Honeywell launches blockchain platform for buying and selling aircraft parts
Currently, less than 2.5 per cent of all aviation spare parts are bought online. Honeywell’s new blockchain-powered GoDirect Trade e-commerce platform could increase that through transparent pricing and guaranteed availability.
Honeywell has launched its GoDirect Trade e-commerce platform for buying and selling used aircraft parts.
Often, buyers looking for aviation parts such as avionics, auxiliary power units, etc. have to call numerous companies and wait days or even weeks to price a part, and risk buying from a company that does not have the inventory immediately in stock.
On GoDirect Trade, Honeywell is using blockchain technology to ensure every listing includes images and quality documents for the exact part being offered for sale, giving the buyer confidence about purchasing the part. In addition, every part on GoDirect Trade is immediately available for sale and shipping. There is no need to wait for the seller to confirm availability.
Connecting buyers and sellers
Building on experience from the Honeywell Aerospace Trading business, GoDirect Trade aims to build stronger connections between buyers and sellers. For example, buyers and sellers can directly contact one another via the platform. As with similar websites in other industries, online reviews of both buyers and sellers are encouraged.
“Currently, less than 2.5 per cent of all transactions in this space are done online.”
“Currently, less than 2.5 per cent of all transactions in this space are done online,” said Lisa Butters, who is leading the new Honeywell Aerospace venture. “Up until now, the ability to shop for spare parts online with prices, product images and quality documentation all in one place was unheard of for the aviation industry.”
She added: “We are the first marketplace to enable customised seller storefronts, and we are the first to leverage blockchain technology to build trust between the buyer and seller. All of these firsts will bring us into a new era focused on the buyer’s experience while enabling sellers to grow globally. Our platform and mindset will change the way the industry does business.”
Bringing e-commerce to aviation
“GoDirect Trade represents an evolution in our market, and being backed by a major equipment manufacturer brings the confidence we need to be one of the early adopters,” said Thomas Noonan, director of material and part sales, StandardAero Total Aircraft Spares. “This technology will help propel the aviation industry forward into the realm of other e-commerce sites that many of us use each day without a second thought.”