{"id":169027,"date":"2020-10-22T00:00:00","date_gmt":"2020-10-22T00:00:00","guid":{"rendered":"http:\/\/facfox.com\/news\/?p=169027"},"modified":"2024-10-18T07:06:12","modified_gmt":"2024-10-18T07:06:12","slug":"veritx-and-algorand-to-build-a-blockchain-powered-digital-marketplace-for-aerospace-am-aerospace","status":"publish","type":"post","link":"https:\/\/facfox.com\/news\/veritx-and-algorand-to-build-a-blockchain-powered-digital-marketplace-for-aerospace-am-aerospace\/","title":{"rendered":"VeriTX and Algorand to build a blockchain powered digital marketplace for aerospace AM Aerospace"},"content":{"rendered":"

VeriTX Corp., a marketplace for digital assets enabling decentralized manufacturing, presented the plan for a digital supply chain for aircraft parts using the Algorand blockchain technology. The VeriTX digital marketplace allows customers such as the Department of Defense and commercial airlines to save significant time and money in manufacturing aircraft parts and to gain valuable economic and logistical data that can be used to maximize efficiency.<\/p>\n

As the US Army, Navy and Air Force all move toward a digital supply chain, the combined market size for digital aircraft parts is expected to reach $3.1B by 2025. An Air Force maintenance commander estimated VeriTX would yield a 30% cost savings, 90% reduction in waste, and a 25% increase in aircraft performance (uptime).<\/p>\n

The VeriTX Platform, a digital marketplace that directly connects buyers and sellers of aircraft parts that can be 3D printed on-demand at the point of use, is building on Algorand\u2019s public, pure proof-of-stake blockchain. This enables the additional benefits of tracking the parts from order to delivery on an immutable distributed ledger, and verifying the provenance (origin and authenticity) of the parts, mitigating the $3-billion problem of counterfeit parts.<\/p>\n

\u201cWe chose Algorand as the blockchain infrastructure to power our platform, after looking at several technology providers and rigorous due diligence,\u201d said Col James Allen Regenor, USAF (ret), VeriTX CEO. \u201cAlgorand was the ideal solution to onboard our ecosystem partners to the network, because of its flexible architecture<\/a>, low transaction fees and transactional throughput scalability.\u201d<\/p>\n

VeriTX promises to deliver critical aerospace<\/a> 3D printed parts on demand.<\/p>\n

Until now, the aerospace manufacturing industry has largely relied on business systems developed in the 1980s\u2014 ordering parts from printed catalogs via fax and phone. VeriTX will digitize and decentralize the parts manufacturing process by breaking it down into four steps.<\/p>\n

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Manufacturing on Demand<\/h4>\n
Realize your creation with full capabilities, expand your business from prototyping to mass production.<\/div>\n<\/div>\n

<\/i> Get Quote<\/a><\/p>\n<\/div>\n

Sellers design parts digitally. This includes the idea, prototype and final design of parts ranging from traditionally forged metal engine parts to polymer-molded interior parts used in aircraft cabins. Sellers then upload parts on VeriTX platform. All the necessary information such as pricing, specifications, and provenance is included.
\nBuyers purchase digital parts. The platform enables the exchange of digital assets, which will eventually become tangible in the last step. Push to point-of-use, then 3D print. For those who do not have 3D printing<\/a> machines, VertiTX has machine partners who can print the parts and have them ready for pick-up or delivery.<\/p>\n

The impact of the VeriTX digital supply chain was proven with real-world use cases. An F15-Eagle fighter metal aircraft parts, which typically takes 265 days from order to delivery, saw exponentially reduced lead time to just 6 hours. In another test case, time from order to delivery of polymer parts was reduced from 133 days to 1 hour. Since the process was entirely digital, once the part was ordered, it was sent instantly to the 3D printer, which was waiting. Making (printing) the part took about 40 minutes. It was made at the airline\u2019s maintenance facility, so delivery was as soon as it was done.<\/p>\n

During a flight from Auckland to Los Angeles, a cabin part failed that would put a business premier class seat out of operation. Using VeriTX, the airline was able to order a digital replacement and have this part manufactured in one hour. When the plane landed in LA, the part was installed and the cabin was back in operation. Lead time reduction 50x. Saved $30,000 in potential lost revenue from the cost of the seat and the cost of flights to get the needed part and make the repair.<\/p>\n

\u201cWhat VeriTX is doing\u2014removing friction from transactions\u2014is Algorand\u2019s 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 decentralized manner,\u201d said W. Sean Ford, COO of Algorand. \u201cTaking out the middleman, VeriTX is connecting buyers and sellers directly to maximize efficiency and actively reshape the future of manufacturing.\u201d<\/p>\n

Aerospace is the first vertical industry to deploy the VeriTX platform, with medical<\/a> and industrial markets to follow.<\/p>\n

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You might also like:<\/h5>\n

Titomic agrees to supply Hockley Pattern & Tool with AM tooling technology: <\/a>Titomic specializes in leveraging advanced materials and its new AM technology. Its focus on material science uses proprietary machines a<\/p><\/blockquote>\n

* This article is reprinted from 3D Printing Media Network<\/a>. If you are involved in infringement, please contact us to delete it.<\/p>\n

<\/i> Author:\u00a0Victor Anusci<\/p>\n","protected":false},"excerpt":{"rendered":"

VeriTX Corp., a marketplace for digital assets enabling decentralized manufacturing, presented the plan for a digital supply chain for aircraft parts using the Algorand blockchain technology. 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