VeriTX leverages technology to enable increased up-times and reduced costs with the industry 4.0 and advanced manufacturing technology.
VeriTX enables production to move beyond the traditional four walls of a factory to a distribute network.
Industry 4.0 and advanced manufacturing technology is changing how businesses interact. Margin pressures are driving traditional industrial companies to enter digital markets where cost of goods sold are minimized and operating margins are higher. Airlines are focused on “Up-Time” and VeriTX will enable airlines to increase up-time and reduce costs.
The 4th Modality of Logistics
The enabling technologies are 3D Printing and Blockchain Provenance. By fusing technologies, VeriTX will enable production to move beyond the traditional four walls of a factory to a distribute network.
VeriTX will push the conversion of bits to atoms to the point of consumption and drive the nonvalue-added costs out of supply chains…packaging, shipping, warehousing, inventory management, customs fees.
Additionally, VeriTX will enable rapid forensics in the event of a part malfunction or failure. VeriTX will also leverage blockchain smart contracts and hashing for data and process integrity. In markets where the risk of counterfeit parts negatively impacting supply chains is high, VeriTX will provide attestation of part integrity. VeriTX will unlock the 4th Modality of Logistics…Land, Air, Sea and now Digital!
Value Props for Aerospace
Sale of Digital Assets (3D printed parts made when you need them, where you need them)
- Decrease AOG by enabling airlines to make parts or leverage local printers to make parts for digital assets owned by the airline.
- Reduce part lead times by creating an extremely agile manufacturing schema with a global network of 3D Printers…no waiting in line for forgings and castings. Reverse engineer parts and reduce OEM cost pressure.
- Reduce the non value added costs
- Inventory management…airlines will maintain their supply items
- Their most flexible state…digital
- Transportation costs…parts will be moved digitally through the cloud to the point of use.
- Warehousing costs….parts will be stored in a digital warehouse vice a physical building
- Customs fees…parts will move a cross borders to the point of need digitally
- We will create standards for digital thread and digital twin
- Each part will have an attestation of authenticity…this will reduce counterfeit parts from entering into aviation supply chains.
Sale of new and used physical parts (selling new and used physical parts from OEMs)
- Each physical part will now have a blockchain enabled Digital Twin…will allow airlines to aggregate part data quicker
- Reverse forensics will be much easier…in the event of a part failure/malfunction airlines will be able to quickly understand the extent of the problem and identify potential problem set of parts…today it is done with paper and consumes a lot of manpower.
- No ghost listing of parts
- Quality listing with all the prior provenance, photos, specs for the parts
- No more RFQs to respond to…prices listed
- Transact online with a Blockchain Smart contract…extremely fast and efficient. Settlement terms can vary on the Smart Contract depending on the characterization of the supply chain (example a good supplier gets Net 10; while a problem supplier gets Net 60)
- Access to a large base of suppliers and competition created on part price
- One stop shop for OEM, PMA, and Used parts
- Free up planner, buyer, and auditor time
Maintenance and Lease Records on Blockchain (in the development pipeline)
- Have all the records in a digital format
- Enable out-station maintenance to enter data directly into the forms
- Capture all of the repair information not just the discrepancy and corrective action. Use that meta data to begin to create efficiencies in your maintenance operations.
- Have a complete set of records for lease audits and exits…eliminate fines for missing or incorrect data.