Willis Lease Finance and key industry partners launch MRO Blockchain Alliance

Key industry partners have come together to launch the MRO Blockchain Alliance, the air transport sector’s first industry-wide investigation into the use of blockchain to trace, track and record aircraft parts.

The new alliance is made up of leading organizations covering every aspect of the commercial aviation maintenance, repair and overhaul (MRO) chain, from parts manufacturing and repairs to logistics and smart contracts. The alliance members so far include Bolloré Logistics, Cathay Pacific, FLYdocs, HAECO Group, Ramco Systems, SAFRAN, SITA and Willis Lease Finance Corporation, all supported by Clyde & Co.

“In order to build a valuable product utilizing blockchain technology, we will need the industry leaders, represented in this alliance, to lend their respective expertise and to build upon the work already completed by Willis Lease Finance Corporation and FLYdocs in this field,” explained Austin Willis, Senior Vice President, Business Development, Willis Lease Finance Corporation.”

In the coming months, the alliance will launch a proof of concept to explore how it can use blockchain to digitally track and record the movement and maintenance history of parts across a wide number of players. These include airlines, lessors, original equipment manufacturers (OEMs), logistics suppliers and maintenance providers.

The MRO industry processes 25 billion parts every year, while adding three billion new parts each year. There are 20,000 suppliers, covering 144,000 flights every day for an overall industry market representing around $100 billion per year.

The alliance will spend the next six months in a continued planning phase, with the aim of going live with the first proof of concept in the third quarter of 2020.

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