VeriTX: The Blockchain-powered Aerospace Marketplace
Aerospace additive manufacturing is a sector that has seen exponential growth in recent years, and VeriTX Corporation, a marketplace for digital assets enabling decentralised manufacturing, intends to help everybody capitalise on it. The company has presented its plan to create a digital supply chain for aircraft parts using the Algorand blockchain technology.
The existing VeriTX digital marketplace, which already enables the regulated digital supply chains of Industry 4.0, allows customers like the United States’ Department of Defence and various commercial airlines to save both time and money in manufacturing aircraft parts. Overall, for everybody involved, VeriTX saves resources and provides valuable economic and logistical data that can be used to maximise efficiency across organisational supply chains.
In fact, as the US Air Force, Army, and Navy all move towards a digital supply chain solution, the combined market size for digital aircraft parts is expected to reach a staggering US$3.1bn ─ supposedly, by 2025. “An Air Force maintenance commander has estimated that VeriTX would yield a 30 percent cost savings, 90 percent reduction in waste, and a 25 percent increase in aircraft performance (uptime).”
Many across the industry will be particularly impressed by the 90 percent reduction in waste, as we gradually move towards more eco-friendly, sustainable supply chain norms, as we fight the tide of carbon emissions. That said, some may question the actual benefit, as we all know what military aircraft is used for ─ and the damage that flight does to the world around us.
Currently, the VeriTX marketplace directly connects buyers and sellers of aircraft parts that can be 3D-printed on-demand at the point of use, and they want to build a new version of their system on Algorand’s public, pure proof-of-stake blockchain. Why? Because Algorand’s platform will enable the additional benefits of tracking the parts from order to delivery on an immutable distributed ledger ─ ergo, buyers will see verification of the origins of the product, and they’ll be able to see its progress across the supply chain network. This will mitigate the US$3bn counterfeiting problem that the industry currently faces.
“We chose Algorand as the blockchain infrastructure to power our platform, after looking at several technology providers and rigorous due diligence,” said Col James Allen Regenor, USAF (ret), VeriTX CEO. “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.”
To date, the aerospace manufacturing industry has pretty much relied on a business system that was developed in the 1980s─ordering parts from printed catalogues via fax and phone, that is.
VeriTX intends to digitise and decentralise the traditional process by breaking it down into four steps:
- Sellers will design parts digitally; this step will include the initial idea, prototype and final design of individual parts ranging from “traditionally forged metal engine parts to polymer-moulded interior parts used in aircraft cabins.”
- Sellers will upload their parts to the VeriTX platform. They will provide detailed product descriptions, including pricing, specifications, and provenance.
- Buyers will make their purchases digitally. The platform will enable the exchange of digital assets, “which will eventually become tangible in the last step.”
- Push to point-of-use, then 3D print. VeriTX has machine partners who are prepared to print parts and prepare them for both pick-up or delivery.
"What VeriTX is doing—removing friction from transactions—is Algorand's primary mission. VeriTX is applying the technology in a very tangible way that showcases the power of blockchain to reinvent established industries like manufacturing in a decentralised manner," said W. Sean Ford, COO of Algorand. "Taking out the middleman, VeriTX is connecting buyers and sellers directly to maximise efficiency and actively reshape the future of manufacturing."
SAP Ariba to digitise procurement for Expo 2020 suppliers
The global trade event, this year hosted in Dubai, was rescheduled from last year and will now take place between 1 October 2021 and 31 March 2022.
As the event’s Innovative Enterprise Software Partner, SAP Ariba solutions will fully digitise and automate the procure-to-pay lifecycle, providing a streamlined experience for thousands of market leading, global suppliers and strengthening the global supply chain with enhanced transparency and efficiency. The cloud-based platforms operate through on SAP Ariba’s UAE public cloud data centre and connects to the Ariba Network.
Expo 2020 "a long-term investment"
Mohammed AlHashmi, Chief Technology Officer, Expo 2020 Dubai, said the world trade event is “a long-term investment in the future that aims to enhance opportunities for sustainable business connectivity and growth”, which stretches beyond Expo 2020’s six-month window.
“Our partnership with SAP is an example of what can be achieved with the invaluable support of our technology partners to host one of the most digitally advanced World Expos ever,” he added. “The implementation of SAP Ariba solutions has transformed our end-to-end procure-to-pay cycle and helped set new standards of procurement automation for projects of this scale.”
To date, more than AED 1bn has already been transacted by Expo 2020 suppliers through SAP Ariba. The platform promotes collaborative partnerships and allows registered users to participate in sourcing events, negotiate and initiate contracts, and centralise their invoicing and payments in real time.
Claudio Muruzabal, President of EMEA South, SAP, said: “Expo 2020 Dubai is demonstrating global best practices in digitising its procurement process with SAP Ariba solutions to help gain visibility into its spend, tighten collaboration with its suppliers, and achieve process automation, including completely paperless invoicing.”
About Expo 2020 Dubai
Expo 2020 will take place in Dubai and is the first of the long-running World Expos to be hosted in the Middle East, Africa and South Asia territory. The original World Expo, called the Great Exhibiton, was hosted in 1851 at the Crystal Palace in London, designed as a showcase for the innovations of the Industrial Revolution.
Expo 2020 was originally due to run 20 October 2020 to 10 April 2021, but was last year postponed in light of COVID-19 restrictions - though some business has already taken place virtually. The event will place greater emphasis on innovation in sustainable solutions through the Sustainability District, blending technology and culture. It is expected that around 70 per cent of the 25 million attendees will be international visitors.