Algorand adoption in Aerospace field via VeriTX partnership
By Inkarias - 2020-10-24
Recently announced this week, Aerospace marketplace VeriTX wishes to turn to Algorand to get its supply chain soaring in a long-term evolution vision. Using the existing models, namely the old printed catalog system would have taken 265 days, on average, to get the jet flying, a long waiting-period when blockchain and new technologies can greatly decrease this delay. In that way, to build that marketplace, the decentralized aerospace parts manufacturing firm is partnering with Algorand, using its proof-of-stake blockchain platform to provide customers with speed and certainty along the supply chain.
As VeriTX CEO Col. James Allen Regenor shared on October,22 :
« We chose Algorand as the blockchain infrastructure to power our platform after looking at several technology providers and rigorous due diligence,” VeriTX CEO Col. James Allen Regenor said. “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 »
More about VeriTX
VeriTX’s platform connects buyers and sellers of parts that can be 3D printed on-demand. The blockchain acts as an additional security layer, allowing the tracking of parts from order to delivery on an immutable distributed ledger, as well as verifying their origin and authenticity. On the VeriTX marketplace, sellers digitally design the parts and upload them onto the platform alongside pricing, specifications and provenance. At this point, buyers can purchase those parts and they are finally printed as near to the buyer as possible and delivered. Aside from the F-15, VeriTX claims it was able to supply another customer with polymer-printed parts, reducing delivery time from 133 days to one hour, as the seller’s design allowed it to be printed in the airline’s own maintenance facility.
All the details about this new partnership for Algorand adoption can be read at https://www.algorand.com/