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Majority of aerospace/defense companies to integrate blockchain by 2021: Accenture report

The blockchain is a type of distributed ledger that maintains and records data in a way that allows multiple stakeholders to confidently and securely share access to the same information.


Devdiscourse News Desk 12 Jun 2018, 12:15 PM
  • A new research report from Accenture forecasts that approximately six in seven aerospace/defense companies (86 percent) expect to integrate blockchain into their corporate systems within three years. (Image Credit: Wikipedia)

A new research report from Accenture forecasts that approximately six in seven aerospace/defense companies (86 percent) expect to integrate blockchain into their corporate systems within three years.

The report entitled  “Launchpad to Relevance: Aerospace & Defense Technology Vision 2018” says blockchain’s secure, immutable and decentralized features can help aerospace companies reduce maintenance costs, increase aircraft availability, and minimize errors in tracking aircraft parts. 

The report is derived from Accenture Technology Vision 2018, the company’s most-recent annual technology report that predicts key technology trends likely to disrupt business over the next three years, including artificial intelligence (AI) and virtual/augmented reality. 

The Accenture Technology Vision 2018 is developed annually by the Accenture Labs and Accenture Research. The research found that:

  • Two-thirds (67 percent) said their companies will invest in AI in the next year, with many focusing initially on production, security, and research and development.
  • Four in five (80 percent) said they expect that every human in their workforce will be directly affected daily by an AI-based decision by 2021.
  • More than half (57 percent) will invest in augmented reality and virtual reality in the next year and nearly all (96 percent) believe extended reality will help close the physical distance gap when engaging employees or customers.  

Another research report by Accenture, titled Extending the Digital Thread With Blockchain, found that blockchain can be used in tandem with digital twins – which are digital representations of physical objects – and can be a supporting technology within a powerful tool known as a digital thread. A large and diverse collection of interwoven data flows, a digital thread can provide more-efficient methods of sharing data throughout the product design, manufacturing and maintenance lifecycles, translating to faster and less expensive production, superior maintenance, and on-time upgrades.

“Blockchain is well-suited to improve the performance of one of the world’s most complex, globally interconnected and security-dependent supply chains,” said John Schmidt, who leads Accenture’s Aerospace & Defense practice globally.

The blockchain is a type of distributed ledger that maintains and records data in a way that allows multiple stakeholders to confidently and securely share access to the same information.


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