Algorand Partners with VeritTX to Deliver Leading Digital Marketplace For Aerospace Manufacturing
Algorand Blockchain technology has been employed by VeriTX Corp. to develop a digital supply chain for aircraft parts.
VeriTX is the trusted marketplace for digital assets which allows customers like the department of defense and commercial airlines to conserve significant time and money for the manufacture of aircraft parts and gaining of valuable economic and logistical data that is incoperated to enhance efficiency.
As more force units move toward a digital supply chain, if combined, the market size for digital aircraft parts is to cap at $3.1Billion by 2025. With estimation from an Air Force maintenance commander, VeriTX is certain to yield a 30% cost savings, 90% reduction in waste, and 25% increment in the performance of aircraft.
VeriTX ecosystem is a digital marketplace that links buyers and sellers of aircraft parts that can be 3D printed on-demand at the point of use, it is built on Algorand’s public, pure proof-of-stake blockchain. This is of great benefit as parts can now be tracked from order to delivery on an immutable distributed ledger, and also provide verification of originality. Hence, the $3billion problem of counterfeit parts will be drastically mollified.
The CEO of VeriTX, Col James Allen Regenor USAF (ret) said that they chose Algorand as the blockchain to power their platform, after looking at several technology providers and rigorous due diligence.
He added that Algorand was the ideal solution to onboard their ecosystem partners to the network, because of it’s flexible architecture, low transaction fees and transactional throughput scalability.
The aerospace manufacturing industry to a great extent has relied on business models developed in the 1980s until now, ordering parts from printed catalogs through fax and phone.
VeriTX is set to digitize as well as decentralizing the parts manufacturing process and has split it into four steps, which are;
Sellers Design Parts Digitally: This has to do with the idea, prototype and finishing design of parts which includes traditional forged metal engine parts and polymer-molded interior parts in aircraft cabins.
Sellers Upload Parts of VeriTX Plaform: pricing, specifications, provenance and all other necessary information is included.
Buyers Purchase Digital Parts: VeriTX enables the exchange of digital assets. This will be valuable in the last step.
Push to Print-of-use and 3D print: The platform has machine partners who can print the parts and complete them for pick-up and delivery.
The essence of the VeriTX aircraft parts was certified with real-world use cases.
The impact of the VeriTX digital supply chain was proven with real-world use cases, they are;
F15-Eagle fighter metal aircraft parts: VeriTX lessened lead time from 265 days from order to delivery to 6 hours only.
Polymer aircraft parts: Order to delivery time was reduced to 1 hour from 133 days. Being a completely digital process, immediately after the part was ordered, it was sent to the 3D printer, who worked on it for about 40 minutes, and the fact that it’s made at the airline’s maintenance facility makes delivery time effective.
Commercial Airline: With the use of VeriTX, airlines will be able to order digital replacement and have it manufactured in 1 hour. Costs of flights to manually get needed parts and make repairs, is also conserved.
W. Sean Ford, COO of Algorand said that what VeriTX is doing, removing friction from transactions, is Algorand’s primary mission. He added that, VeriTX is applying the technology in a very tangible way that showcases the power of blockchain to reform established industries like manufacturing in a Decentralized manner. He concluded by saying, taking out the middlemen, VeriTX is connecting buyers and sellers directly to maximize efficiency and actively reshape the future of manufacturing.
VeriTX Corp. is a trusted fast flexible digital marketplace for the aerospace, medical and industrial market verticals. VeriTX leverages leading edge technology convergences as it pushes the envelope to develop enterprise digital supply chain solutions.
Algorand Inc. built the world’s first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models.
Written By Yusuf Muhammad—Algorand Ambassador
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