improve passenger identification processes, in part by reducing the need for multiple ID checks. This growing adoption of Blockchain in aviation will rapidly drive the market growth in upcoming years. According to AMA, the Global Aviation Blockchain market is expected to see growth rate of 23.18%
- Robust Cryptographic Techniques enables Greater Certainty of Data Quality
- Reduced Costs and Transactional Complexities
- Distributed and Stability Benefit
- Companies Integrating Blockchain Technology in Aerospace Industry
- Reluctance of Ecosystem Players to Adopt Blockchain in Aviation
- Streamline The Earning, Spending, Accounting and Reconciliation Of Frequent Flyer Points
- Tracking of the Status and Location of Valuable Assets such as Passenger Bags, Cargo, and Aircraft Spare Parts
- Passenger and Crew Identity Management
- Data Modification is a Difficult Task
- Blockchain Can Grow Very Large Over Time Requiring More Storage Space
Airlines and aviation startups are beginning to exploit the potential of Blockchain technology, demonstrating that the wider use and implementation of Blockchain in aviation have been increasing. According to AMA Research, the market players are focusing on technological advancement in aviation applications and this has increased market competitiveness
Some of the key players profiled in the report are Microsoft Corporation (United States), IBM Corporation (United States), Zamna Technologies (United Kingdom), Aeron Labs (Belize), Winding Tree (Switzerland), Volantio Inc (United States), Filament (United States), Infosys (India), Insolar Technologies (Switzerland), Leewayhertz Technologies (United States), Moog Inc. (United States), Deloitte (United States), Avinoc LTD (Hong Kong) and Leewayhertz Technologies (United States). Analyst at AMA Research see North America and Europe Manufacturers to retain maximum share of Global Aviation Blockchain market by 2026. Considering Market by Function, the sub-segment i.e. Record-Keeping will boost the Aviation Blockchain market. Considering Market by Platform, the sub-segment i.e. Manufacturers will boost the Aviation Blockchain market. Considering Market by Aviation Blockchain Type, the sub-segment i.e. Public will boost the Aviation Blockchain market. Considering Market by Components , the sub-segment i.e. Database will boost the Aviation Blockchain market.
In May 2019, GE Aviation entered into a partnership with Microsoft to bring Blockchain in Aviation. This partnership is centered on the standardization of GE Aviation’s Predix solutions on Microsoft Azure to build a supply chain track and trace Blockchain. and In July 2018, The SIA Group’s KrisFlyer frequent-flyer program launched KrisPay, the miles-based digital wallet that enables members to convert KrisFlyer miles into KrisPay miles instantly for everyday spending at partner merchants island-wide. The company claims that KrisFlyer is the world’s first blockchain-based airline loyalty digital wallet.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Aviation Blockchain market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Aviation Blockchain market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Aviation Blockchain Manufacturer, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and Aviation and Airlines Industry.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.