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Friday, November 27, 2020

VeriTX and Algorand come together to make Aerospace Marketplace powered by Blockchain

The aerospace marketplace gets digitized and more transparent as additive manufacturing by Blockchain gets added. This is majorly happening due to the collaboration of VeriTX and Algorand.

The sector of additive Aerospace manufacturing has witnessed sound development recently. The digital assets market which allows all to capitalize on decentralized production is VeriTX Corporation. The use of the Blockchain technology of Algorand to initiate a chain of supply of aircraft equipment is the plan of the company.

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Industry 4.0 supply chains with the help of the existing digital marketplace of VeriTX allows customers such as the Department of Defence of the US and also several commercial companies to save money and time in manufacturing.VeriTX makes way for precious logistical and economical data. Basically, for all those who are included, this data is used to maximize the production efficiency with minimum use of resources. 

By 2025 it is expected that digital solutions for the supply chain for the US Navy, Army and Air Force will reach US$3.1bn. It is being assumed that use of VeriTX will lead to 905 waste reduction, 25% increase in the performance of the aircrafts and 30% savings of cost. This will be a milestone achievement towards the eco-friendly norms of supply chains that are sustainable for combating emissions of carbon. It is well known how much the environment has to endure due to the use of warfare aircraft mechanisms.

Why is the Algorand platform beneficial?

Algorand platform is going to allow detailed tracking of the parts from the very initial to final phase of transaction. The customers will be able to get all the information of how the supply chain network is progressing. The counterfeiting trouble of almost US$3bn that the industry faces right now will be solved to a certain extent due to this initiative. 

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The CEO of VeriTX, James Allan Regenor, USFA (Ret) recently said that Algorand was used as their Blockchain infrastructure because that was ideal to bring their ecosystem partners to the network. He also added this choice was made due to the low transaction fees and architecture flexibility of Algorand.

Digitising and Decentralising by VeriTX

Here, sellers get to design their parts from a wide range of detailed options. Then they have to upload their proposal to the platform of VeriTX, where they will receive all kinds of detailed descriptions of the outcome along with the estimated price. As the platform allows the digital asset exchange, the digital transaction will take place. The company will also allow 3D prints along with delivery and pick-up services. 

Algorand claims, VeriTX is making the process of transactions very smooth. So with the smart use of Blockchain power like VeriTX buyer-seller relationship is developing and maximising efficiency. This initiative is surely at the verge of bringing revolutionary changes to the aerospace marketplace.

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