Europe continues its search for new blockchain use cases, with the latest foray coming in its aviation sector as the region seeks to crack down on using unapproved parts, reports Coingeek.
The European Union Aviation Safety Agency (EASA) leads the charge with a new project to leverage blockchain to track aircraft parts and other components. Dubbed the VIRTUA project, EASA has onboarded blockchain firms SkyThread and FPT Software to provide technical expertise for the solution.
Per the announcement, the International Air Transport Association (IATA) and PwC France will provide regulatory and compliance support for the novel project.
The EASA is keen to improve safety standards in the aviation industry, noting that integrating blockchain into its systems will offer the sector myriad benefits. Approved aircraft parts will be listed on a distributed ledger, allowing prospective purchasers to confirm their authenticity before finalising a deal.
According to statistics, unauthorised aviation parts played a primary role in the over 20 aircraft accidents in the US, a trend that the EASA is keen to avoid.
“We believe that this project will provide a comprehensive vision of how blockchain solutions could contribute to addressing the issue,” said Nick Careen, IATA’s Senior VP of Operations, Safety, and Security.
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