New patent filings from General Electric suggest that the U.S. conglomerate may be looking at blockchain as part of a wider aircraft monitoring and maintenance system.
One component of that system, the applications indicate, would be a mechanism for parties involved in the aircraft oversight process. While noting that these entities would typically be paid through traditional finance channels, they suggest that cryptocurrencies – or some application of blockchain thereof – could facilitate such payouts instead.
"The delivery of the cash flows amongst stakeholders is certainly enabled with traditional debits and credits into financial accounts and may be implemented with crypto-currency mechanisms whose core logic is informed by precise allocation of cashflows," the applications note – though they don't include any other mention of the technology.
That GE would potentially investigate this area is perhaps unsurprising, given past developments from notable airline carriers. Earlier this year, Air France revealed that it was looking at blockchain as a way to track maintenance flows for its airplanes, with the idea being that the technology could underpin a shared database of update information.
Image Credit: Jonathan Weiss / Shutterstock.com
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.