Honeywell brings blockchain to used aircraft parts market
Honeywell International is using blockchain to shake up the market for used aircraft components, making it easier to check the certification and origin of a part and speeding up transactions. The company’s Honeywell Aerospace unit earlier this year introduced an online marketplace based on blockchain that lets more than 800 international buyers and sellers trade aerospace parts in real time. Before blockchain, a transaction took, on average, 2 phone calls and 4 emails to arrange, and 2 days to close. The sale of larger parts such as engines could take weeks of sending quotes and exchanging documentation. With blockchain, a buyer can locate a part and purchase it immediately. The marketplace, called GoDirect Trade, has notched US$2m in sales so far, and Honeywell targets sales of $10m by year-end. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-05-29/general/honeywell-brings-blockchain-to-used-aircraft-parts-market
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Honeywell brings blockchain to used aircraft parts market
Honeywell International is using blockchain to shake up the market for used aircraft components, making it easier to check the certification and origin of a part and speeding up transactions. The company’s Honeywell Aerospace unit earlier this year introduced an online marketplace based on blockchain that lets more than 800 international buyers and sellers trade aerospace parts in real time. Before blockchain, a transaction took, on average, 2 phone calls and 4 emails to arrange, and 2 days to close. The sale of larger parts such as engines could take weeks of sending quotes and exchanging documentation. With blockchain, a buyer can locate a part and purchase it immediately. The marketplace, called GoDirect Trade, has notched US$2m in sales so far, and Honeywell targets sales of $10m by year-end. <br/>
