The automotive and aerospace & aviation sector has been undergoing significant changes since the last decade. Advanced technologies such as blockchain, artificial intelligence, analytics, and the Internet of Things (IoT) are gaining dominance over the other conventional techniques. To minimize the cyber threat, cost of operation, and to enhance the transparency, the players operating in the automotive and aerospace & aviation ecosystem are integrating blockchain with their solution.
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Blockchain is a complex data structure, where digital records are combined into blocks to form a chain of codes stored in chronological order. These recorded codes are connected with each other in a network using sophisticated mathematical algorithms, comprising unique data set of records that are connected with the previous ones. As this data is stored in a distributed public ledger, all the operations, including reading, writing, and changing, are visible to various users, which helps in keeping the transactions to be transparent, thereby maintaining the authenticity of the information stored.
Blockchain data records are linked to each other using hash pointers. Hash pointers point to the location of the previous data block, and it even contains the message about the content of the block. The pointer allows the programmer to locate the data block and read its content. Inside the block, all the transaction messages are organized in the form of a tree known as the Merkle Tree. These trees summarize all the transactions in a block and provide a very efficient process to verify the transactions. Merkle trees are constructed by using hash codes until there is only one hash node left. The last hash node is called the Root or Merkle Root. Merkle trees use double-SHA 256.
In the automotive and aerospace & aviation industries, where parts are handed over to multiple parties, chances of fraud in the supply chain are frequent and untraceable, causing a massive problem to the end-users. With the introduction of blockchain in these industries, the complex nature of the supply chain can be simplified, thereby improving traceability and transparency of parts within the supply chain. As blockchain is indestructive in nature, it is impractical to manipulate data in a blockchain, thus making it very easy for tracing the origin and ownership of a particular part.
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Blockchain, with its advantages such as decentralization, security, and transparency, connects original equipment manufacturers (OEMs), service centers, suppliers, dealers, and end customers to a single network, enabling them to verify authentic products at the end of the cycle. This, in turn, is expected to drive the market for blockchain in the industries mentioned above. Competitive landscape provides an organization the edge to understand its key business strategy in the industry, its current competitors, and potential future competitors that may have made their way into the market. In an attempt to lead the market as well as engage in the process of market growth, a company needs to bring new products and services to the market, update the existing products, collaborate with other top market leaders, and acquire companies to strengthen its market position further.
