Cryptovest | Jul 17, 2018 05:20AM ET
Accenture, Thales Showcase Blockchain System for A&D Supply Chains
Ireland-based professional services and management consulting giant Accenture has collaborated with French aerospace and defense (A&D) major Thales to create a blockchain-powered system. The new solution, which was presented at the Farnborough Air Show, can secure and speed up processes in A&D supply chains around the world.
The system was built under Thales’ digital innovation program, the partners said in a statement on Monday. The platform uses Hyperledger Fabric, a technology developed by Linux-backed blockchain project Hyperledger, and relies on the distributed ledger technology (DLT), internet of things (IoT), and other emerging technologies.
John Schmidt, the head of Accenture’s A&D unit, commented:
“The aerospace and defense industry has one of the world’s most vast and complex supply chains. Blockchain technology offers a new, elegant and secure way for the industry to track and trace myriad components while deterring counterfeiting and improving maintenance capabilities.”
“Used in combination with technologies like digital twins and digital threads, blockchain could ultimately be a game-changing innovation for this sector,” he added.
The prototype will help A&D industry players improve parts tracking in the supply chain. Mark Walton-Hayfield of Accenture Digital in London told Forbes the system would cut costs, confirm authenticity, and enable more accurate recalls of defective parts. The platform will allow suppliers, manufacturers, and intermediaries to benefit from a unified and shared image of the supply chain.
Accenture found that an overwhelming 86% of A&D companies want to integrate blockchain into their system in about three years from now.
Gareth Williams, Thales UK’s VP for secure communications and information systems, stated:
“Identifying counterfeit and grey-market goods in the A&D supply chain can be challenging. Using blockchain in combination with cryptoseals and physically unclonable functions allows you to build a trusted history behind parts.”
Last week, we This article appeared first on Cryptovest
Written By: Cryptovest
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.