VeriTX Corp., a digital B2B marketplace for the aerospace, medical, and industrial market, will develop a blockchain-based supply chain solution for the aerospace industry on the Algorand blockchain platform.
VeriTX announced the news in a press release published on Thursday, October 22nd. The VeriTX platform offers a digital marketplace that directly connects buyers and sellers of aircraft parts that can be 3D printed on-demand at the point of use. This new blockchain-powered marketplace will allow large customers such as the US Department of Defense and commercial airlines to save significant time and money in manufacturing aircraft parts.
According to VeriTX, the solution digitize and decentralize the parts manufacturing process by breaking it down into four steps. In the first step, sellers design aircraft parts digitally that include all necessary information. Sellers will then upload these digitally designed parts to VeriTX blockchain-based marketplace. Buyers purchase digital parts using digital assets. But it is not clear whether the parties involved will use the ALGO coin to make transactions or a new token will be launched.
Then purchased parts will be 3D-printed on the point-of-use. “For those who do not have 3D printing machines, VertiTX has machine partners who can print the parts and have them ready for pick-up or delivery,” said VeriTX.
VeriTX promises unbelieveable efficiency with this Algorand-powered supply chain solution. According to the company, the time to deliver metal parts for the F15-Eagle fighter that currently takes 265 days from order to delivery, will be reduced to just 6-hours. VeriTX cites an Air Force maintenance commander who estimates VeriTX will yield a 30% cost savings, a 90% reduction in waste, and a 25% increase in aircraft performance.
All these improvements to the aerospace industry will be made possible by Algorand, a pure Proof-of-Stake (PoS) blockchain built for the next generation of financial products. Col James Allen Regener, CEO of VeriTX and a retired US Air force colonel, about Algorand commented:
“We chose Algorand as the blockchain infrastructure to power our platform, after looking at several technology providers and rigorous due diligence. Algorand was the ideal solution to onboard our ecosystem partners to the network, because of its flexible architecture, low transaction fees, and transactional throughput scalability.”
This is the first implementation of blockchain in aerospace but proves that technology that is likely to have the greatest impacts on the next few decades on our lives has arrived, and there is no doubt that this is blockchain.
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