Honeywell, the company better known for its thermostats and the one that recently claimed to have beaten IBM and Google in Quantum Computing, has also tapped into the enterprise-level distributed ledger technology field with GoDirect Trade, a blockchain platform tailored to track and authenticate supply chain industry parts and materials while ensuring they comply with international safety standards at the same time.
The best description I’d attach to Honeywell comes from a Greek saying that goes something like ‘silent river’ (σιγανό ποταμάκι), suggesting that the company we all thought is a typical industrial manufacturer, is quite involved with edge tech trends on an immediate level.
With a ROI of 1800%, the N. Carolina-based company went public 35 years ago, and just by looking at its chart, I can only think of Google’s success story. Like the constant growth wasn’t enough, GoDirect Trade recently got a huge deal with Being which registered more than $1bn worth of aerospace parts with the private blockchain, as revealed at the Hyperledger Global Forum for blockchain enterprises, in Phoenix, Arizona.
“The transaction last weekend saw Boeing add the excess parts, or parts they no longer needed, directly to the platform, which connects the layers of the supply into a single, shared ledger of transactions that transparently tracks their movement”. – says Lisa Butters, General Manager at Honeywell.
GoDirect Trade is a spinoff of Hyperledger Fabric, a Linux and IBM-backed blockchain deployment platform and it essentially enables next-level supply chain management impossible prior to the introduction of distributed ledger systems.
Naturally, aviation industry parts and materials would be tethered to physical documentation subjecting their origin, authenticity and ownership/usage history, so each document required to be physically transferred between sellers and new owners, making the procedure impossible to take place in an online fashion.
Considering that digital documents could be easily forged in the pre-blockchain era, and you could end up buying grass, instead of titanium molds, if the paper suggested so, blockchain technology adds that hint of unbiased immutable trust that was missing from the multi-billion industry.
Furthermore, Butters reveals that less than 3% of the $4bn in second-hand aviation parts sold annually are traded online, but that’s going to change thanks to GoDirect Trade, and obviously thanks to blockchain technology.
While Honeywell’s blockchain venture just closed its first year of operations, we should expect an analogous exponential growth to its parent, with Butters expecting to have conducted over $1bn in sales by 2022.
This is not the first blockchain-powered supply chain management platform and marketplace, and it is certainly not the first Hyperledger-powered enterprise solution utilizing the innovative technology underlying Bitcoin.
GoDirect Trade only suggests once again, that blockchain technology is here to stay, regardless of public cryptocurrencies utility, due to its unique architectural domain that makes file management faster, cheaper, secure and more accurate.
Other popular companies utilizing Hyperledger include but are not limited to Walmart, Deutsche Telekom, Maersk, and Vodafone and almost all of them have supply-chain as the main target industry for their services.