Investing.com — Airlines can save up to 7% on their cargo handling costs by using Web3-based solutions, a groundbreaking study by Aventus and Airport Perishables Handling (APH) at Heathrow Airport has revealed.
The aviation industry has long been plagued by outdated technologies, last-minute maintenance issues, and poor sustainability practices. But now, thanks to blockchain technology, these challenges can be effectively addressed.
The study conducted by Aventus specifically focuses on how blockchain technology can revolutionize traditional ULD (Unit Load Device) management. Currently, the tools used for global ULD management have remained stagnant since the 1990s, relying heavily on manual data entry. This outdated process results in issues such as data visibility problems, inaccuracies, secure information sharing challenges, and costly losses, damages, and delays of ULDs, costing airlines over $1.6 billion annually.
By leveraging Web3 technology through blockchain, airlines can benefit from immutable, tamper-proof records, automated processes with self-executing smart contracts, and real-time visibility into ULD location, custodianship, and condition. These capabilities streamline data sharing and optimize operations, leading to significant cost savings and efficiency improvements.
In a pilot study at Heathrow Airport, Aventus showcased the advantages of their blockchain-based cargo handling system. The results were impressive – communication and error incidents decreased by 90%, manual paperwork time was reduced by 83%, ULD stock updates now take just 30 minutes instead of 3-4 hours, and loading times were cut by 28% due to more efficient ULD loading.
Alan Vey, Founder of Aventus, emphasized the transformative potential of blockchain technology for the aviation industry and global supply chains. With partnerships expanding across different regions, the positive impact of blockchain is expected to grow even further through network effects.
Michelle Roosevelt, Director at Aviation Perishables Handling, praised Aventus’ technology for its speed and responsiveness, leading to significant improvements in productivity and operational efficiency. The app has not only served as a tool but has reshaped how aircraft containers are managed and tracked.
Founded in 2020, Aventus is at the forefront of developing Web3 environments for launching programs and product activations. Their aviation solution has already formed partnerships with major enterprises, bringing the benefits of blockchain to the Polkadot ecosystem and leading airlines in Asia and the Middle East.
Overall, the adoption of blockchain technology in the aviation industry has the potential to revolutionize cargo handling operations, reduce costs, improve efficiency, and enhance transparency. By embracing these innovations, airlines can stay ahead of the curve and ensure a sustainable future in the ever-evolving world of aviation.
