Blockchain is quickly becoming one of the most useful technologies in the world, like banking, medical and supply chain industries taking advantage of its unique capabilities.

The latest industry to embrace Blockchain technology is aerospace. Accenture Director of Aerospace and Defense, John Schmidt, recently identified Blockchain as the next great innovation in airplane maintenance at the 2017 Paris Airshow.

The difficulty, according to Schmidt, with engine maintenance, for example, is that data for the engine is not stored in a single accessible location, making improvements and evaluation difficult.

However, "Blockchain is in effect a single federated ledger that everybody who uses and touches that engine could use it as a single point of truth of what has happened to the engine,” Schmidt said.

Because of the unique advantages of Blockchain technology, information could be disseminated to new maintenance engineers, providing faster and more reliable turnaround times for repairs, and a more concise history of engine maintenance.

Apparently, the industry itself will need to embrace such helpful changes, but Accenture sees this as the wave of the future for aerospace.

Schmidt also said:

"It is something we can see clearly in terms of the benefits, and we effectively have a patent pending on how to leverage Blockchain in the aftermarket."