Boeing uses blockchain to sell aircraft parts for $1 billion

by in Blockchain News

Boeing uses blockchain Honeywell

The U.S. corporation Boeing has partnered with aerospace giant Honeywell to track and sell $1 billion worth of aircraft parts through the GoDirect blockchain platform, Forbes writes.

Related: US Navy bets $9.5M on blockchain to secure messaging

According to Honeywell CEO Lisa Butters, GoDirect aims to develop digital commerce, which accounts for only 3% of the $14 billion market.

The company plans to solve the problem of a large number of documents testifying to the quality and origin of the goods. Each paper document should be moved from place to place and re-enter the owner's data manually, which entails excessive manual work, time and financial costs.

Butters expects sales of the platform at around $25 million at the end of 2020, by 2021 this indicator should reach $100 million, and by 2022 sales should reach $1 billion.

GoDirect is based on Hyperledger Fabric and is not the first blockchain initiative at Boeing. In the second half of 2019, the concern joined the managing board of the corporate blockchain network Hedera Hashgraph.