Aerospace marketplace VeriTX with Algorand

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Have you ever wonder what are the significant improvements that the partnership of Algorand and VeriTX will brought to their Aerospace Manufacturing. Does building a digital marketplace for aircraft parts is worth it?

It all started when an F-15 Eagle fighter needed a metal part so its commanders turned to VeriTX’s virtual marketplace, where they were able to find a nearby supplier that could make it on a 3D printer and deliver it within six hours. While using an old printed catalog system it would take them a 265 days before they make the jet flying again.

Just recently the VeriTX Corp, a trusted marketplace for digital assets that enables decentralized manufacturing, made an announcement last October 22 that they will develop a digital supply chain for aircraft parts using the Algorand blockchain technology. The VeriTX digital marketplace allows customers such as the Department of Defense and commercial airlines to save significant time and money for manufacturing their aircraft parts, while also gaining valuable economic and logistical data that can be used to maximize efficiency.

Building on Algorand’s public, pure proof-of-stake blockchain enables the additional benefits of tracking the parts from order to delivery on an immutable distributed ledger, while also verifying the authenticity of parts.This mitigates the$3-billion problem of counterfeit parts. Col James Allen Regenor, USAF (ret) and also the VeriTX CEO stated that,

“We chose Algorand as the blockchain infrastructure to power our platform, after looking at several technology providers and rigorous due diligence” he also added “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.”

According to Sean Ford the COO of Algorand, he commented on the partnership by stating that, “What VeriTX is doing—removing friction from transactions—is Algorand’s primary mission. VeriTX is applying the technology in a very tangible way that showcases the power of blockchain to reinvent established industries like manufacturing in a decentralized manner,” said by Ford “Taking out the middleman, VeriTX is connecting buyers and sellers directly to maximize efficiency and actively reshape the future of manufacturing.” 

To rake note aerospace is the first vertical industry to deploy the VeriTX platform, with medical and industrial markets to follow. Up until now the aerospace manufacturing worked like it did in the 80s, with parts being ordered from printed catalogs via fax and phone. Since claims that its new blockchain-based marketplace dramatically cuts the delivery time and cost of aircraft parts for its customers. They are planning to digitize and decentralize the parts manufacturing process by breaking it down into four steps:

• Sellers design parts digitally. This includes the idea, prototype and final design of parts ranging from traditionally forged metal engine parts to polymer-molded interior parts used in aircraft cabins.
• Sellers upload parts on VeriTX platform. All the necessary information such as pricing, specifications, and provenance is included.
• Buyers purchase digital parts. The platform enables the exchange of digital assets, which will eventually become tangible in the last step.
• Push to point-of-use, then 3D print. For those who do not have 3D printing machines, VertiTX has machine partners who can print the parts and have them ready for pick-up or delivery.

About Algorand

Algorand is one of a number of newer projects seeking to expand the possible use cases for cryptocurrency by accelerating transaction speeds and reducing the time it takes transactions to be deemed final on its network.Algorand seeks to achieve these attributes through decisions that deviate from how cryptocurrencies have traditionally been designed.the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models.

About VeriTX

VeriTX is a trusted digital commerce marketplace for buying and selling digital and physical assets, and maintaining trusted maintenance and lease records. Veritx is committed to deliver value to our customers and partners, invest in our employees and support our communities, deal ethically with our suppliers, customers, and partners.





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