Aviation Blockchain Market Scope
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%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 Research Analyst at AMA estimates that North America and Europe Manufacturers will contribute to the maximum growth of Global Aviation Blockchain market throughout the predicted period.
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) are some of the key players that are part of study coverage.
Segmentation Overview
The study have segmented the market of Global Aviation Blockchain market , by Application (Passenger-Focused and Ticket Sales [Passenger Identity Information,, Passenger Loyalty Programs, Blockchain Registers of Flights & Ticket], Aircraft Ownership and Financing, Cabin Crew and Aircraft Parts and Subsystems [Parts Tracking, Registers of Aircraft Parts and Subsystems, and Aircraft Parts and Subsystems Service Histories]) and Region with country level break-up.
On the basis of geography, the market of Aviation Blockchain has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Companies Integrating Blockchain Technology in Aerospace Industry
Market Growth Drivers:
Robust Cryptographic Techniques enables Greater Certainty of Data Quality, Reduced Costs and Transactional Complexities and Distributed and Stability Benefit
Challenges:
Data Modification is a Difficult Task and Blockchain Can Grow Very Large Over Time Requiring More Storage Space
Restraints:
Reluctance of Ecosystem Players to Adopt Blockchain in Aviation
Opportunities:
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 and Passenger and Crew Identity Management
Market Leaders and their Expansionary Development Strategies
In May 2019, GE Aviation entered into a partnership with Microsoft to bring Blockchain into 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.
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.
Analyst View
As Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), AR/VR, and Automation will be streamlining in the coming years, the Blockchain technology will play an essential role in making these innovations environmental friendly for a sustainable future. The growing use of Blockchain will revolutionize the aviation and airport industry due to its ability to provide cryptographically secure database to store property rights, credentials, identities (objects/people), agreements between parties, transmissions, and transactions.
Key Target Audience
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
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.